Budgeting sucks but in this video I'm gonna share with you the story of Tom a
young business executive who after a sudden life tragedy we're in the easiest
way to manage his money and if you're new to the channel then hit the
subscribe button below for more life-changing content
meet Tom tom is a 31 year old business executive living in New York City since
graduating college almost a decade ago Tom's goal has been to climb the
corporate ladder at the sales company he works for from closing big deals to
working with other highly intelligent people Tom loves just about everything
about his job however Ana managed the stress of
working in such a high-pressure environment
Tom often finds himself out of the bar with friends or getting a dopamine boost
from buying things online in short while Tom earns a decent income he definitely
relies upon retail therapy to keep a level-headed while prior years have been
stepping stones in his career progression this year tom is working
extra hard to get promoted to the senior account executive level where his income
would exponentially increase a few months into Tom's promotion year he
found himself working 70 hours or more a week with his office basically becoming
his new living quarters you see unlike prior years were his annual sales target
was rather reasonable in order to get promoted to the senior account executive
level tom had to prove he could close ten million dollars worth of sales in
the year this meant that tom was constantly on his phone or in meetings
with potential buyers and if he wasn't doing either of those things then he was
probably out with his colleagues trying to de-stress as Tom's busy your
continued he started to feel rundown while he's making great progress towards
his annual sales target he began to feel like his life was more out of balance
than ever before besides rarely ever getting enough sleep to sustain him for
the day Tom began to notice that his frequency of going up to party was only
getting worse he figured all these nights out were probably not the best
for his bank account but justified that it would all be worth it when he got his
big promotion then one day tom was at work when he got
a call Tom blurted out his typical professional phone greeting but before
he could finish he realized that it was his aunt I was on the other end of the
call in a somber tone his aunt began to explain that his
it suffered a major heart attack and was in the hospital
Tom's aunt said that his uncle may not make it and that he would love to see
his only nephew during this trying time Tom told his an he would call her back
Tom nan googled the cost of a return trip ticket from New York to Dallas
leaving tomorrow Tom saw that the cheapest fare was $1,000 Tom then pulled
up his banking up on his phone to see how much money he had in his savings
account then Tom's face went white five hundred and sixty three dollars Tom have
been working for years and couldn't even afford a single plane ticket to see his
sick uncle thanks to his lackluster money management ways a couple hours
later tongue called Zampa and broke the bad news to her however rather than
telling her the reason he couldn't fly to Dallas to see his uncle was due to
not having the money Tom blamed his busy work schedule and said that he had sales
meetings he couldn't afford to miss later that night after most of his
colleagues had gone home Tom found himself sitting at his desk cryin over
the fact that he had let his financial situation get that bad and that now we
may not see his uncle ever again it was in that moment that Tom promised himself
that he would take his financial life into his own hands and build up enough
savings that any future emergency could be addressed without a doubt that next
Saturday Tong that up extra early to start researching budgeting techniques
he could use to ensure that he was never left without cash on hand again before
getting into the different techniques he could use he saw an alarming statistic
61 percent of American adults don't employ any form of budgeting and the act
of budgeting is directly correlated to financial success in that moment Tom
knew that he made up part of that 61 percent but was glad to know he was
making an effort to improve his financial habits
the first method Tom came across during his research was the envelope method
this method involves creating budget categories and allocating your budget
towards these categories then you take out the budget amounts in cash and
places cash in your budget envelopes and once you spent that cash that's it for
the month Tom thought this was the neat budgeting technique but felt like having
a take out cash every month would be a nuisance so he then moved on to the
second budgeting technique which is the twenty thirty fifty math
Tom came to learn that the twenty thirty fifty method works as follows
every month you divide your income in the following way
fifty percent is designated to living expenses like rent utilities and
groceries the next 30 percent goes towards entertainment costs like going
out to eat or seeing a movie the final twenty percent is meant to go
right into your savings account this technique seems pretty simple however
Tom didn't want to have the hassle of projecting is spending on his favorite
expense entertainment so he decided that the twenty thirty fifty method wasn't
right for him Tom realized that if he was going to succeed at budgeting that
he needed to find the easiest method possible so that's what he looked up
what came up in the search results was 80/20 method the 80/20 method works
in the following way 80% of your income goes towards your living expenses and
the other 20% goes towards your savings every month it's that simple
Tom figure he could definitely divide his income into these two categories but
not spending the money that went into his savings account would be a challenge
the next day at work tom was talking with his colleague jasmine and he began
explaining this new budgeting technique he was trying out and admitted that he
wasn't the best saver Jasmine laughed and said her savings sales weren't the
best either which is why about a year ago she set up automated deductions with
her HR department Tom was intrigued and asked her to explain what this involved
jasmine explained that automated deductions work in the following way
every two weeks part of your paycheck is sent directly into a savings account
instead of the full amount going right into a checking account
Jasmine explained that this method is effective for two main reasons
first it allows you to avoid having to think about saving money which meant
that Tom could spend more time making sales that would help him get his
promotion second it reduces the risk that you spend money save because you
don't have direct access to the cash - Tom this sounded like the perfect money
saving method for the next two months Tom began employing the 80/20 method in
combination with automated deductions and for the first time in years he began
to see his bank account grow - Tom's delight his uncle's condition had
improved enough room to return home to continue his recovery while tom was now
starting to see the fruits of his budgeting labor he still felt an immense
amount of guilt for not having been able to see his uncle during his
time of need so Tom decided that he was going to surprise his uncle by booking a
trip to Dallas in three months time over the next three months
money continued to accrue and Tom savings account to the point where he
had enough money to buy his plane ticket then the day finally came
Tom gone on his flight and flew to Dallas to see his uncle as Tom walked
into his uncle's house his uncle lit up with joy is his only
nephew had come all the way from New York to visit him after asking how his
uncle was Tom announced that he had big news to share with him and his aunt he
had met assails target and was the newest Senior Account Executive at his
firm the three of them rejoiced and Tom reveled in his gratitude for having come
across the 80/20 Method thanks for watching if you want to go from the life
you have to the life you deserve then hit the subscribe button now
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