Monthly Reset | NOVEMBER COMPLETE BUDGET SETUP | How to Budget for Beginners

Introduction

Welcome back to my channel! In today's video, we will be diving into our budget setup for November 2024. If you enjoy these types of budgeting videos, please hit the like button, consider subscribing, and leave a comment about your financial goals for November. I hope your October went well!

Preparing for the Budget Setup

For this month, I’ll be using the adorable Boho November stickers along with my icon stickers that represent various categories, including coffee, self-care, date night, workout, car maintenance, groceries, hair appointments, birthdays, dinners, church, Bible study, payday, and no spending days.

On a side note, my candle is acting up tonight—it seems a bit off-centered and is not melting evenly. But that's okay; I’m here to focus on budgeting!

Calendar Setup

I'll begin by laying down the calendar for November. If you missed it on my community tab or Instagram, we have some exciting savings challenges launching this coming Monday! This includes our popular saving challenge cards and pre-orders for the rose gold saving challenge binder, which will return next year. Once I get those pre-orders in, I’ll place an order to have everything shipped to you by the end of November.

As I get started on the calendar, I'll add date stickers, along with important bills and events. I've noticed that the date dots were a bit tougher to pick up this month due to recently sharpened blades on my cutting machine, which made the cuts deeper than usual.

Important Dates

Here are some key upcoming dates for my bills:

HP Subscription: 7th
Cell Phone: 15th
Car Insurance: 18th
WiFi: 21st
Adobe Illustrator: 17th
Epidemic Sound: 22nd
Canva Pro: 27th
Electricity: 28th

Events and Celebrations

Next, I’ll put down event stickers for important celebrations:

Friend’s Birthday: 1st
Friend's Birthday Party: 9th
Thanksgiving: 28th

I’m also looking forward to my therapy session on the 7th, as well as the new January kids going live on the 15th.

Financial Goals

This month, my goal is to save $ 318 through various saving challenges and to contribute adequately to my sinking funds. Budgeting is all about planning for known expenses, while also working towards financial goals.

Monthly Budget

Now let’s move onto the monthly budget page. Here is a brief breakdown of my variable and fixed expenses:

Variable Expenses:

Spending: $ 50
Gas: $ 180
Home: $ 75
Eating Out: $ 1,225
Medicine: $ 40
Beauty: $ 50
Groceries: $ 280

Fixed Expenses:

Rent/Utilities: $ 1,000
Car Insurance: $ 111
WiFi: $ 31
Apple Subscriptions: $ 13

Under additional expenses, I’m budgeting $ 288 for my sinking funds, while planning approximately $ 71 for my one month ahead binder, and $ 260 for therapy sessions.

I anticipate my total budget expenditures to be about $ 1,077, slightly higher than normal this month.

Paycheck Budget Setup

Given my variable income situation, I prefer having both a monthly budget and a paycheck budget. I’ll set up the paycheck budget by estimating my weekly spending to keep everything organized.

Weekly Check-in

The weekly check-in captures my expenses throughout November, and I’ll set the categories down like spending, gas, groceries, home, eating out, medication, and beauty. Each week will align with a specific range of dates to trace expenses.

Sinking Funds

I also set up my sinking funds page to track their growth. For the month of November, I have a total of $ 2,881 in my sinking funds, which might change due to upcoming car maintenance.

Expense Tracking

Finally, I always keep an expense tracker to monitor my spending habits. I like to stay aware of how I’m using my funds to learn and adjust my budget effectively.

Financial Goals and Reflections

I have set some significant financial goals for this month:

Complete all my saving challenges.
Be more intentional about contributing to my savings account and Roth IRA.

Keywords

Keyword:
November budget setup, personal finance, financial goals, budgeting for beginners, sinking funds, expense tracking, savings challenges, paycheck budget.

FAQ

Q1: What materials do I need for budgeting?
A1: You’ll need a planner, stickers or icons to represent different categories, as well as budgeting tools like spreadsheets or apps.

Q2: How do I effectively track my expenses?
A2: Use an expense tracker to note down your spending, categorizing it by type to see where changes are needed.

Q3: What are sinking funds?
A3: Sinking funds are savings set aside for specific future expenses, making budgeting smoother.

Q4: How can I stay on track with financial goals?
A4: Regular check-ins and reflecting on your spending can help you maintain focus on your financial objectives.

Q5: Where can I find budgeting resources?
A5: Many online platforms, YouTube, and personal finance blogs provide a wealth of information and inspiration for budgeting.

Thank you all for joining me today! Don’t forget to come back for the cash stuffing video, where we will go over some of the new products in detail. Have a great day!