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How to Budget Your Money Without Cutting Coffee (Ep. 174)

Money may be the root of all evil, but it’s certainly much easier to do good if you’ve got it.

Along with wisdom and health, it’s an essential ingredient for personal freedom, and yet a discouragingly large amount of us are living paycheck to paycheck, one setback away from financial ruin.

We’re talking a bit about money management today, in the hopes that we can all get financially stable or die tryin’.

Budgeting Pipeline
Tom’s conceptual “budgeting pipeline” (click to enlarge)

Things mentioned in this episode:

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  • 0:00:28 – Some info about the tea
  • 0:02:12 – Defining your financial goals and retiring like Mr. Money Mustache
  • 0:12:44 – Automating payments and finances in general
  • 0:16:50 – Visualizing your finances through the money pipeline analogy
  • 0:18:03 – Filling up the essential money pipeline “buckets”
  • 0:26:57 – Managing the remaining “buckets” based on your personal needs
  • 0:35:15 – Dealing with non-monthly, yet predictable expenses
  • 0:37:43 – Sacrificing fun and happiness in favor of important expenses
  • 0:43:32 – Sponsor: FreshBooks (Working as a freelancer)
  • 0:46:17 – Martin’s budgeting method
  • 0:55:08 – Keeping track of expenses and more on trading happiness for money
  • 1:06:32 – Tips and benefits of using credit cards
  • 1:15:55 – Being a deadbeat vs having a lot of credit card debt
  • 1:22:36 – Recap and conclusion

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How to Budget Your Money Without Cutting Coffee