Why You Need A Budget w/ Jesse Mecham of YNAB

Episode 131,   Oct 23, 2020, 07:00 AM

Budgeting. We're never gonna stop talking about it. AND on this episode we have THE Jesse Mecham, creator and founder of the famous budgeting app 'You Need a Budget'. For those still wondering whether or not they actually need a budget, and for all the rest who benefit from more reminders and tips; listen in!

Sponsors: 

  • Frugal Friends Workbook. Whether you’re new to budgeting or trying to reach a big financial goal and need something to motivate you, you’ll enjoy The Frugal Friends Workbook. It’s a digital workbook with 6 week-long challenges that will help you save money, simplify your life, improve money conversations, and more. It’s over 60 pages and can be completed on your own but it’s created to be gone through in pairs or small groups that’s why every purchase comes with two downloads so you can share or split the cost. Head to Frugalfriendspodcast.com/workbook to learn more and use the code TACOBELL all one word to get $10 off the regular price.
  • Budgeting with Spreadsheets: Trying to calculate stuff but don’t have a calculator or app? Spreadsheets are here for you. Record all the stuff, have multiple sheets in one doc, and go crazy with those sums! be a lady in the streets but a freak in the spreadsheets.
Notable Notes:

We asked Jesse all about the 4 rules for successful budgeting:

  • Give every dollar a job
    • Consider the idea of trade offs (i.e. If i do this - I can’t do that)
    • Recognize finite nature of your money and prioritize
    • Budget based on your current money on hand
  • Embrace your true expenses
    • Look ahead to less frequent expenses
    • Create sinking funds
  • Roll with the punches
    • Recognize that the future is not static
    • Don’t anticipate perfection
    • Change the plan as needed
    • Recognize its a process
    • Engage in high frequency of interaction with your budget
  • Age your money 
    • Budget the money you already have
    • Let your money ‘hang out a little’
    • Live ahead instead of behind
BILL OF THE WEEK - Thank you Jesse for sharing your bill about your electricity bill of $16!!

If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

BetterHelp: This Bill of the Week is brought to you by BetterHelp. BetterHelp offers online counseling and therapy services for individuals, couples, and teens. Just answer a few questions and they’ll  assess your needs to match you with a licensed professional therapist that fits your needs and preferences. AND as a Frugal Friends listener you get 10% off your first month when you sign up at betterhelp.com/Frugal.

Lightning Round

Our latest budgeting flub and how we recovered

  • Jesse- took over costco run and didn't even know how much the total bill was!
  • Jill- not accurately estimating reno costs and timeline for fixing up the new house
  • Jen- forgot to adjust budget to reflect ebbs and flows of work
Get more from Jesse and YNAB at:

BONUS:

  1. Jesse's Book Recommendations:
-Your Money or Your Life - Vicki Robin

-AntiFragile - Nassim Taleb 

-Deep Work - Cal Newport 

2. Hardest Debt to pay off:

-The last one OR paying off low interest rate student loan

3. Why pay for budgeting app when you can use a free one

-YNAB is proactive AND doesn’t sell your data

-others are reactive, AND not actually free

4. What’s something fun about you

-I have a rooster named rinaldo

Wrap-up:

Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a copy of the Frugal Friends Workbook!

Thanks for listening! See you next week!

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