I started using this approach at the beginning of this year and it has made such a difference. I save money but never feel deprived because I still get to spend money on things that are important to me. Great advice
I wanted to say that I love how you really do exhibit the importance of recognizing time spent (with loved ones) coffee versus supper out. How you can spend X in one space or split X over a number of places with better results. I loved that.
Thank you so much for this video! We are renovating our deck and we were debating between 2 different Decking colors. I liked one color more than the other, but the one I like more will cost us around $800-$1000 more. In the past I would have hemmed and hawed and likely ended up convincing myself that we should get the color I liked more because it will make me happier to see it. Then I saw your video today.... and I got to thinking, what is it that I value about the deck? What I liked was the idea of hanging outside with others or alone, being comfortable, and relaxing in the space... I actually didn't seem to value what the deck looked like at all! I'd much rather have an extra $1000 for a retractable awning to block the sun or for an extra comfy outdoor chair/couch/table. Once that realization hit, it was an easy decision to go with the cheaper color! Perfect timing to catch this video today because we have to order the colors tomorrow =)
BOOM! What an awesome practical example JP. So glad this was helpful for you. And enjoy that retractable awning to block the sun or the extra furniture. That's awesome. Thanks for sharing.
This is very close to what we do, but we go further. Realize that for every expense there are alternatives that cost far less and by examining exactly what you're after, it's easy to get what you want. A few examples I have are a stereo and new mattress. I decided that a stereo for our home would be a nice addition since our other radio stopped working and after asking around a relative had upgraded their receiver and gave us their old Yamaha (no HDMI). I scored a pair of Polk Audio bookshelf speakers from Craigslist for cheap and took an old laptop, loaded up Linux and VLC player to play mp3s, stream podcasts, audio books etc. We get 72 radio stations in our area and the receiver has 40 presets. It's a ton of entertainment for practically nothing and it sounds fantastic, even when cranked...although we like it at a lower volume. For the mattress, after looking at a few mattress stores I quickly realized that new spring mattresses are made with even thinner gauge wire and fewer springs no matter how much you spend. Premium mattresses are nothing more than a few layers of foam and all have a base layer of 6" medium density foam. So I scored a bamboo, zippered mattress cover for $85, a 6" slab of the most dense foam I could find and reused a memory foam mattress topper. We've now got the absolute best king-sized mattress, bar none, for only a few hundred dollars and we love it. As for eating out, we only eat out for lunch at local restaurants with great food at good prices and order smart from the menu. We can eat out 6 times/month for $100 but we rarely go that often as we love our home cooking so much. There are many other money saving alternatives that are both better and cheaper...always look for both.
Love love love this Tom! Thanks so much for sharing these awesome examples. We’ve done the same thing with mattresses! Way better to just get a nice topper. Thanks so much for writing all this out for folks!
thank you for this! for a few months i've been abstractly thinking that i need to do something to help be more mindful of our spending. you just gave me the process and nailed it down! new subscriber here. i don't mind the rapid pace in which you speak- it gets me excited and to think sharply. getting my "slower" thinking spouse to watch your vids is another matter. oh well, can't please everyone all the time! maybe i'm more willing to pay attention because your eyes are so gorgeous! use what you got! ;)
hahaha, thanks Olivia! So glad that the framework was helpful for you :) I really appreciate you watching and appreciate your encouraging words here. That means a ton. Let me know if there's ever anything I can do to help!
Great video. I'm realizing that for us, eating out (or getting take-out) tends to fall into one of two categories. Either it's about convenience (coming home too tired to cook) or it's about social time. The former can be addressed through better planning (bulk cooking on Sundays, for instance) and by judicious use of convenience foods. (These get a bad rap among the frugal, but they're still much cheaper than eating out, and often no worse nutritionally.) The latter need can be met through potlucks, hosting meals for friends, and other community events (which may not be free, but which still tend to be cheaper than eating out). Of course, you can still *choose* to eat out for special occasions, but knowing you have alternatives moves it out of the "habit" category.
this reminded me of thinking about how much time did i have to work for this purchase. there was a book i think it was called "your money or your life" it is totally out dated with how they wanted you to invest but the thought process works. getting away from buying things to make us feel better for the moment to really adding value to our lives that will last the long term.
Kari James absolutely! Solid boon with some really really great concepts. It really helps reframe the way you approach your Money conversions. Glad this video reminded you of that :)
Hello Nick my friend. Eric from Chattanooga. Great video. I have adapted to YNAB and now i'm getting into other things that it offers. All you guys have been so helpful with my journey. I've always been a saver but i sucked at budgeting. I would have money sitting there but it had know job. With this system i feel more comfortable that i can actually see what my moneys doing. Thanks again. Positive flow..
I've been using y n a b for a while now and I still struggle with going and trying to think terms of values and priorities. I have a real problem with going and just sticking to trying to use it simply as a budget instead of a tool to really help me with my wants and needs and values and priorities. But I keep working at it. Great video. I was able to get the worksheet and plan on incorporating it into my budgeting.
Wow! This video just blew my mind! Life changing information for those who are budget driven. Thanks! Looking forward to applying this strategy going forward 😃
Hey Nick, thanks for the great video. I clicked your link and downloaded your worksheet from your blog. Just wanted to give you the heads up: update your copyright date on your website. Noticed that it's still at 2020.
We’ve been saving about 75% of our income for the last couple of years. People always are wondering what are you saving up so much? I’m getting ready to buy our future, and life back. It cost a lot but we will get there. If people just look back five years and see what they have purchased. Other than a car, maybe or a house it is pretty much all gone or not in use. It’s the long term that one must think of when saving like this.
fer prz well great! I eat all the foods I want as well. Personal finance is called personal for a reason, it’s personal. Glad you’re hitting your goals!
Thanks, Maria! Glad you enjoyed it :) Right now we're actually in the process of building back up. Before we left our jobs we were consistently saving 25-30%. We took a pretty hefty pay cut when we left our jobs to work for ourselves some months back and to be perfectly honest we're down below 5% at the moment. We're working very hard on cutting a little more and rapidly increasing income :) Where are you at?
Nick True - MappedOutMoney Actually I've built a habit to spend on charity 10% of my income (by the way is there such a position in your family budget?). I've also built a habit to pay household expenses one month ahead. I've got a little sum for a little emergency ($150) which my father can also use. I see I still have some little money left on my account when I get the salary. However, I do not save anything so far and I hope I'll start doing it soon. I would like to save some money for big projects like renovation of our flat and also for future (I hope I'll be able to increase the emergency fund to 1k and then move on). Thanks for sharing information with us!
Maria Volkhonskaya that’s so awesome! Yes we also set aside 10% for giving :). It’s so hard to get going, but I’m glad to hear that it sounds like you’re getting ahead and we’ll on your way. I love that you’re paying household expenses one month ahead of time. That’s great.
hahaha! Yes, unfortunately, you will have to have SOMETHING... But hey, maybe it isn't that important to you ;) You can get the super duper cheap kind lol 😂
You do really good video but please please don't put background music in your video . The background music takes away from the video it doesn't add to it. You do such a great job talking and that's all we should hear is you . Anything else just makes it hard to watch.
Start adding medical to 'needs'. It's astronomical. Even with good insurance, I know many parents who spend thousands of dollars each MONTH on medical bills, therapy, and medicine. Not unusual for 50% of monthly income to go to medical. So it may look like, hey this person is bringing home $5k a month, they should be able to save a few hundred or even a thousand dollars each month instead of wasting it... but if they have to pay 2-3k of medical each month, they are barely getting by and can not save. Every person I know living paycheck-to-paycheck can't save due to medical bills.
1:18 Sadly, many children have *not* been taught the difference between needs and wants. It's "oppressive", and slapping a whiny brat's hand -- or even wagging your finger and firmly saying "*no!"* -- in public is likely to get you yelled at and judged by someone more noble than you. (Also, that music is *really* irritating.)
@@mappedoutmoney more important is the fact that so many children have *not* been taught the difference between needs and wants. And I'm considering whether it also might be lazy parenting.
RonJohn63 agreed completely. Unfortunately a lot of us need to understood more distinctly the differences between needs and wants. You’re totally right there. Glad the video made you at least think about ways we can all start improving.
Difficult to comprehend because a rapid talker. Slow down speech pattern and less chatter would help me, a non- American, grasp his worthwhile tips and observations.
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
I started using this approach at the beginning of this year and it has made such a difference. I save money but never feel deprived because I still get to spend money on things that are important to me. Great advice
Exactly! That's the whole point. You start to realize that those other things aren't that important to you anyways. Thanks for watching Aly! :)
I wanted to say that I love how you really do exhibit the importance of recognizing time spent (with loved ones) coffee versus supper out. How you can spend X in one space or split X over a number of places with better results. I loved that.
“Adults devise a plan and execute it. Children do what feels good.”
100% this. You're absolutely right my man. Love that quote.
Thank you so much for this video! We are renovating our deck and we were debating between 2 different Decking colors. I liked one color more than the other, but the one I like more will cost us around $800-$1000 more. In the past I would have hemmed and hawed and likely ended up convincing myself that we should get the color I liked more because it will make me happier to see it. Then I saw your video today.... and I got to thinking, what is it that I value about the deck? What I liked was the idea of hanging outside with others or alone, being comfortable, and relaxing in the space... I actually didn't seem to value what the deck looked like at all! I'd much rather have an extra $1000 for a retractable awning to block the sun or for an extra comfy outdoor chair/couch/table. Once that realization hit, it was an easy decision to go with the cheaper color! Perfect timing to catch this video today because we have to order the colors tomorrow =)
BOOM! What an awesome practical example JP. So glad this was helpful for you. And enjoy that retractable awning to block the sun or the extra furniture. That's awesome. Thanks for sharing.
I LOVE how honest you are about wants. I fund my wants but I don’t let them get confused with more important goals. Great idea and love this video
Hey thanks KT! So glad that the video was helpful for you. Appreciate it :)
Your tee shirt says it all Nick! you're a born teacher. i LOVE your instructional videos!
Thanks Karen! I really appreciate the kind words. :) I’m so glad you find the videos helpful!
This is very close to what we do, but we go further. Realize that for every expense there are alternatives that cost far less and by examining exactly what you're after, it's easy to get what you want. A few examples I have are a stereo and new mattress. I decided that a stereo for our home would be a nice addition since our other radio stopped working and after asking around a relative had upgraded their receiver and gave us their old Yamaha (no HDMI). I scored a pair of Polk Audio bookshelf speakers from Craigslist for cheap and took an old laptop, loaded up Linux and VLC player to play mp3s, stream podcasts, audio books etc. We get 72 radio stations in our area and the receiver has 40 presets. It's a ton of entertainment for practically nothing and it sounds fantastic, even when cranked...although we like it at a lower volume. For the mattress, after looking at a few mattress stores I quickly realized that new spring mattresses are made with even thinner gauge wire and fewer springs no matter how much you spend. Premium mattresses are nothing more than a few layers of foam and all have a base layer of 6" medium density foam. So I scored a bamboo, zippered mattress cover for $85, a 6" slab of the most dense foam I could find and reused a memory foam mattress topper. We've now got the absolute best king-sized mattress, bar none, for only a few hundred dollars and we love it. As for eating out, we only eat out for lunch at local restaurants with great food at good prices and order smart from the menu. We can eat out 6 times/month for $100 but we rarely go that often as we love our home cooking so much. There are many other money saving alternatives that are both better and cheaper...always look for both.
Love love love this Tom! Thanks so much for sharing these awesome examples. We’ve done the same thing with mattresses! Way better to just get a nice topper.
Thanks so much for writing all this out for folks!
thank you for this! for a few months i've been abstractly thinking that i need to do something to help be more mindful of our spending. you just gave me the process and nailed it down! new subscriber here. i don't mind the rapid pace in which you speak- it gets me excited and to think sharply. getting my "slower" thinking spouse to watch your vids is another matter. oh well, can't please everyone all the time! maybe i'm more willing to pay attention because your eyes are so gorgeous! use what you got! ;)
hahaha, thanks Olivia! So glad that the framework was helpful for you :) I really appreciate you watching and appreciate your encouraging words here. That means a ton. Let me know if there's ever anything I can do to help!
Great video. I'm realizing that for us, eating out (or getting take-out) tends to fall into one of two categories. Either it's about convenience (coming home too tired to cook) or it's about social time. The former can be addressed through better planning (bulk cooking on Sundays, for instance) and by judicious use of convenience foods. (These get a bad rap among the frugal, but they're still much cheaper than eating out, and often no worse nutritionally.) The latter need can be met through potlucks, hosting meals for friends, and other community events (which may not be free, but which still tend to be cheaper than eating out). Of course, you can still *choose* to eat out for special occasions, but knowing you have alternatives moves it out of the "habit" category.
this reminded me of thinking about how much time did i have to work for this purchase. there was a book i think it was called "your money or your life" it is totally out dated with how they wanted you to invest but the thought process works. getting away from buying things to make us feel better for the moment to really adding value to our lives that will last the long term.
Kari James absolutely! Solid boon with some really really great concepts. It really helps reframe the way you approach your Money conversions.
Glad this video reminded you of that :)
Thankfully there’s a new edition out now!! Love it too.
Hello Nick my friend. Eric from Chattanooga. Great video. I have adapted to YNAB and now i'm getting into other things that it offers. All you guys have been so helpful with my journey. I've always been a saver but i sucked at budgeting. I would have money sitting there but it had know job. With this system i feel more comfortable that i can actually see what my moneys doing. Thanks again. Positive flow..
I've been using y n a b for a while now and I still struggle with going and trying to think terms of values and priorities. I have a real problem with going and just sticking to trying to use it simply as a budget instead of a tool to really help me with my wants and needs and values and priorities. But I keep working at it. Great video. I was able to get the worksheet and plan on incorporating it into my budgeting.
Wow! This video just blew my mind! Life changing information for those who are budget driven. Thanks! Looking forward to applying this strategy going forward 😃
Hey thanks Megan! I'm so so glad to hear that. It means a lot that you would take the time to comment :) Good luck with your spending!
Hey Nick, thanks for the great video. I clicked your link and downloaded your worksheet from your blog. Just wanted to give you the heads up: update your copyright date on your website. Noticed that it's still at 2020.
Hey thanks! Good catch, I'll have to get that updated :)
Great video and advice, came at the right time, needed to hear this. Thank you for posting
Lesley Donnelly so glad to hear that it was helpful! Thanks so much for watching :)
Not gonna lie, I came for the awesome beard, stayed for the invaluable information.
Dan R Hahahah! Thanks man! I appreciate that. From your profile pic, looks like you’ve got an awesome beard yourself 🧔
Excellent.
Thanks!
Great content and very motivating!
Thanks Miranda, glad you found it helpful!
Thank you Nick. Good topic and presentation.
Thanks Paul! So glad that you liked it.
@@mappedoutmoney Your welcome, and cheers to a great day!
We’ve been saving about 75% of our income for the last couple of years. People always are wondering what are you saving up so much? I’m getting ready to buy our future, and life back. It cost a lot but we will get there. If people just look back five years and see what they have purchased. Other than a car, maybe or a house it is pretty much all gone or not in use. It’s the long term that one must think of when saving like this.
Totally agree Johnny! All about the long game.
Great job at 75%, that's amazing! Keep it up my friend.
I hear you but eating the foods I like and going out is part of a lifestyle I want to keep. I just live within my means and hit my goals.
fer prz well great! I eat all the foods I want as well. Personal finance is called personal for a reason, it’s personal.
Glad you’re hitting your goals!
That Chattanooga hat is 💪
Glad you dig it!
Fabulous walkthrough, Nick! This is so insightful for how your values relate to your money.
Thanks Matthew! Glad it was helpful for you.
This is a great video. No dishes is self love for me!
Jean van Zyl hahaha totally! I completely understand that :)
I wish I could get my family on this. All too often we get a bonus or look at the extra money left over and come up with stuff to buy. Not cool.
Very nice!
Thanks! Glad you enjoyed it :)
Super valuable video - subscribed!
Thanks!! I'm glad the video was helpful for you :)
This is brilliant. Saving runs through my blood, but this is a method that can make me even better at it. Love it.
Awesome! I'm so glad that you liked it and it was a helpful concept for you :)
Amazing video!
Thanks Sean! Glad you enjoyed it :)
Nice tip routed in psychology :) What % of income goes to your savings?
Thanks, Maria! Glad you enjoyed it :)
Right now we're actually in the process of building back up. Before we left our jobs we were consistently saving 25-30%. We took a pretty hefty pay cut when we left our jobs to work for ourselves some months back and to be perfectly honest we're down below 5% at the moment. We're working very hard on cutting a little more and rapidly increasing income :)
Where are you at?
Nick True - MappedOutMoney Actually I've built a habit to spend on charity 10% of my income (by the way is there such a position in your family budget?). I've also built a habit to pay household expenses one month ahead. I've got a little sum for a little emergency ($150) which my father can also use. I see I still have some little money left on my account when I get the salary. However, I do not save anything so far and I hope I'll start doing it soon. I would like to save some money for big projects like renovation of our flat and also for future (I hope I'll be able to increase the emergency fund to 1k and then move on). Thanks for sharing information with us!
Maria Volkhonskaya that’s so awesome! Yes we also set aside 10% for giving :).
It’s so hard to get going, but I’m glad to hear that it sounds like you’re getting ahead and we’ll on your way.
I love that you’re paying household expenses one month ahead of time. That’s great.
This was 9 minutes to say one simple idea. Spend money on things you value.
Yup! You’ve got it. Thanks for watching.
Goes to buy toilet paper; Lets fill it out on the "start with why spreadsheet"
hahaha! Yes, unfortunately, you will have to have SOMETHING... But hey, maybe it isn't that important to you ;) You can get the super duper cheap kind lol 😂
Bidet it up!
You do really good video but please please don't put background music in your video . The background music takes away from the video it doesn't add to it. You do such a great job talking and that's all we should hear is you . Anything else just makes it hard to watch.
Thanks, man! I really appreciate the feedback.
Start adding medical to 'needs'. It's astronomical. Even with good insurance, I know many parents who spend thousands of dollars each MONTH on medical bills, therapy, and medicine. Not unusual for 50% of monthly income to go to medical. So it may look like, hey this person is bringing home $5k a month, they should be able to save a few hundred or even a thousand dollars each month instead of wasting it... but if they have to pay 2-3k of medical each month, they are barely getting by and can not save. Every person I know living paycheck-to-paycheck can't save due to medical bills.
1:18 Sadly, many children have *not* been taught the difference between needs and wants. It's "oppressive", and slapping a whiny brat's hand -- or even wagging your finger and firmly saying "*no!"* -- in public is likely to get you yelled at and judged by someone more noble than you.
(Also, that music is *really* irritating.)
Haha sorry John! Hope you can find some other videos that don’t irritate you.
Thanks for watching anyways!
@@mappedoutmoney more important is the fact that so many children have *not* been taught the difference between needs and wants. And I'm considering whether it also might be lazy parenting.
RonJohn63 agreed completely. Unfortunately a lot of us need to understood more distinctly the differences between needs and wants. You’re totally right there. Glad the video made you at least think about ways we can all start improving.
Difficult to comprehend because a rapid talker. Slow down speech pattern and less chatter would help me, a non- American, grasp his worthwhile tips and observations.
kaye walsh thanks for your input! You can also use a google chrome speed controller extension to speed up or slow down videos. Hope that helps!
You can slow down the speed in the RUclips app