Make Your June 2026 Budget with Us: A Step-by-Step Monthly Money Plan | 570

0:00Want to pay off debt but don't know where to start? Stop making random extra payments and hoping for the best. Let's build a debt payoff strategy that actually works. Join us Thursday, May 28th for our Debt Payoff Workshop so you'll know what you owe so you can pick your debt payoff method and you can start getting out of debt. We'll help you organize your debt, understand your balances, interest rates, and minimum payments, and help you choose what to pay first. We'll cover all three payoff methods, including the snowball, avalanche, and minimum payments, and we'll also tell you what to know before applying for debt consolidation.

0:32No shame, no finance bro nonsense, just your next right step. Grab your spot at budgetbesties.com forward slash debt workshop. Have you made June's budget yet? Today is the day we're going to walk through and show you exactly how to make it step by step. So if you need to get paper and pencil or get your computer ready, pause this episode and sit down with us so we can walk through it together. Do you make good money but have nothing to show for it? Are you tired of living paycheck to paycheck? Do you have big dreams for your financial future? Do you want to get debt-free, but you don't want to live on beans and rice?

1:05Or you don't want to give up those pumpkin spice lattes? Hey, it's okay if you don't already know how to budget, or if you're using credit cards to get through the month. Hey, it's okay if you want to seem like you have your finances all together, or you're not on the same page with your spouse when it comes to finances. We know what you're doing probably isn't working, but guess what? You're in the right place. We're Shana and Vanessa. We're best friends, business partners, and master financial coaches trained by Dave Ramsey. We've been in business since 2019, helping hundreds of amazing people like you create budgets, get out of debt, stop living paycheck to paycheck, and know exactly what to do with their money.

1:41In this podcast, we'll share with you everything we know plus everything we're working on with our clients so that you have the best chance at reaching your financial goals. We want to help you take the guesswork out of your budget, improve your marriages, and even bring your kids in on the conversation. We can help you no matter where you're at, whether you're the single mom who's never had$500 in her savings account or the millionaire who's paid off four real estate markets. And we're not going to shy away from the tough love. We'll tell you what you need to hear and encourage you at the same time.

2:08This is the Financial Coaching for Women podcast. Okay, so the first thing that you want to do when you're making June's budget is actually close out May's budget. We want to close out and make sure everything happened the way that we planned so that we can walk into June knowing exactly where we stand with all of our numbers and everything. Yep. So if you look on the screen, we have May's budget and everything is pretty much closed out. We've been following through throughout the month and we just have to kind of close out these last couple of things. So if you see, again, total remaining is zero.

2:40We are, according to this budget, we're ready to move on to June. However, we know some things have changed throughout the month. So we need to come in here and update it. Yeah, and we don't have an actual versus planned or whatever, two different columns. We just want you to update your actual budget. You're going to, so if the bill was higher or less or pay check was higher or less, just update the actual number. And what this does is it actually, it's less, it's less work for you, but all and less visual clutter, but also it helps you for next year, right? If you make sure that you are a good steward of your budget and you close out every month, then next year, when you go, you can go back and look and be like, what all happened?

3:13Oh yeah, I forgot. For example, this one, I always pay a tuition fee. in May that will help you remember so you can keep on getting better at planning and have less unexpected expenses pop up. Right. So Elizabeth, she thought her paycheck was going to be 2481 when in fact she got paid. She had to leave work a little early. Her daughter had a dentist appointment. So her paycheck actually was 2304. So we are coming in here. We are updating that and we are checking it off that it came through. Yeah. So we're, yeah, that, that part was something that she needed to finish off. And so they also got their tax return.

3:43So great. Okay. So we're going to do that. Now you might notice that the budget now is negative because the plan that they had wasn't, it didn't actually turn out and that's okay. That happens. It's not, you're not, it's not your fault. You're not doing it wrong. It just happens. So we will fix that though. So the first thing that we're going to go over here, we have two bills left that we need to make sure that those closed out the right way. And in this case, they had planned$500 for tuition, but they actually had a registration fee that they also had to pay that they forgot about. So now their budget was actually$5.50 for the tuition.

4:14So we're going to cross that one out and show that that came in. And then we also had hot yoga come through at the end of the month. So we're going to check off that that bill did come through as well. And the last little bit was graduation party at the end of the month. We went to that. It was our son's friend's party. So we're going to check off that we did go and we spent that$65 on that gift. Okay. So now between the difference in the paycheck and the difference in the bill, we now are negative$227 on this budget. Now, we always have some sort of buffer going on if you follow the way that we teach.

4:45But in this case, they had planned to put every extra dollar that they had onto their Chase card this month. So all we're going to do is reduce the amount that they're actually able to pay on that to$541. And that's going to allow them to zero out, close out their budget, all of that. And the other thing that we're going to do is because this budget is closed, all of the incomes in, all of the bills have been paid, everything's good. We are actually going to pay that right now, today, get it done so that it can be out of the bills account and we can move on and start fresh in June. What you want to do is make sure that your budget is matching your bank account, right?

5:19So you can make a budget all day long, but if you don't come in here and actually update it at the end of the month or throughout the month, then your numbers aren't going to match and you're not going to know what you're going into the next month with, right? So we absolutely know. And some people actually leave like$100,$200 buffer in their bills account, which is okay. But this is saying, look, we brought in$13 ,000 in May. We have spent$13 ,000 in May. And this is exactly where it went. So when you go into June, there's no question as to if there's extra money floating around. Yep. So go ahead and make sure you make that extra payment on your Chase card.

5:54And then now we're going to pop over to the June. And the first thing that we do always is start with the best number, which is the income in your budget, right? And this is actually on our national research study we did. You guys, this is one of the biggest benefits of budgeting is it's kind of the first time that you've really thought about or seen how much money you actually bring in a month. And that is one of the big focuses here. We want to know what your money can do in a month. And we have to start with how much do you make in a month? So this is Frank and Melissa. And if you notice, their first paycheck is coming in on the 30th and 31st.

6:24Now, that's weird. What does that mean? That's in May. I know. We're starting in June. So if you've heard us, we talk about, we want you to get a paycheck ahead. And by using the last paycheck of the previous month, you're able to start June or whatever month you're working on with full paychecks in the bank, ready to go to pay bills. Yes. And you're always ahead. So this is how you get ahead. Your money is sitting there in the bank, in the account, pooling up, ready before any bills even come knocking at the door, right? And you're ahead instead of behind. A lot of times we feel like I'm waiting for that paycheck to drop so that I can pay the bill.

6:59Instead, you're just always going to have money there and the bills can just come out and nobody's going to be stressed. So we can see we're starting with income. There's no extra bonuses or other things coming in this month. They just have a regular month going on. So they got$19 ,521, as you can see, as total income. Okay. So the next thing that we are going to put into your budget is your debt minimum payments. We are going to put in anything that you pay regular, what you pay regularly on your, your car payments, your student loans, your credit cards, whatever you have, we're going to put those in the due dates.

7:28We are not going to put in, if you, if you have set it to pay$50 extra than your minimum every month, we're not going to put that in. We're going to put only the 361 and you're going to go change that minimum payment to the actual minimum payment. Why Vanessa, but why? Tell me why. Yeah, so we actually want you to make your budget to see what you are minimally paying on everything. Because if there's a chance that you can have extra on debt, we want to pull all of that money that you have extra and do something with it. So think of it like a piece of string. If you take a piece of string and you cut it in five little pieces, those aren't going very far.

7:59But if you leave it as one whole piece, you can get a lot further faster, right? So that's the same concept with your debt. We want to see what do we have to pay. And then at the end of the budget, if your focus is paying off debt, we're going to see how we can take that bulk of money and move it over to pay on one debt. And the other thing here with our budget system, what we want you to see is you're paying$2 ,300 on debt every month. That's how much minimum debt you pay each month. And we're not doing that to shame you. We just want you to know that this column is actually the only column that can completely go away from your budget.

8:33You don't have to pay debt, right? So you can get to that place. and we want you to. And so having it front and center, having it first, knowing it's something I'm going to chip away at, I'm going to get rid of hopefully, and knowing that, wow, if I do, I could get$2 ,300 back in my budget. It's really important. Well, one of the things we actually love to ask our clients is, hey, if you had an extra$2 ,300 a month, what would you do with it? And it gives you a chance to dream. I have so many ideas. I know. It gives you a chance to dream and really think about what you could do with that money.

8:59And like Shana said, I think it's motivating. Instead of going, I'm going to pay an extra 50 bucks here or 20 bucks here or 30 bucks here. No, what do I have to pay? And then let's take a big chunk of money at the end of the budget, throw it on one thing and watch that disappear as fast as it can. Because that is really what's going to help you get rid of that$2 ,300 fastest. Yep. Okay, so next is your bills. And guys, go listen to our podcast. If you haven't, we want you to have a separate bills account. This is why it's laid out this way. All of your bills are right here. And this is all that's going to come out of these, this account in this column is going to match that account.

9:32And so obviously, your bills are anything with the due date, your mortgage, your power, your gas, your insurance, your payment. And we're going to put the payments on there. We're going to put the due dates just so and you know, a best practice we like if they can be in order that way as you check them off, it's really easy for you to go check them off. But we've also got the tithe in there first and foremost. So as you can see, they've got a lot of fun bills. And their budget probably looks just like yours, right? They've got some Pilates, they get their massages, they have budget coaching, you know all the things all the cool things yep they do let's see how many bills i got we have a lot of lines in our budget because we want you to be able to live we're not in this beans and rice mentality where we don't want you to have a good time okay look they have serious satellite they have landscaping they have their health cleaners in there there's a lot of stuff going on there's a lot of good stuff going on your life is busy we are not in this column like a lot of people will make this column and they're like oh my gosh i spend so much on bills you should be proud to be able to afford all your amazing bills that you have and all the things that you want to do with your life, right?

10:30We love that. However, there are some times where we go to, we work with clients and they're like, oh, we're paying for two Netflix accounts. Like that's not okay. Yeah. Okay. And we had one client who was paying for an extra car insurance bill that they no longer had. They didn't have that car anymore. So this actually really does give you a chance to bring all of your bills together, figure out what you're paying on, ask yourself, do I want to be paying on this? If the answer is yes, great. Keep it in. If it's not, then let's get rid of it. Yeah. Yeah. It's time to enter your coaching era because making good money should feel like making good money.

11:00Yeah. Imagine six months of private coaching where we'll tell you exactly what to do. No guesswork, no confusion, and absolutely no judgment. It's a done for you system that actually works. You don't know what you don't know, and that's not your fault. And that's why we're here. Financial coaching with us looks like two coaching sessions a month, personalized recaps, and after-hour support, you can text and email. So you're never stuck wondering what to do next. Together, we're gonna build your budget, set up your system, and tackle any challenges that come up along the way, which, by the way, they always do.

11:33If what you're doing isn't working and you're tired of trying to figure it out on your own, sign up for financial coaching at budgetbesties.com forward slash coaching before all of our spots fill up and we will help you go further faster. Six months from now, you'll wish you started today. Okay, and so as you can see, in this budget and you want to do this with yours too. And the reason that we group everything together is when we have now know how much money we're bringing in. And now we know how much money is actually remaining after we pay all of our bills, every bill that we have to pay, everything that is, has a due date that's invoiced to us that we have to pay.

12:05We now know we have$800, $8 ,800 left to assign to spending and savings. And that's, that's what you want to know. You want to know that data. The next thing, now that you have your income in, you have your minimum payments listed for debt. You have all of your bills listed. Now we're going to move over to the spending section. We like to say that the spending section of your budget is where you live. This is where you're buying gas and groceries. This is where you're going out for coffee. This is where you are getting your nails done, your hair done, going to the movies, right? Spending money on your kids.

12:35This is where all that happens. Yeah. And we want you to, instead of tracking every transaction or whatever, we actually want you to categorize your spending, right? So we spend money at the grocery store, right all right so then you would put that in there like the how much do we spend on groceries a month that is something that you should be able to kind of have regular a regular amount that you got you stick to as a family same with gas those are those are very systematic you know they're they're sort of the same every month give or take but we want you to have that separate a lot of times we just sometimes we might have spending money we might think i spend money but we want you to know oh no i have twenty six hundred dollars set aside for groceries every month and bonus in a separate account.

13:16Yes, absolutely. So if you look at this, we have, like Shana said, the consistent things that we have going on throughout the month. All right, so the next category that you see there, that's family fun. So family fun, we love this category. It allows you guys to spend money on the things throughout the month that kind of happen. Like you guys go to Chick-fil-A, you and your husband go on a dinner date, you take the kids out for ice cream, maybe you go goofy golfing or you go bowling. Like this allows you to really just spend that money throughout the month that's not spent on individually, like yourself or your husband, right?

13:45Yeah. And it's really nice to have it set aside. And you know, this is a generous amount. It may not be that much, you might have to start smaller. But you what you want to know, the whole point of what we're trying to have you have you set up here is always knowing you have money and where it's coming from for each thing, right? Because all of these, like, I had a great budget, but then they wanted to go bowling and my whole budget's blown, right? We want to have it set aside so that you know, you know you can and you know how much you have and it's all separate so it's not confusing. What we also hear is, oh, I had money set aside to get my nails done or to go to on a coffee date with a girlfriend, but my kids needed field trip money or my kids needed this and that.

14:22And so it took all of my money. And so we get really frustrated when we work hard for our money and we don't get to spend it on ourselves at all. So we make a line item specifically for family fun so you can enjoy those things and it doesn't have to pull from your personal money. Yeah. And we actually, a lot of times in people's budgets, we'll put a kid's even different than family fun. Cause like Vanessa said, family fun is kind of specifically us all going doing something together, give or take, but you might have like a budget line item for each kid or just one that says kids. It just is really how you want it to be.

14:52But the point always is so that you know where money is coming from when it comes time to spend it. All right. So the next one, we got husband's money. It's sitting there. This is like, he goes golfing, he has a beer date with a buddy or whatever, right? So that's all his money. You've got your money sitting there all ready to use on your hair, your nails, coffee date with your girlfriend. Maybe it's a Barnes & Noble book date, whatever it is. A lot of times what might derail you are things that are less consistent or that you don't think about as part of your monthly budget, right? So the gas, the groceries, the family fund, personal spending money, that should all basically be the same every month.

15:27And it should always be there. Like personal pocket money is not negotiable. It's not negotiable. But then there are things each month that kind of pop up and we want to put those in the budget. In this case, we've got a July 4th party because we're making June's budget and we're getting ready to... It's at the beginning of the month. Yeah, we're getting ready for the July 4th because we're very fancy like that. And we've got a birthday gift that we're going to grab for a birthday party. So those are the things that we know specifically are happening in June that we want to make happen. Yep. So we got those listed here and we have our fun little emojis that kind of tell you like the debit card is things that you're going to use your checking account for, the cash or things that you're going to pull out in cash.

16:03And these are one-time expenses that are happening this month. So if you know our budget, you know what those are for. It's really fancy. It's a little extra. You're welcome. And we can talk to you about how much these amounts should be a different podcast, right? But for now, just understand you need to have all these categories. And you can see these people have$3 ,700 left now, okay? So we now have seen how much we made. We paid all of our minimum debt payments. We've paid all our bills and we planned all the spending that we know is going to happen so that we don't have to guess where it's coming from later in the month.

16:32Now it's time to look at savings buckets. So your savings buckets are things that you are planning ahead of time for. So this, you know, July 4th party, maybe it was something they didn't really think about, so they don't have it in a savings bucket. Brett's party, that's a new friend that your son, you know, he made a new friend over baseball season. So, hey, mom, I need a birthday present for Brett. That is not something that you planned for. Your savings buckets are things that you know that are coming up. You know you have annual bills. You know that you have your kids are going in a summer camp every year is that you're saving for.

17:01You know that you go on vacation to your family's, you know, mountain house or whatever every fall. So these are the things that you want to make sure that you are planning for ahead of time. And that's what all these categories are for. And you may not get to do all of these right at the beginning. Really, the first, the bills and the spending is where you should start. If you have not done this before, just get that down, do really good. And then you start planning these savings buckets on purpose. And so then once you have those. And again, that's a separate podcast. We can totally teach you each exactly how to plan for savings buckets.

17:31But once that's done, once you have all of the things that you want to save for, guess what? They still have$880. And what are they going to do with it, Vanessa? Girl, so their goal, so if you can see, they are living, they are having a really good time. They have all their income, their debt, their bills are spending, they're saving about$2 ,800 a month into their savings buckets. And these aren't things that may happen if they happen. No, they are going to happen. They know that they're going to happen. And this is really where a lot of people go into debt because it's, you know, this section, the savings section and the things that pop up in the month, right?

18:03Those are all the quote unquote unexpected expenses that you just pull out your credit card because you didn't plan for it. Because we can plan for gas groceries and Chick-fil-A runs. We don't plan for all these other things that pop up. So it's really important to know that they are doing all of it. And their goal right now is also not just to save money for the things that are coming up, but also to pay on debt. So that's what they're going to pay. That's what they're going to use an extra$880 for. Yep. And so that's when we go back. Instead of, we told you in the beginning, just to put the minimums.

18:31Now we're going back once we know what the full real budget is. Because if you pay extra on debt, but you don't have money for groceries, you did it wrong, right? So we don't want to do that. We want to make sure everything is planned and accounted for. And then whatever's extra, we're going to put it on that debt. And then, And then, so that's full circle. That's a full budget. That's how you're going to get through June. When you're planning for June, don't forget about Father's Day. Don't forget about graduations, weddings, travel, summer camps, anything like that, that you might need to throw in your June budget.

18:59Yeah, even school shopping. And if you start early, those sales come, guys. So we want to make sure we're prepared. All right. So listen, we just made June's budget with you. We hope that you enjoyed it. If you have any questions, feel free to reach out to us, comment below. If you guys are on YouTube, we'd love to hear from you. If you make good money, but have nothing to show for it, This quiz will help you figure out what's really going on with your money and what your next step should be. You'll get a personalized result and a simple action step to help you feel more organized and less stressed.

19:26Go to budgetbesties.com forward slash quiz and take the free quiz today. That's budgetbesties.com forward slash quiz to find out what's really going on with your money.