The key to learning budgeting for beginners is to learn the right budgeting strategy that works for you… and stick with it! I have researched the top 6 budgeting for beginners videos that teach budgeting skills, budgeting strategies, and of course, have focused on the videos that will help the divorced dad over 40. Let’s get started.
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Dave Ramsey is a financial expert with a radio show, podcast, and YouTube channel boasting an impressive combined listenership of over 12 million people weekly. Bottom line… he is someone you should listen to. Dave compares your budgeting skills to a road map (in today’s world, your GPS). He encourages you to figure out ahead of time where your money and budget items will be allocated. Every dollar has an assignment which he calls a zero-based budget. Learning how to budget forces you to be responsible instead of being an impulse buyer.
2. How To Manage Your Money Like The Rich
Dan is savvy and charismatic. He is also a personal finance expert. After watching this video for a few minutes, you will certainly learn some key budgeting strategies and budgeting skills. Dan stresses that it’s not how much money you make, rather, it’s how much money you keep. This simple equation can open up the possibility of investing your money, which I outline how to do so in The Beginners Guide to Investing (the lazy and efficient way). Dan says money has four jobs; spend, save, invest, and donate. He stresses the importance of a bucket management system, which allocates your budget items, that he learned from the book, The Richest Man in Babylon.
3. How To Manage Your Money (50/30/20 Rule)
Instead of spending a ton of time talking about the importance of a budget, Marko gets right into the how of budgeting for beginners with his 50/30/20 rule. First, 50 represents the percentage of your budgeting that he recommends you allocate toward needs (food, shelter, insurance, etc). Next, 30 represents the percentage of your budgeting that he recommends you allocate toward wants (shopping, eating out, hobbies, etc). Last, 20 represents the percentage of your budgeting that he recommends you allocate toward savings or paying off debt (emergency fund, credit cards, student loans, saving for retirement, etc). I really like his approach and you will learn some key budgeting strategies.
4. Why Budgeting (Almost) Always Fails – And How to Make It Work For You
Daniel takes the opposite approach in this whiteboard video. Instead of learning how to budget, you will learn what not to do. He discusses why budgeting almost always fails, and what you can do to avoid the most common budgeting mistakes. I like this approach because if you know what doesn’t work, you can avoid those mistakes and do what does work.
5. How To Budget And Save Money
You have to create a budget so you can put some money aside to build your financial future. Stefan touches on all the categories you will need to consider when building your budget. He is super positive and discusses the importance of cash flow. He also touches on numerous ways you can cut expenses.
6. How To Budget Your Money Wisely After Divorce
In this video, Bruce Sellery talks about learning how to budget after divorce. He mentions the importance of a separation agreement and how to handle the expenses after divorce. And like every budget, he talks about the importance of income and expenses, as well as the sacrifices you may have to make after your divorce. Finally, he stresses the importance of self-care, how to prioritize it, and encourages you to make it a part of your recommended budget items and percentages.
The key to learning how to budget for beginners is to never stop experimenting. Not every strategy will work for you. Each video shares a different budgeting strategy that you can implement. You can use one budgeting strategy or a combination of two or more. But the key is to harness the power of positive thinking and to never give up. If one of the budgeting strategies you learned in the videos above doesn’t work for you, then try another one. Don’t give up.
Side Note: Be sure to read The Beginner’s Guide to Investing. Then follow me on social media. Thanks!