Money Morning Routine | Closing Out My November Budget

The speaker reviews their November budget, highlighting spending under and over budget in various categories. They demonstrate their routine of closing out the previous month's budget and preparing for the next, including cash envelope allocation, online savings transfers, and paying themselves first before any fixed expenses. The speaker concludes by outlining their December budget preparations and upcoming travel plans, emphasizing the importance of maintaining a financial routine throughout the year.

November Budget Review

• 00:00:24 The speaker reviews their November spending, noting that they were under budget in categories like fun and entertainment and holiday spending but over budget in food, gas, pets, and James' education. The speaker highlights that they were close to their savings goals but fell short by $89. This review provides a snapshot of the speaker's spending habits during the month.

Cash Envelope Allocation

• 00:02:42 After closing out the budget, the speaker visits the bank and withdraws cash for variable spending categories using cash envelopes and any cash savings goals. The speaker indicates that they had not yet filled the envelopes due to minimal cash spending over the prior weekend, emphasizing a consistent financial routine.

Savings Transfers and Routine

• 00:04:00 The speaker explains their routine of making online transfers into various savings accounts at their credit union after receiving their paycheck. They emphasize the benefit of having multiple savings accounts to organize and prioritize savings for specific goals, explaining that this reduces the likelihood of misusing funds.

Pay Yourself First

• 00:06:09 The speaker demonstrates their routine of 'paying themselves first' by prioritizing savings before paying any fixed expenses. This includes withdrawing cash for spending categories, making payments to family members, and allocating funds to joint accounts and sinking funds. This routine underscores the importance of prioritizing financial goals and stability.

December Budget & Meal Plan

• 00:07:39 The speaker shares their plan for the December budget, indicating that they have begun expense tracking and are working on a meal plan, which will be challenging due to upcoming travel. This highlights the continued focus on budgeting and managing expenses even amidst planned changes and interruptions to routine.