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Simple Step: Monthly Budget Inventory
46 Plays3 days ago
Phillip Ramsey discusses the importance of taking personal financial inventory as tax deadlines approach. He shares practical advice on establishing a budget by analyzing recent bank and credit card statements to categorize expenses like groceries and gas. Emphasizing the critical role budgeting plays in retirement planning, he encourages listeners to determine their desired lifestyle costs. Phillip reassures that while predicting life’s end date is impossible, understanding financial needs is key. Reach out to Phillip with questions at UncommonWealth.com. Tune in for insights to lead better financial planning on your journey to 2025.
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Transcript
Introduction to Uncommon Wealth Podcast
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
00:00:12
Speaker
We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Excitement for Sharing a Financial Tip
00:00:26
Speaker
Hello, everybody. This is Philip Ramsey with the Uncommon Wealth Podcast, and I'm super excited to come at you with a simple step.
Preparing for Tax Day: Personal Financial Inventory
00:00:33
Speaker
And just as you know, taxes are due tomorrow.
00:00:37
Speaker
So super excited just to be able to try take like personal inventory. um One, it feels good to get those out of the way if you didn't do an extension. But if they are due tomorrow and they're done, man, it feels good to have those done for the the rest of the year and then for another 12 months. So I thought it'd be a really good time to just do a personal inventory on your finances, your budget.
00:01:00
Speaker
I feel like that's something that we've gotten with this administration for the last four months has just been just really refining, cutting out some of the things that they maybe feel like is exuberant or things that they might not need.
00:01:13
Speaker
And I felt like that would be a really good time just to be able to put some ah same kind of practice inside of our own personal ah budget.
Starting a Budget and Analyzing Expenses
00:01:21
Speaker
And so that's what i thought we'd So who one has a budget, and if you don't have a budget, um how in the world would you start a budget?
00:01:29
Speaker
um And what I would do is probably just get the last three months of bank statements or credit card statements, however statements you can get. Just do an Excel CFV file, pull it over, and then just kind of start categorizing some of those expenses to see if you can start kind of figuring out how much you might need for groceries or gas or start categorizing these things.
00:01:52
Speaker
to give yourself a fairly good idea of the budget that you and your family need in order to pay all your bills and live the way that you want to live.
Budgeting for Retirement Planning
00:02:01
Speaker
That is a huge component. And we've talked about this time and time again about the two biggest numbers and for retirement planning is when are you going to pass away or when you're gonna graduate?
00:02:11
Speaker
And then how much money do you need? So if you can get hold of those things, maybe not the first thing of when are you're going to graduate or pass away, But if you can figure out how much you need to be able to live the way you want to live um and then pay your bills, that is a huge step in retirement planning. So this is the month. This is the month. I know it's hard, but you just got done with something amazing or tomorrow it is. Get done with the taxes and then try to do your personal budget, your personal inventory to try to figure out all the different things you have.
00:02:40
Speaker
think that's going to bode well for you 2025.
Engagement and Future Content Teaser
00:02:43
Speaker
any questions, please feel free to reach out at uncommonwealth.com. You can email me at phillip, P-H-I-L-L-I-P at uncommonwealth.com.
00:02:53
Speaker
Until next time, thank you for listening, and I hope this helps kind of get some idea of what your monthly expenses are. That's all for this episode brought to you by Uncommon Wealth Partners.
00:03:05
Speaker
Be sure to visit UncommonWealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.