Starting from ZERO Dollars | How to Complete a Wants vs Needs Analysis | How to Budget

Welcome to the 2nd Average Joe on Money weekend training session focused on helping people like you and me, the Average Joe, win with money when you are starting from ZERO Dollars.

This first video was all about when you are just starting on your financial success journey. The Average American struggles with money and has absolutely no idea how to start saving money, paying off debt, or investing for the future. BEFORE you can think about this, you have to have a handle on your current income and expenses.The homework assignment before the next video was to review your current spending by looking at your bank and credit card statements to review/itemize your current income and expenses.

After you have your income and expenses reviewed, you need to be able to categorize all of your expenses as either a WANT or a NEED. A NEED is an expenses that is required each month or something bad would happen. If you miss your housing payment, you may lose your home. If you don't eat you could starve, etc.

A WANT expense is everything else. These are optional expenses. You may feel they are a NEED possibly but when you look closely, you may realize it is not required.

HOMEWORK ASSIGNMENT
Take your home work from the previous session, the income and expenses tracker based on actual spending habits, and give each expense a label: WANT or NEED. This information will be vital to building a budget you can stick to in a future Weekend Training Session.

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