Today’s guest on the Consumerism Commentary Podcast is J.D. Roth, author of Your Money: The Missing Manual and the personal finance blog Get Rich Slowly. A few weeks ago, J.D. gave a presentation at an Oregon public library about building and maintaining a budget that works. He adapted the presentation into an article.
Today, J.D., Bryan J Busch, and Flexo talk about roadblocks in the budgeting process and how to design an effective budget.
Table of contents
— [00:00] Introduction from Bryan J Busch
— [00:33] Interview with J.D. Roth
— [00:53] “Do what works for you,” and try again if it doesn’t work
— [02:13] The Balanced Money Formula
— [03:10] Budgets with too many categories seem oppressive
— [06:39] Only spend what you can carry
— [08:07] Some people literally can’t keep their Needs under 50% of their net income
— [11:33] What turns a Want into a Need?
— [12:43] Paying off debt isn’t a Need or a Want, it counts as Savings
— [13:37] For some, giving to charity is considered a Need
— [15:38] Annual budgets are more accurate
— [18:51] Moving from normal salary to full-time freelancing
— [22:22] J.D.’s new project: AwesomePeople.com
— [26:56] End
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Updated June 23, 2016 and originally published May 8, 2011.