Beginner Friendly Budgeting Guide: Simple Money Management (Step-by-Step)

this is how you can take control of your money if you want to be wealthy you got a budget it's that simple and it bothers me that when I meet middle class individuals they do not budget if you're going to do anything successful around money budgeting is a part of it now before we hop into Today's Show be sure to like comment and subscribe now let's jump into the video [Music] if you want to be wealthy you got a budget it's that simple if if you want to have true Financial Freedom you have to budget if you want to build a successful business you got a budget if you want to have a successful family if you want to pass down generational wealth you got a budget if you want to buy your dream car one day your dream home one day and have the freedom to enjoy you got a budget as you can see if you're going to do anything successful around money budgeting is a part of it I have never met a millionaire within my circle who cannot tell me make sure I'm saying this right okay yes I've never met a millionaire who cannot tell me where they spent the hundred dollars at because they know where every dollar of their money is going and it bothers me that when I meet middle class individuals they do not budget they have all this explanation of I don't need a budget I got this I got that no no no no no no I know where every dollar of my money is going every dollar that I spend has an assignment attached to it when I spend it on team members I have an assignment attached to it hey here I'm giving you this this is what I need back in return when I give it to a friend hey I'm giving it this is my name back in return I know where every dollar of my money is going and a part of me is going to say this and I know some of y'all are going to cringe and I know some of y'all are gonna be like what in the world Anthony but I I not budgeting is not a sin let me say it again to us Christians not budgeting is not a sin but it is bad stewardship how do you expect God to give you a quarter million dollars a year and you don't even know how to control the quarter million dollars a year but you're asking God to give you more money but you're not even taking the time to sit down and actually budget you're not even taking the time steps to sit down and say you know what God I know you gave me this this fifty thousand dollars a year God I know you gave me this is 80 000 a year gotta know you gave me the six figure year guy and I'm gonna show you that I am going to Steward this money well because here is the truth you guys the Bible says Christians if we're practicing a Christian faith the Bible says give 10 back cool great then a lot of us get twisted we're given a 10 but we're we're thinking the other 90 of it is ours no we're just called to manage that well and you cannot manage 90 well if you're not taking the time to sit down and put it on paper the Bible says it clearly where there is no vision written down that's where people perish so where there is no vision for your money where there is no plan for your your money where there is no system for your money that's why you're broke so today I literally want to break down how I budget how Anthony O'Neal budgets his money how I spend every dollar on paper just so that I can have freedom to enjoy my money a budget doesn't mean that you that you that you're broke no a budget means that you care about the the the the finances and the resources that God put into your hand and so because you care about it ah I feel like preaching because you care about it you're going to write down the plan for it isn't it funny I'm not I'm not I'm not I'm not endorsing um um I'm borrowing money I'm not doing that at all but isn't it funny when you walk into a bank they say do you have what a business plan before they give you their money and God is simple saying the same thing like yo if you want me to give you more give me and show me you know how to operate off of a plan before I give you money not before I loan you money before I give you some of the resources that I have I want to make sure that you can Steward it well foreign some of y'all are a budget away from a pay raise I'm speaking spiritually some of us are a budget away from making a million dollars some of us are a budget away from getting that business off the ground some of us are a budget way from our first home God is waiting for us just to see if we can just simply budget and put a vision on paper to make sure that if he gives us that pay raise that if he gives us more income we're going to be all right so today I'm going to show you how to Simply base not base how to Simply budget your money just basic basic just basic math on what to do using the the every dollar zero base budget formula I said every dollar because I use the app called every dollar I still use it I Still Rock my boys and my family and and my sisters over there at Ramsey Solutions because I think that their every dollar app is the best app because literally you cannot close out the app you can close out the app but you cannot complete your budget until you spend every dollar on paper and this is called a zero base budget format that I use that I highly recommend that you use I'm going to put the link to the every dollar app in today's show notes I want you to check it out go download it go rock with them it's an amazing app if you don't use every dollar that's totally fine you need to get an app to budget if you got doing Excel do whatever you got to do so you can do a zero base budgeting uh format I promise you it will save your life but let's let's hey well send me over to my iPad real quick uh Walt is our new guy man he's helping out CJ my main producer he's our assistant uh show producer uh video producer and uh what welcome walk to the team dropping some love in the comments y'all um but I'm super excited because I really want to give you all the keys to to budgeting and the very first key to budgeting is this thing all of your income all of your income on the sheet of paper all right so let's just say for an example let's say just I'm gonna use Simple numbers right simple numbers nothing major nothing big but make it make it very realistic let's just say you see I'm gonna do green let's just say you see four thousand dollars a month from your job net all right I'm just rounding numbers up and let's just say you see another one thousand dollars a month from your side job all right net so let's just say you have a total of five thousand dollars a month in income so the very first thing when it comes to having a zero base budget is to list all of your income and when you list all of your income you you now you've set the stage of this is where I'm starting so now that we've talked about this is where we're starting we have an income of five thousand dollars this this is the budget that we're working with off today all right so the very next thing is going to be okay this is I'm gonna put this over here this is our income the very next thing is going to be what are we giving like what what are we giving how are we being generous you see a lot of people get so confused oh man if I give away money I'm taking money away from myself my family and the truth of the fact is actually the more you give away within your means right the more you give away the more you're showing God how generous you are and how loving you are and honestly the more God wants to bless you wealthy people have identified one of the secrets of building more wealth is giving away as much as they possibly can within reason so one of the things that I do to practice my giving is I give to my local church and I honestly give over and Beyond and so for me if I'm at five thousand dollars then very next thing is I'm going to be giving away I want you to really really really really really really think about it is your tithes and offerings make sure you have the right color on here all right actually this needs to be read because now we're going to expenses so now we have our income that's cash flow coming in expenses are cash flow going out all right so in red my tithe is actually going to be 500 it's gonna be my tie okay all right it says you're tied so out of the five thousand dollars of income that you have coming in we're giving away 500 and technically I don't want to be too spiritual here but we're giving God back 500 for Kingdom building when we say we're giving God back 500 this is whatever Church you're going to whatever church is feeding you whatever Pastor is feeding you um you're giving back to that local church and you're showing God that hey I am being obedient to what you have set forth for us here is my five hundred dollars going back and then on top of that you guys I'm always gonna say give another 10 when it comes to offering on top of your time and so if you're giving 500 a month in tithe then you're gonna give I say what another fifty dollars a month and offering okay let me make sure this is correct so y'all can understand that that's another fifty dollars a month in offering so that now here's what we're doing we have income coming in then we have expenses going out our tithe and offerings are not really an expense that is I call that a seed I call that being obedient I call that being generous now what we're doing is we're activating and we're showing God that he can trust us with all of our income and we're honestly saying God not only can you trust us but God you can trust me but more the more I can give away that means the more you're blessing me God so Keep On Blessing Me and I'm gonna keep on being obedient that is a secret to Building Wealth we're talking about budgeting today but this is icing on the cake you want to build extreme wealth you want to give more so after you pay God after you're being generous right what's the very next thing you should be paying yourself you should be paying yourself you should be paying into your emergency fund you should be paying into any type of savings that you currently have but right now I want to keep it very basic very simple our goal is we should be maxing out if you have debt you should be put at least a thousand dollars to one month of expenses inside of your savings account if you don't have debt you should be building at least 36 months of your savings uh for emergencies so I'm gonna put over here I'm going to act like we have very minimum debt so we're not actually saving a whole lot so I'm going to say you know what on a monthly basis we are actually saving let's just say we're putting away 200 a month into savings because we're trying to get to the 1K plus Mark right 1K plus 1K let's say I'm saying 1K minimum to about to about one month of expenses all right so we are already at 750 out of the five thousand dollars that we have then from there is going to be our next thing it's going to be our housing we're going to list out everything when it comes to our housing now when it comes to when it comes to our housing okay when it comes to our housing you should be at 25 percent of your take-home pay when it comes to so right here from the 5 000 you should be at 25 of your take-home pay when it comes to your rent or your mortgage okay or your mortgage so this means that your rent or mortgage should be no more than one thousand two hundred and fifty dollars okay this is gonna be rent or mortgage now some of y'all saying well is this even possible man I'm paying I'm paying more I'm paying more than that than that well yes it is possible here's what I am going to say though can I be real with you today I'll be real with you today and those of you all listening on podcasts I would encourage you to come over to YouTube because I have my iPad up on the screen where I'm writing all this down all right and so is it possible yes but is it possible that you may be living in your dream neighborhood or in your dream home maybe it's not maybe you're not living there it it is it is it possible that you know you may have to miss out on your first choice of a home yes is it possible you may have to miss out on your second choice of a home yes it is possible but here's the thing here's why living at 25 when it comes to your mortgage payment when it comes to your rent payment is so important because you want to have margin and room to breathe to do other things oftentimes this is what I see people doing they spend a lot of money on their homes because they want a neighborhood because they feel like a neighborhood may not be as safe as the next because it has some older homes in it or it may be on the older side of town man that don't mean nothing that don't mean nothing I'm not saying moving to the hood and where you're hearing shots fired every single day but just because it doesn't have the white picket fence and beautiful neighbors out there saying hey Tom how are you doesn't mean that it's not a safe neighborhood some of us got to really step back and ask ourselves how bad do we really want freedom how bad do we really want a financial options and and and and opportunities the greatest enemy to Our Success the greatest enemy to us really reaching the goals is our excuse what's our excuse hey Tom how are you what's our excuse the the best the best school what's our excuse the best the 100 perfect environment man I live in a great neighborhood right now homes are still getting broken into cars are still getting broken into nowhere is 100 safe now let me say this again because I do understand studies are showing nearly right now currently in the year 2023 that nearly 70 of people live in paycheck to paycheck when you dive deeper into this study study reveals that out of that 70 percent a large portion of those are people who make over six figures these are people who have been paid to paycheck because of inflation because of job loss but a lot of people say man we have an income problem and here's here's the truth we don't really have an income problem we have a lack of utilizing our gifts and skills problem you have the skills you have the talents that God put on inside of you and I want to ask you this question I'll be very honest are you utilizing them correctly or are you just going to work getting that check coming home and not really utilizing your gifts and skills to build wealth to pay off debt well listen I am hosting a free a 100 free Master Class here with the next few days and I'm teaching people how to build a personal brand how to use the gifts and the skills that God put on the inside of you and turn that into an extra thousand to five thousand dollars a month to go towards paying off debt to go towards you know building an emergency fund to go towards building a dream home but I'm gonna go even a step further what if you can use the same principles I'm going to be teaching for free you make an extra one thousand five thousand but what happens if you could turn it into a six-figure income or maybe a seven figure income within the next couple of years well if you are ready to take control of your money if you're readily ready to utilize the gifts and the skills God has given you to build a legacy to build wealth for yourself can you meet me I want you to go to Anthony o'neil.com save my seat again that is anthonyoneal.com forward slash save my seat or you can click the link in today's show notes it's 100 free come join me let me show you let me show you how we my team and I built a seven figure and how we can put a thousand dollars in your pocket within the next 30 to 60 days I'll see you soon while I say that nowhere is 100 safe I am not saying move into the projects move into the hood if if if you have the means go somewhere else I'm not saying that but what I am saying is don't max out your income or don't go above your your 25 just so you can say you live in this neighborhood I make great money I make great money and I just told myself no the bank approves me for a huge loan for a mortgage and I said no my budget based upon my budget is x amount of dollars because I am not going to go over 25 percent I do not want it because I love the freedom of doing the things that I want to do and if I go above 25 I'm not going to be able to do that some of y'all when your lease is up you need to move some of y'all need to go ahead and sell the home because you're stretched you're you're frustrated you and your spouse are arguing not because y'all are mad at each other because you're stressed with finances and one of the biggest stress factors when it comes to finances are your mortgage payments I really want you to sit back and think about it are we over 25 some of you all are and if you're over 25 percent sit down look at your budget have a conversation with your spouse have a conversation with yourself or an accountability partner if you're single and identify what can we do to change this so now that we've sat down and we said okay cool we have our mortgage payment we need to sit down talk about what utilities are we doing all right so now if we have the utilities here at um you got your water bill I'm spending about a hundred dollars a month on water I'm gonna go back and change that I'm spending about uh 50 a month on my gas bill I'm spending about uh I'm spending about on my home because I work out of my home right now I'm spending about 150 on uh cable and internet and really it's just internet for me right just internet for me I don't have cable um I actually use um I pay for the app through my company I don't pay for the Box no no I don't do none of that I don't do I don't do nothing all right so my let me uh go over here erase this so this is going to be my uh what's this right here yo this is gonna be my water bill I didn't change that over the black this is going to be my water bill this is going to be my gas bill this is going to be my cable and internet okay uh then you know what we have to add in my electricity um my writing sucks but I love it um electric um so we have on electric I'm spending depending on the summer months I could be anywhere from three to four hundred dollars because I have a I have a pretty nice sized home uh but then during the the heat uh during the winter months I mean I'm not even running it and I don't even run my heat so I say on average I'm spending about 200 a month on electricity all right 200 a month on electricity I'm I'm estimating that because High months for one for for the heat for the summer I love my house to build at right around 68 to 70. don't judge me um but then also during the winter months man I may be spending fifty dollars a month because I'm not running any heat at at all all right and so that's that so right there we have the housing uh then let's go down to Transportation um if I am in this place this person's shoes I do not have uh a mortgage payment I'm not a mortgage payment a car note but that's fine I am going to put down on average for spending about what uh let's just say we're spending about on average about 200 a month of gas for the car I want to put uh gas car y'all know what I mean there and then for maintenance um I'm not really sure I don't think too many people are spending that much money on maintenance got oil changes what every three months or every five ten thousand miles so let's just say right there you're setting aside let's say 50 a month uh for your for your gas right I'll let you gas for your maintenance maintenance all right so this is safe for oil change okay for oil change all right so then from there boom we're gonna keep on going then for groceries now this is where some of y'all mess up at this where's some of y'all mess up right here let me tell around some of y'all spending way too much money on groceries I'm a single man who eats a lot I gotta eat three good solid meals a day because of my food regimen plus some snacks I'm only spending about a hundred and eighty dollars a month on groceries now I'm spending that because I'm actually buying higher quality healthy stuff let's be real some of y'all you probably get upset when I say this some of y'all not eating healthy so you don't have to spend 180 I'm buying fish I'm buying high protein chicken and I'm buying front from from the freshmart right so that stuff is expensive but I'm also buying in bulk so that way I'm not just buying one piece of fish a customer I'm going to the boat places and I'm getting bulk fish boat chicken I'm grilling it I'm putting it on my smoker you know I'm buying some bulk green beans because I just like green beans on the greens that I really like eating so green beans some brown rice and and I'm buying gallons of water that I can just drink throughout the day I'm only spending about 180 a month solely on groceries right solely on groceries some of y'all are going grocery shopping and uh some of you are like yo uh I'm hungry so you're buying what your stomach is looking at and what you buy which someone wants to eat right now but you're not thinking about the future of okay when I get home how am I going to make a meal I don't know about some of y'all put it drop it in the chat let me know if you're on podcast again come over to YouTube Drop in the chat or come over to my Instagram Channel drop me a DM but how many of you all spent 150 on groceries get home and realize she didn't buy anything that you could make into a meal I've been there several times because I went when I was hungry I bought chips I bought crackers I bought this I bought that but when I got home and I unpacked everything I didn't put nothing in my freezer I didn't really put nothing in my refrigerator but some drinks everything was going in my cabinet a bunch of snacks a bunch of this and that that it really wasn't anything good for us to make for a meal so we got a hundred and eighty dollars solely on groceries cell phone bill I use Verizon I rock with Verizon I'm spending a hundred dollars a month for my Verizon bill if y'all know anybody who's better than Verizon please let me know I will switch over today I need a cheaper bill as a matter of fact anybody who want to sponsor my show and you got a good cell phone service holla at your boy because I need a cheaper cheaper cheaper bill on your every dollar app uh too and when you're doing a zero-based budget watch this you guys after you list that you actually list your cell phone and your your uh your cable bill you got your subscriptions I'm probably spending right now a month honestly about fifty dollars a month on subscriptions I'm gonna put Subs I actually need to change that color so y'all can know that I'm only spending fifty dollars a month on Subs how many of y'all are spending more than fifty dollars a month drop it in comments and let me know if you're spending more than 50 a month on subscriptions how much how much how much I can tell you right now some of y'all are probably spending about 200 a month just just on subscriptions you got Hulu you got Netflix Amazon Prime HBO Max Cinemax Disney Plus do I keep going some of you all got Spotify some of y'all got Amazon some of y'all paying for Pandora some of y'all are paying for Satellite XM radio it makes no sense to me why are you paying for Satellite XM radio when you're going to plug in your phone to get apple carplay and you're gonna open your Spotify your Apple music to pay for it why are you listening to XM Radio why are we spending all these money on apps some of y'all have about five different apps that makes you look good makes your smile look a little bit better make sure your smile you can fix your teeth make your teeth white when you know the yellow huh you make your smile a little bit smaller but more polite you get all your blemishes off of your face like y'all got apps for everything because you're trying to get your likes if people don't like you for who you are you are in the wrong place you're around the wrong people if people don't want to rock me because I got a dimple in the middle of my forehead bye I'm not gonna get rid of my dimple on the internet so that you can see it in person no it's misleading but you're paying money to make yourself look good when you're already a beautiful or handsome individual you got to list all of your subscriptions on this budget and here's the truth you guys you all may list all this stuff and at the end of the day you all may come up and be like oh shoot I'm overspending and I'm about to show you right now I'm not even adding up this stuff I'm not even calculating this stuff I don't know where we are right now but we're about to add it all the way up some of y'all ladies are spending y'all about to get upset but I already know some of y'all spending 500 a month just on your hair okay just on your hair I know that for a fact some of y'all spending that much money on your hair I know that for a fact y'all buying weave y'all buying wigs y'all gotta pay the person to put it in I know someone right now she spends about two grand a month on her hair I'm like what in the world what are you doing this is ridiculous you can't work for me you spending two grand a month on your hair I almost working for me that's just that's just that's just crazy that's that's just that's just crazy Brothers what are we spending I'm spending 200 a month on my haircuts let's pay I pay 50 to get a haircut every week 200 a month girls out here spending two grand a grand 500. you got to list that on there too you gotta listen on it too did I list my um for my groceries I did not so for my dog I'm spending about 50 a month for my dog food okay that's dog food all right then from there we're gonna come down here and we're gonna list all of our debt some of y'all have a car note 700 for the car note Jesus Jesus okay some of y'all are spending about 500 a month on student loans Jesus and I believe it right there all right so let's add all this up because remember um remember this is all about spinning all five thousand dollars of this on paper before the month begins so you can see exactly where you are so if you are giving away five hundred dollars to your local church you're giving away another fifty dollars that puts you at 550 plus you're giving you're giving yourself another two hundred dollars into your savings you're at 750. then we had when we add in our housing and our living expenses 1250 for our mortgage or rent payment another hundred dollars there for a water bill fifty dollars for our gas 150 for um our cable internet 200 for our electricity two hundred dollars for gas uh fifty dollars for our oil changes and car maintenance then we got a hundred and eighty dollars for our grocery bills we have a hundred dollars for our cell phone that puts us at three thousand and thirty dollars and we come down here we add another fifty dollars for our subscription plans another five hundred dollars for our hair then we have another fifty dollars for our dog food we're at 36.30 all ready and then let's just say we have a car payment of seven hundred dollars that's four thousand three hundred and thirty dollars and we have another five hundred dollars for our student loans we're at four thousand eight hundred and thirty dollars right so already we are close to our five thousand dollars and check this out you guys we didn't even talk about car insurance so let's just say we're spending right now on average uh let's say we're spending a hundred dollars on car insurance right so where's that put us at let's put that in Insurance okay okay that puts us at four thousand nine hundred and thirty dollars so if we are at give me an example here if we are at a total of four thousand nine hundred and thirty dollars that means out of the five thousand dollars that we have to spend because that is our net pay net pay we have five thousand make sure I'm doing my math right here for y'all uh we have seventy dollars left on paper that we need to spin so this was the case and I I am that person I'm spending that seventy dollars on myself you can bring back to me what having a zero based budget that's exactly what you do let's just say for example we came up and we had five thousand four hundred dollars that we spent on paper but then we know we have to go back to our budget and remove four hundred dollars from our budget some of us will go back to the budget and because we are already so anal because we're already spending every dollar we possibly can you may not have a million and one subscriptions you may not have somewhere else that you can actually uh cut back from the majority of us watching this can and should be cutting back as a matter of fact that's what I want you that's what I want you to do that's what I want you to do I just thought about this off the top of my head let me tell my team this this is exactly what um I want you uh to do if you if you want to come on my show and get a Money Makeover to where you're willing to come on the show sit down with me and we open up your bank account uh you tell me all of your debt and we sit down you tell me all of your income and we sit down and I answer your money questions and we make a proven budget for you to follow for 90 days I want you to go to my website go to anthonyoneal.com forward slash I'm thinking in my head what do we want to call this I'm literally making this up on the spot I'm gonna have my team uh put this form up literally right now because I want to get some of you all um on the show that's that's that's it that's exactly that's exactly what we're gonna do go to Anthony o'neill.com forward slash Money Makeover Anthony o'neal.com forward slash Money Makeover fill out that form you have to be willing to come on come here to the table you have to be transparent and honest of course we're not going to put your personal information out there but we are going to help people get on a clear zero based budget help you understand it look at your money and some of y'all may not like it but I promise you if you're willing to sit down with me at the table and help and allow me to help you with your finances by this time next year you will not be in the same place go to Anthony o'neill.com forward slash Money Makeover and we're going to see we're going to have our team select two or three people we may even do this once a month I don't know we may just do this once a month and just have y'all come over and we just help you out because here's the thing don't be ashamed to come up here and get the help because you may represent thousands of people out there who are scared but if you're serious about really really really changing your life changing your financial situation and your financial career go to anthonyneil.com forward slash Money Makeover we're going to bring you on to the show well I can't say we're gonna bring everybody on to the show but we're going to reach out to people and we're going to help you we're going to put a proven system in front of you we're going to help you with your makeover I was uh as as I'm ending the show I was um sitting down with a guy and I asked him can I share he just said please don't share my name and where I'm from so people people can't pinpoint me um and he said this one thing he said um is it man can you help me out my budget man I said I cannot find the money I can't I just I just can't get it I don't know what's going on so my RK cool I said hey uh this is what you gonna do I said when you come uh bring your last three months bank statements bring your credit report um and when you sit down we're gonna go through it uh we're going to sit down and see okay exactly where your money is going in um he was saying man I need to find at least another 300 in my income uh just to give me a little 300 breathing room I said all right cool as I'm going through his bank statements I started seeing some um I won't say that the particular name but I started seeing some items on his credit not his credit on his bank statement and I was like what is this what is this what is that what is this and I've seen it consistently every um other day every three days I would see this charge I'll see this charge I'm like hey bro what is this and and I'm just being honest with you all I'm not saying no names where this particular brother is from because I don't want to give away his location uh but he had a porn addiction and he was buying certain things and I said well hey bro the problem here is not the money the problem is you and I I told him I said hey number one surface level you got to stop doing that that's where your money's going but if you really need this if you're feeling as if you got to spend money like this to please this need of yours there's something deeper there that you need that you need to go seek actual help for not saying that he's sick because he's not sick but like there's something down that he really hasn't learned about himself and he's covering up by buying porn and I'm like so when it comes to adjusting your budget you guys sometimes you got to be real and get around someone who'll be very honest and transparent with you and I'm going to do an 11 way I would love to have you a part of this because I believe that there are going to be testimonies out there people are going to see your show because you're going to come on and you're going to inspire other people because you're going to be just like them and we're going to protect you we're going to cover you if there's something on there that that should not be seen because we're going to talk before we come on do this show I will make sure to cover you properly but also at the same time I want to show people that hey people are adjusting their budget so if you're really ready to sit down and to talk about your living expenses um and if you're really ready to really get the wisdom that you need to make your budget over then hey go to Anthony o'neill.com forward slash Money Makeover and um we're gonna sit down and get your budget right all right this is how you do a zero-based budget my friends my family my loved ones I love you God bless you I'm gonna see you in the next show peace out [Music] thank you

Channel: The Table With AO

Views: 58,619

Keywords: anthony oneal, anthony oneal debt free degree, anthony oneal student loans, budget, building black wealth, credit card debt, david imonitie, debt, debt free, debt free journey, finance, graham stephan, how to budget, how to get out of debt, how to make money, how to pay off debt, how to save money, money, network marketing, personal finance, retirement planning, student, the table with ao, wealth, how to become a millionaire, anthony oneal podcast, wealth builders

Id: AE6W8FENmA0

Length: 39min 22sec (2362 seconds)

Published: Mon Jul 24 2023