Time Stamped Show Notes
[0:09] Angela feels that they have been pretty good with their mutual budget. They have added to the amount that they are putting to the mutual account. However, they have both fell off on their personal sides. Angela thinks they have suffered on their personal sides because they haven’t been putting as much from an accountability standpoint. On the other hand, Nick feels besides the challenges with accountability, they have suffered because they have been putting more in. Azuree advises them know that it’s easier to stay on track when you know that someone else is going to benefit or be involved.
[1:55] To reach his own personal goals as well as their joint goals, Nick believes that he needs to reallocate his personal checking account because he’s getting a lot less money. Angela has noticed that the spending with cash strategy is not working for her. She wasn’t as accountable with the cash as she thought she would be as far as allocating herself weekly. Therefore, she hopes that she adopt a different means of spending or even having a different account.
[6:50] The challenge that Angela is facing in her personal allocation has mostly been not budgeting her spending as much. She has been saving and taking care of everything else in her personal account, but she has just been spending it at will. She saves $250 every month, but she would like to save more. Angela’s strategy has been to use the cash she gets as spending money and then the rest of it is bank activity like bills. She had to stop doing the cash because she was losing track of what was what and so she just started putting it all in the account. Azuree believes that if Angela could get a separate account for this, then it would really work well for her. She could open two separate accounts in the same bank; one for spending money and the other for bills.
[14:36] Nick’s monthly income is around $1070. He has set up the joint account as the first account to be debited every month. So every month $518 is deposited to the joint account. He then receives. The remaining amount, approximately $550 then comes to his personal account. This last time Nick only had about $340 in his personal account coming out of the last 2 week period and this has made it very difficult for him to actually save. Azuree tells Nick that it’s okay that he isn’t saving as much as he wants to and he should not beat himself up over it too much. When most people start making more money, they just incorporate it into their spending and they don’t incorporate it into their savings. Therefore, Azuree reminds Nick that when he starts making more money, he will need to reallocate his budget in order to save more.
[22:22] Nick and Angela have also been slowly incorporating some lifestyle changes like less eating out and more cooking at home and more buying of groceries. They derailed in their savings a bit when they went to New York for a birthday party and they went a bit wild. Azuree tells them this is all part of life and advises them that it’s all about finding the balance that’s right for them.