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Spoiler alert: Kamel didnt get rich and certainly doesnt stay rich by playing the lottery.
He does it by practicing the Ramsey plan.
Heres what that looks like for Kamel and his wife in terms of monthly budgeting.
EveryDollar aligns with the zero-based budgeting method that was brought to public attention by Peter Pyhrr in the 1970s.
With this method, you subtract your expenses from your income and end up at zero.
Kamel also puts some money aside for dining out and lunches at work.
The Kamels no longer have to deal with this monthly expense.
The miscellaneous line item could be the best one in your budget, Kamel said.
Budgeting for Subscriptions
The Kamels have lines in their budget accounting for theirsubscription costs.
This includes everything from streaming services to grocery delivery, car washes and pest control.
Making Room for Lifestyle Spending
As a millionaire, Kamel has room for lifestyle spending.
Just be sure to track your spending carefully.
Kamel feels that these two separate spouse funds dont have to be equal in amount.
He recommendedLaurel Road, which is FDIC-insured and has a HYSA currently providing 4.50% APY.
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