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#210: The Simple Budget Roadmap

Season #1

In this episode, Joshua Escalante Troesh CFP® and Amelie Riendl AFC® break down why most first-time budgets fail and offers a simple, realistic roadmap for building a budget you can actually stick with.

Top takeaways:

  • Budgets fail when they’re too complex, too time‑consuming, or overly restrictive.
  • Start with a simple budget:
  1. Use reliable monthly income as your baseline—especially if your income varies.
  2. Identify fixed expenses first (such as rent/mortgage, utilities, groceries), turning them into a fixed expense if possible.
  3. Estimate optional obligations (like streaming or gym memberships).
  4. Identify lifestyle expenses, recognizing that your estimates will be off the first few months (or longer!). 
  5. List financial goals as if money were unlimited (both debt & savings goals).
  6. Prioritize your goals realistically–you will likely not fund them all at one time.
  • Building your first budget should take about 15 minutes—don’t get lost in details.
  • Focus on forward progress when you first start budgeting, not perfection.
  • Make sure your experience with budgeting is a positive one.
  • Be careful not to identify optional expenses as necessities.
  • Building a basic budget will take months to get “right” (and it will never be perfect).
  • Convert irregular costs (holidays, car repairs, gifts) into monthly sinking funds.
  • High‑interest debt payoff will likely be one of the top goals for most people.
  • Create a “wish list” for extra income months so decisions aren’t driven by impulse.
  • To go beyond the simple budget, consider using a software to help track spending ongoing.

With a simple roadmap and a few intentional choices, anyone can build a budget that fuels their goals and transforms their financial future.

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