Best Budget Practices (No Matter Your Salary)

The Rachel Cruze Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.8 • 3.6K Ratings

🗓️ 11 September 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

I say it all the time: You need to have a budget! But how do you know your budget is getting you where you want to go with your money goals? In this episode, I share how I budget each month, how you can figure out your net worth, and why the six-figure salary everybody wants isn’t what it used to be. What you get in this episode: · How I manage my money each month · How to quickly calculate your net worth · Why six figures isn't what it used to be Helpful Resources: · Christian Healthcare Ministries · EveryDollar · Net Worth Calculator Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing: Christian Healthcare Ministries. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	The Six Figure Salary. Is it enough? Is it not enough? If we don't know how to handle it,
0:10.8	then it's going to screw us up anyways, right? Ultimately, I want you to feel empowered
0:16.4	to take control of your money, no matter what salary you're bringing in.
0:20.5	Hey guys, welcome to this episode of The Rachel Crucio podcast. I am so glad that you're
0:26.5	here. Doing this podcast is one of my favorite things. So I actually want to hear from you guys.
0:32.0	Okay, so if you have an idea of content you want to hear about subjects you want me to talk about,
0:37.1	will you please leave those in the review? It will help us so much and I want to give you what
0:41.9	you want. Okay, today's episode though, we're going to talk about the best budgeting practices,
0:47.3	no matter your salary. I read an article recently about what America's ideal salary is to feel
0:54.1	financially secure and let's just say I have some thoughts I would love to share with you on
0:58.9	that. Then let's talk about how to determine your net worth. But first, let's talk about how my
1:04.7	husband, Winston and I manage our budgets and things that we've learned over the years. Take a
1:09.2	listen. So these are very intentional money habits that I've practiced over time and I've seen
1:15.6	it work with others. So I'm confident that they will work for you too. All right, first and most
1:21.0	importantly, maintaining a monthly budget is something that I do every single month. No, my husband
1:26.3	Winston and I, we look at our budget really throughout the week and then for sure before the month
1:32.0	begins and then we start intentionally planning out how we're going to spend our income. So not
1:36.8	only do we plan together, but we also communicate with each other again throughout the month as we track
1:42.6	our spending. So we plan and track and talk to each other pretty constantly as the month goes on
1:48.8	to make sure that we are on the same page. Now, in the beginning, this looks really different. So for
1:53.3	example, if you're just starting to budget and track your spending with your spouse, it might
1:58.0	take a little bit longer to actually sit down, look at everything, put numbers down, and again,
	...

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