#reversebudgeting #moneyandmortgages #personalfinance

In this podcast episode, host Adam Coleman talks with Certified Financial Planner David Wanya about the concept of reverse budgeting, a departure from traditional budgeting methods that focuses on 'paying yourself first'—allocating money to savings and investment before spending the remainder. They discuss how reverse budgeting encourages automatic saving to meet financial goals such as retirement or handling variable income, the importance of automation in maintaining the savings pace, and tools like Monarch money and YNAB to support budgeting efforts. The conversation also covers strategies for managing debt within the reverse budgeting framework and emphasizes the flexibility and personalized approach required when dealing with varying income levels or big-ticket expenses.

For more information on David, check out his website: https://www.finsyn.com/team/david-wanja/

00:00 Introduction to Reverse Budgeting with David Wanya

00:56 Defining Reverse Budgeting vs. Traditional Budgeting

02:05 Optimal Savings Percentages and Adjusting for Personal Goals02:45 Incorporating Employer Matches and Equity Compensation into Savings

05:11 The Role of Automation in Effective Budgeting

07:18 Choosing the Right Budgeting Tools: Monarch Money vs. YNAB

09:45 Prioritizing Debt Repayment in Your Budgeting Strategy

12:55 Adjusting Budgets for Big Ticket Purchases and Variable Incomes

14:03 Common Mistakes and Final Thoughts on Reverse Budgeting

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Disclaimer: The information provided is for general informational purposes only and should not be construed as financial, legal, or tax advice. Always consult with a qualified professional before making any financial, legal, or tax-related decisions.