BBP REAL LIFE BUDGET | Foster Parents + Credit Card Debt

It’s time for another Real Life Budget. I asked my readers to submit their REAL information. Real spending, real debt, and real savings goals.

I am taking those real-life numbers and showing you how I would organize and budget that information using my Budget By Paycheck® Method.

If you would like to submit your budget information to possibly be picked for a Real Life Budget that we will show on YouTube, please reach out to [email protected].

In this episode of Real Life Budget, we’re diving into Tina’s financial journey—a story of resilience, love, and determination. Tina and her husband, both in their 60s, are raising a family of seven children, including four adopted kids, while navigating the challenges of unexpected medical expenses and overwhelming debt.

With a total monthly income of $10,689, Tina has been living paycheck to paycheck while trying to manage $15+ credit cards, a mortgage, and variable expenses for her family. Today, we’re breaking down her budget, uncovering the best way to allocate her income using the Budget by Paycheck Method, and creating a personalized plan to help her tackle debt, reduce financial stress, and rebuild stability for her family.

✨ In this video, you’ll learn:
✔️ How to prioritize high-interest debt using the Avalanche Method.
✔️ Practical ways to adjust spending without sacrificing quality of life.
✔️ Steps to build a small emergency fund while paying off debt.
✔️ Why breaking your budget down paycheck by paycheck can create financial clarity and control.

CHAPTERS:
00:00 Introduction
03:05 Tina's WHY
05:22 Income and Pay Schedule
07:04 Fixed Expenses
08:24 Variable Expenses
10:10 Savings Goals
11:17 Debt Picture
14:43 The Budget by Paycheck Method
22:10 Debt Payoff Calculator
29:51 Conclusion

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ABOUT ME

Kumiko Love empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment.

She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook, and is the author to the bestselling book, My Money My Way.

Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.

YOU CAN FIND ME AT:

📝 WEBSITE: https://www.thebudgetmom.com
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