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

Martin Boehme is a web developer, language nerd, and Nintendo fanboy. Talk to him in English, Spanish, French, or very basic Japanese on Twitter.

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  1. Hey! I just recently got into this podcast and watching your Youtube channel, I love it! Just a quick comment on the emergency fund. One thing to consider is if your bank has any excessive withdrawal fees on a savings account. My bank has a small excessive withdrawal fee of $3 dollars if you take money out of a savings account more than three times a month. It may be worth opening another simple checking account (as long as there are no fees or restrictions) for your emergency fund to avoid any small fees that may pop up if you have a really bad month and have to use that emergency fund more than once in a blue moon. Thank you so much for your work on this podcast guys, it’s super helpful!

  2. Just curious, how is the Emergency Fund (say $500) any better/different than keeping that amount available on a credit card? (Just had a small winfall, and trying to determine the best places to put it.)

    • It’s money that’s yours, and that’s in a place that isn’t at risk of diminishing due to a downturn in the market.

      If you don’t have that money and are forced to use a credit card to pay for an emergency, you now have a balance with a high rate of interest (usually 20%) that will increase that debt quickly unless you’re able to pay it off fast. And if you don’t have enough money to pay for the emergency out-of-pocket in the first place, it’s likely that you won’t be able to pay off the credit card balance quickly either.

  3. Hi,

    In this podcast, you talked about a huge spreadsheet with formulas and everything. I just wanted to know if you alredy put a link for this yet and if so, where can I find it?

    Thank you very much. You guys are awesome!!!

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