Budgeting is more than just numbers on paper—it’s a reflection of your values.
Discipline ensures you stick to your spending plan.Restraint prevents you from overspending.Patience allows you to embrace delayed gratification.Humility keeps you from falling into the trap of lifestyle inflation.
Without these values, a budget is just another spreadsheet—a set of numbers you ignore when temptation strikes.
This is exactly why so many people fail at budgeting.
They take the time to create a budget, but they don’t develop the mindset and habits needed to manage money wisely.
If you’ve been struggling with budgeting, today is the day to change that.
In this guide, I’ll do two things:
Walk you through the budget template I use (taken from my book).
Show you how to budget, save, and retire early on an income of JMD $100,000 (USD $667) per month—a request from one of my subscribers.
Why Budgeting Is the First Step to Financial Freedom
Many people see a budget as something that limits what they can buy. But a budget isn’t about restriction—it’s about empowerment.
It helps you:✔️ Understand where your money is going.✔️ Prioritize spending on what truly matters.✔️ Make informed decisions that bring you closer to financial independence.
Now, let’s put this into practice by creating a budget for JMD $100,000 per month.
Breaking Down a $100,000 Monthly Budget
The first step in budgeting is listing all your expenses and allocating your income accordingly.
Here’s the breakdown:
🏠 Housing (JMD $25,000 / USD $167)
Rent is typically the biggest expense, but finding affordable housing is key to financial freedom.
A subscriber shared that they pay JMD $25,000 per month for rent, including electricity and water.
To make sure this budget works for more than just one person, I searched for affordable rentals in various areas.
I found options like:
Patrick City – JMD $25,000
Seaview Gardens – JMD $20,000
Mona – JMD $25,000
I
f you’re struggling with rent costs, consider:✔️ Living at home with family (if feasible).✔️ Getting a roommate to split costs.✔️ Choosing a smaller space in a safe but affordable area.
Sacrificing space now = owning your dream home later.
💰 Savings & Investments (JMD $22,000 / USD $146)
Saving at least 20% of your income is non-negotiable if you want financial freedom.
💡 Pro Tip: Always prioritize savings before spending. If you leave savings for last, there will never be “extra” money.
With this budget, saving JMD $22,000 per month adds up to:
JMD $264,000 (USD $1,760) per year
JMD $13 million (USD $86,700) in 20 years
JMD $33 million (USD $220,000) in 30 years
If invested in an index fund earning 7% annually, by retirement, this savings plan could provide JMD $683,000 (USD $4,500) per month in passive income.
That’s more than your entire salary right now!
🛒 Groceries (JMD $14,000 / USD $93)
One of my upcoming projects is proving how to live off a small grocery budget.
To prepare, I visited Chinese wholesalers and researched food prices.
What I found?
JMD $14,000 per month is enough for one person (or a parent + young child) to eat well.
Buying in bulk and meal prepping significantly reduces costs.
💡 Pro Tip: Stick to staples like rice, beans, ground provisions, and seasonal produce to maximize nutrition on a budget.
📱 Phone & Internet (JMD $4,500 / USD $30)
If you’re on a budget, prepaid plans are a great way to avoid overspending.
However, I personally use a postpaid plan that includes:✔️ Unlimited minutes✔️ Data & Wi-Fi calling✔️ No surprise charges
This keeps costs predictable at JMD $4,500 per month.
💡 Utilities (Included in Rent)
Since electricity and water are already covered in rent, there are no additional costs here.
📺 Entertainment (JMD $1,200 / USD $8)
While cable TV is unnecessary, an affordable Netflix subscription provides entertainment for just JMD $1,200 per month.
💡 Pro Tip: YouTube is free—and it has everything from financial education to cooking tutorials!
🚗 Transportation (JMD $8,000 / USD $54)
Owning a car is expensive.
A vehicle means:
Insurance
Gas
Repairs
Parking fees
Instead, public transport saves thousands every month.
JMD $8,000 covers enough trips to work, errands, and social activities.
💅🏽 Personal Care (JMD $3,500 / USD $23)
When you’re focused on building wealth, some luxuries need to wait.
Expensive salon visits, manicures, and spa treatments? Not necessary.
Instead:✔️ Learn to do your own nails.✔️ Do your own hair at home.✔️ Invest in basic self-care products.
Later, when you’re financially secure, you can afford the luxuries.
🩺 Health Insurance (JMD $3,000 / USD $20)
Critical illness insurance is a MUST.
If a medical emergency happens, you don’t want to wipe out your savings.
JMD $3,000 per month is a small price to pay for peace of mind.
🍽️ Dining Out (JMD $4,000 / USD $27)
Financial freedom doesn’t mean never having fun.
This budget allows for one restaurant meal per month (approx. JMD $4,000).
✔️ Budgeting for fun = financial balance.
🌴 Vacation Fund (JMD $1,500 / USD $10)
Saving JMD $1,500 per month means you’ll have JMD $18,000 per year for travel.
💡 Pro Tip: If traveling abroad isn’t possible, staycations and local trips can be just as fun!
🆘 Emergency Fund (JMD $3,000 / USD $20)
An emergency fund prevents unexpected expenses from destroying your finances.
💰 After one year, you’ll have JMD $36,000 set aside.
👕 Clothing & Accessories (JMD $2,800 / USD $18)
The goal is quality over quantity.
Invest in:✔️ Classic, durable pieces.✔️ Neutral colors that mix & match easily.✔️ Seasonal sales & thrift finds.
💡 Pro Tip: People who “dress rich” often aren’t rich. Build wealth first, flex later.
Final Thoughts: Master Your Budget, Master Your Future
Budgeting isn’t about deprivation—it’s about prioritization.
By saving and investing consistently, even on JMD $100,000 per month, you can:✔️ Retire early with over JMD $117 million in investments.✔️ Earn passive income of JMD $683,000 per month in retirement.✔️ Live a stress-free, financially secure life.
The sooner you start, the sooner you win.
Are you ready to take control of your finances? Download my free budget template & start today.
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