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How To Make Your First Budget (At Any Income) financial diet

Here is the second episode of The College Student’s Guide To Money! In this episode, Chelsea walks you through everything you need to know to make your first budget, no matter how much money you have coming in.

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How to make a budget spreadsheet:

The 50/20/30 rule:

The number everyone should know even if you hate budgeting:

The Financial Diet site:

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How To Make Your First Budget (At Any Income)

How To Make Your First Budget (At Any Income)

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How To Make Your First Budget (At Any Income)
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24 thoughts on “How To Make Your First Budget (At Any Income) financial diet”

  1. I swear by the google sheets method and every month I give myself a bit of leftover spending cash to either allocate to my hobbies, books or clothing and sometimes even saving it if there is an expensive item I really want. That way it gives me enough time to reflect on if its something I should actually get for myself without dipping into my savings or going into the red. its the only way I keep myself from impulse buying

  2. just out of curiosity, shouldn't student loans also come under necessary expenses, because if we were cutting out what we could live without, we would still have to pay the loan?

  3. Coming back to this video, I realize I like a mix of both paper (transaction registers I get at the bank), and a Google Sheets spreadsheet that calculates budget percentages, wants/needs, and any exta money that's left over at the end of the month.

  4. I am trying to get back into budgeting as I am leaving my full-time job and headed to a retail job and/or no job for a (hopefully) short period of time (I have a lot of things happening in the beginning of Feb so I planned for a small gap between full-time jobs). I have changed career paths and going back to school, so I will have a bit of a gap for a while before starting my next career. I still had a budget, writing out the bills, making sure they got paid, and saving; however, I would still spend money on random things and I don't account for them. I have a habit of shopping when I am bored. A friend of mine though will be working on accountability and making sure we don't spend $ on things we don't need/can't afford. I will definitely be fighting the urge to do that even more now.

  5. I’m in high school (India, where there’s no scope for part time jobs for people my age because there’s people older who actually need these jobs to make a living) and I’ve been following your channel and lots of other personal finance channels and making notes so I can start off the right way when I’m in college! I’m so happy that I’ve understood the need for frugality and it’s effects on my life. I’m very excited to get older and manage my finances! I know I might be sounding very naïve but it is what it is! If anyone has any sugggestions for me, please reply to this comment.

  6. YNAB (You Need a Budget) has helped me finally understand how to budget and I’ve stuck with it for 3 months now. It has helped me feel much less panicked and stressed while facing a salary cut and potential upcoming job loss.

  7. I’m already loving this series!!!!!! TFD! You guys just keep getting better and better! Thank you~~ I don’t know about anybody else but I really appreciate all the info you guys put out.

  8. I started writing down where my money was going because of corona, more time, less work. Very interesting! Last year I used to spend a substantial sum every month on clothes. This year, not much opportunity for shopping so far, and – big surprise, I found that I didn’t need a new little dress every so often. Looking at last years sums really made me wonder what I could have done with that money. Just looking at the figures can really help you reconsider what you’re spending on and if you really do need all those things.

  9. Thanks for this! Budgeting is often seen as a way to save more money, but for me, it really helped me to learn to spend it. I'm typically very frugal and try to spend as little as possible. I found that if I was careful, I was able to afford horseback riding lessons (a lifelong dream) a few months of the year while still saving. It's a huge relief to know if you're meeting your saving goals, instead of categorizing every splurge as bad.

  10. A cool tip I found online: you can use Google Forms to create an expense tracker and then have the form automatically export to a Google Sheet so it's nice and itemized with the date of the entry attached. My tracker has the amount I spent, the general category of the purchase, the method of payment, and a notes section. It automatically updates one of the pages on the budget I created so it's easy for me to reconcile at the end of the day or week. It's pretty neat!

  11. So far the first 3 videos in this series have a lot of good advice for those who are able to work during school consistently. My income generally comes from short term work coming in all at once, or the grading/TAing I do that only covers groceries. I had significant savings going into college but I have to travel to and from and have other expenses out of my control. I know that's why I saved, but I won't have a way to change this until I'm out of college. What advice do you have for college students who mostly get income in chunks?

  12. My biggest issue is eating out (delivery). I dont have any room in my budget for this but I still do it and then it's becoming debt. 🙁 When I was renting I was able to afford it but now I have a mortgage (as a single person) and need to drastically adjust my lifestyle.

  13. *already spent 3 months tracking my income, yet cannot find pattern. It fluctuates… one month we need new couch (old couch is unsalvageable), one month my bro asking to lend him money, one month buying hygiene supplies for COVID-19.. sigh

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