Divide and Conquer

Week 1 | Day 6 | GB 101: Budget Bootcamp

Get Course Emails

This online course is free. Get this course straight into your inbox.

Thank you!

See you in your inbox.

Hello again! Two days ago we used some sample budgets to help us brainstorm our own rough draft of spending, saving, and giving. To do that, we worked on adding Envelopes with no amounts. Today, we’ll work on filling out that budget with the amounts we plan to budget.

Today’s Assignment

  1. Take a look at your budget and review the Envelopes you’ve added so far in your Goodbudget app. Did you think of another category you need? If so, be sure to add an Envelope for it now.
  2. Now that you’ve added all of the categories you plan to track, it’s time to write in the amount you plan to budget for each Envelope. These might just be guesstimates, and that’s okay. Check out How to Make a Budget (Step 2, Option A shows you how to base your guesses on your past spending). If you feel like it’s been hard to save, now’s the time to set aside money first. By planning ahead and setting aside money for things like repairs, you’ll be prepared to buy those new tires when you need to without using up that extra cash you would have set aside in a Savings Envelope. And if you’re currently living through a financial emergency due to job loss or something else, take a break from 101 and head over to the GB 911: Crash Course instead. There, you’ll see how you can survive, adapt and thrive through your emergency.
  3. Look at the total of all the Envelopes once you’ve put in these amounts. Is the total amount you’re budgeting equal to or less than your income? If it is, you’re done for now! If it’s more than your income, try adjusting your budget so that you plan to spend less than you earn. Once your budget amount matches your income, you can stop.
  4. Congrats on finishing a rough draft of your budget! In the comments below, tell us one thing you’ve learned about yourself so far this week.

Note for couples: If you’re having a hard time agreeing on the numbers, take a step back — shut off the computer and put away your phones. Turn off your math mind, and open up your listening ears.  Lovingly ask your partner why a certain Envelope is important to them, or ask them what might be on their mind as you try to draft a budget together. Then listen deeply and get curious. And share your own thoughts too. Understanding what’s happening beneath the surface for each person can help you return to the numbers together later with a better sense of what’s important to the two of you, as a team.

And that’s it for this week! Foundation done! Next week, we’ll focus on tracking spending.

Until then, happy budgeting,
-The Goodbudget Team

Get Course Emails

This online course is free. Get this course straight into your inbox.

Thank you!

See you in your inbox.

82 thoughts on “Divide and Conquer”

  1. I learned that I need to get a job soon so that it creates a steady income for me and I am not relying on my parents, gifts, and chores for my money. Once I get a job, it will be easier to budget because there will be more things that I am able to pay for.

    Reply
  2. i learned that i spend less than my income. saving the rest of my money for savings. i learned that having extra money is good just incase you have unexpected things come up that you need to pay for, you don’t have to stress.

    Reply
  3. I learned how to better manage my money and pay attention to how much money I am spending compared to how much I have coming in.

    Reply
  4. I learned a lot especially that I could go to my parents for help because they know lots over it. Money that I spend without a second thought can be bad.

    Reply
  5. What I’ve learned it that if you don’t have a steady income then you need to be even more careful about how you spend money because you don’t know if you’re going to have enough for something you actually need.

    Reply
  6. I learned that budgeting can be easy if you work on it and at the end you will have a lot more money that you can use for other things that you want instead of not having any money left.

    Reply
  7. The one thing I have learned about myself is that I have let go of control of the finances and need to gain back that control. This course and app are going to do this

    Reply
  8. As of now my budget(Just bells ATM) is over my income but once I remove some NONbills(kids college fund) then I can afford at the moment. When my income increases in a couple month due to VA benefits I will add them back in and pay debt down faster.

    Reply
  9. I can cover all my needs but not my wants — like saving for a vacation or a new computer or furniture.
    Gotta work on that!

    Reply
  10. I learned we I still do not plan well for those annual expense like rabies shots, license plate renewal, income tax accountant payment, etc. Still have to figure out how to budget accordingly so we are not digging into our expense every time a one time payment comes up.

    Reply
  11. I have been really creative into investing , paying my bills and saving and I am so grateful about it . We all deserve happiness , wealth and prosperity. We must find it within ourselves

    Reply
  12. Learning how to use the Goodbudget app to assign numbers for income and monthly budget, feel a bit tricky. Still trying and learning.

    Reply
  13. I’m learning to budget for the 1st time in my life. I’ve just ordered budgeting envelopes, hoping by seeing my money it will become easier.

    Reply
  14. It was good to see how the GoodBudget app confirmed my own budget allocations which I have always done using Google Docs. The experience has increased my desire to explore this app (and other budgeting apps) as viable options from the traditional way in which I have been doing my budgeting. A point of interest was seeing the advantage that the app has over Google Docs: adding up my total expenses so that I did not need to have a separate calculation of the my total expenses after filling in the envelopes.

    Reply
  15. Reading others’ comments is helpful. I’m hoping this will teach me to live within a budget vice just tracking my expenses. Tracking provides some eye openers on where money is going but doesn’t help save money.

    Reply

Leave a Comment