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:

Want more cool stuff? You can find all sorts of great tools at my Resources page.

Timestamps:

  • 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

If you enjoyed this episode, subscribe to the podcast on iTunes! It’s easy, you’ll get new episodes automatically, and it also helps the show gain exposure 🙂 You can also leave a review!

Here’s an image for sharing this episode on social media:

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.

Hey there! Please note that some links in the article may be referral links, meaning that if you buy something through them, I'll earn a commission (at no extra cost to you). This helps to support CIG, but please don't buy anything unless you truly believe it'll benefit you! You can learn more here. Thank you :)

Want to Earn Better Grades?

Did you find this article useful?

Over 150,000 awesome students are learning how to dominate their classes, get more done, and land the jobs they want - and you should too.

Join in, and I'll also send you a free copy of my book on earning better grades!

Leave a Reply

6 Comments on "How to Budget Your Money Without Cutting Coffee (Ep. 174)"

Notify of
avatar
Sort by:   newest | oldest
Kagen

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!

Marty

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.)
Thanks.

Thomas Frank

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.

Adam

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!!!
Adam

wpDiscuz
// Read This Next

The Mutant Guide To Studying For Finals

Want more? Join over 150,000 students and grab my free book on earning better grades  →