so when should a person start budgeting
their finances how old is too old and
how young is too young and when is the
latest a person should generally start
budgeting their finances we're going to
talk about that coming up right now
hey guys I hope you've been having a
wonderful week so far now in this
particular video I'm really going to be
talking about budgeting when you should
start budgeting you know when is it too
late to budget how old should you be
when you start budgeting and that kind
of stuff now on this channel I'm going
to be creating an entire course or
entire series just on the subject of
budging because really budging is the
most important financial tool you'll
ever use throughout the course of your
life and it's going to help you in money
management it's going to help you plan
your retirement and theives going to
help you get along better with your
spouse win or if you're you're married
so budgeting is a huge huge key to
having financial success so that's what
we're going to talk about today the guys
in my experience I think really a person
to start budgeting at least once they
enter high school or are about to
graduate high school at the very latest
now I know and I realize many people may
not be working at that point or they
might not have a job but it's really
good just to start establishing a
personal financial budget just to know
what your monthly expenses cost you
might be living in home and that's
totally fine I actually lived at home
when I was go all the way through school
and all the way through college I lived
at home and I did get my first job at 17
I started working at a grocery store now
just a moment I'm gonna be sharing with
you guys the first budget I ever created
for myself it started on a piece of one
page of binder paper and then I put it
into an Excel document and took it from
there and I'll be talking about that so
I started my first budget when I
seventeen years old and it's helped me
ever since that I've never stopped
budging since that point now you might
be a parent watching this video you
might be a young adult you might be
twenty-five years of age or younger but
guys budgeting you need to do it I don't
care how old or young you are there are
some exceptions to this so generally I
would not say for a child who's only ten
years old I don't think they really need
to be doing budging there of course are
exceptions to that because there are
many children who are stars or who have
written books and even operating their
own business
that's a different story but that is
more of a rarity but if you if you have
a child who's a superstar with money and
just has their own business or who is
just a star in general and bringing in a
monthly income or who maybe is working
for you then help as a parent help them
with our budget help them put together a
budget help them learn about money and
what to do with it but generally I would
say or advise you guys that you really
don't need to consider a budget until
you're entering high school or your
clothes or attaining the workforce but
you can always at least know what your
cellphone cost know what your insurance
cost you know know if you have to have a
car payment what's that going to cost
you so just get an idea of what expenses
you're going to have every single month
that you're going to have to pay for out
of your pocket what is food kind of
costume because food is one of the most
expensive part of any person's budget on
in general for the average person to
this then the important thing is this
guy's budgeting doesn't have to be
really complicated and let me show you
my budget on the screen right now I
started doing this line of seventeen I
just remember at this point in my life
my mom could no longer help me pay these
bills anymore I had to fend for myself
meaning if I wanted the drive a cart I
needed to go work in order to pay for
the insurance I needed the bait people
pay for gas money I needed to be able to
pay for my cell phone and things like
that if I wanted to go out on dates I
needed to be able to pay for it and so I
was forced or put in a position where I
said okay well I'm gonna get my butt off
the couch away from video games and I'm
going to go start to make a life for
myself and that's exactly what I did so
this is my first budget and it's very
simple guys so as you can see I said
monthly budget and this is at a grocery
store now my hours varied week by week I
got paid every single wink at that
grocery store and so in general if you
look down towards the middle of the page
on the left you'll see where it says
average weekly income I only made 120 to
170 dollars per week whoop-dee-doo right
bring it in the bacon but it was
something so in a month time I said okay
well on average for I make four hundred
and eighty dollars to six hundred eighty
dollars a month now then up top I wrote
down my expenses I hadn't sure
of $97 a month I had no car pain and at
that point I had no credit card payments
I had a cell phone I you know I got a
haircut 32 times a month since 30 bucks
at that point in time at gas and then I
had a gym membership so really where it
says break-even point that was how that
was really my total expenses so I really
was army for the month so really I was
spending about 69 dollars a week so
everything above 69 dollars a week I was
able to save or have extra money to play
with whether I wanted to go on a date or
you know go out with friends or whatever
that money was used for that's how much
I could save so that's why it's a very
blast lying on this page I had leftover
and I said basically each month I had
between $150 a month a $300 a month I
could save and that was it guys that was
my very first budget ever but the
important thing to remember is like that
whether you're a parent watching this or
whether you're somebody who's just
getting started in life and ready to
take the next step is you need to do
budgeting because parents if you know
your kids if your kids aren't doing a
budget encourage them to your kids are
about to enter a system in the world of
which we live in is the I don't know if
you've noticed this but it's designed to
push your children into debt and if
you're a young adult watching this or an
adult older adult watching this guess
what the same applies to you the system
in the world we live in is designed to
push us into debt so without us being
strategic and intentional about our
money we are going to be the average
person is going to be calm poor and die
poor throughout the course of their life
and statistically that is the truth and
that's the facts right but we can change
that you don't have to have that life
for you but just know that budgeting is
something you need to do okay so bottom
line guys and in conclusion I would not
wait any longer than the age of 18 to
start budgeting your personal finances
if you know it's okay if you don't make
an income even if you're if you're
living at home and your parents pay all
the bills it's fine the point is and the
thing to do is really just to learn at
that point is what are your expenses
what are
things costing you even though you're
not paying for it we'll find out ask
your parents hey say hey guys I just
really want to know that how much I'm
trying to earn my personal finances I
want to start budgeting and learning you
know what it costs to sustain my
lifestyle every single month and I
they'll just be I'm sure they'll be
shocked they won't even know where
you're coming from especially if you're
younger asking your parents say hey I
want to I want to learn how to be a
responsible adult even though I'm not
paying for it now I want to learn right
now what it's going to cost for me to
support myself so I can set myself up to
be successful financially and that's
what a budget is going to help you do
bottom line though once you start making
hundreds of dollars every single month I
really would encourage you to start
budging and because because you do that
step and if you do this step you guys
will make better decisions with finances
with everything throughout the rest of
your life because you'll be learning a
strategic businesslike approach to your
finances and I know you're going to be
so much more successful for doing so you
guys enjoyed this video please do not
forget to hit that like button before
you leave if you have any questions or
comments about anything we discussed
today well let me know I'm more than
happy to answer them for you guys and if
you're not already subscribed you know
what to do hit that subscribe button
down below and I will see you guys next
week so until next time I love you all I
really do appreciate all the support you
give me on this channel and I hope as
always that you take this information
you learned here today and you use it to
live your life on gauge bye everybody
see y'all next week
you
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