I save $250 per paycheck, I call it my car payment. I drive a 2005 trailblazer that’s not anything nice or flashy but it’s completely paid off. Every 2 weeks my savings and retirement accounts get paid instead of a debt.
I set up and saved up an emergency fund before I started school in 2019, and squirreled away a little bit more over the past couple years. It’s super small, like $2k, but if my beater car were to break down or if I needed an emergency dental procedure, I wouldn’t be strapped for cash. So yeah, I’m still broke technically, but I feel a lot more secure than I used to!
I saved $10,000 last year thanks to your advice and constant reminders about why I need an emergency fund in your videos. I'll be happy with how big it is when I get it to $15,000.
As a grad student, my emergency fund allowed me to go to summer schools and take advantage of opportunities that opened themselves (it was hard to predict, so they were more emergencies than plans). But the fact that I had a few thousand saved for a ticket and a cheap hostel allowed me to make professional connections that got me wonderful jobs after graduating. I may have been taking a chance by taking money out of this fund, but I'm really glad I did!
Such a timely video. I just drained my emergency fund by helping my daughter move across country and fixing my car. Time to buckle down and save again...
Same as me, my emergency funds allowed me to moved states and start a new job. I’m not longer 9-5 job. I’m practically retired, I’m only 46 years old and I keep saving…
Still continue to save left over change into high yield savings. I too is living off my savings due to job loss, but still save by creating financial challenges.
My emergency fund is a huge source of comfort to me because the drama around sudden money crises is gone. I might not like having to spend $500 on a sudden repair, but it doesn't throw me into despair because the money is there.
Hi there, I am interested on your take on the “be your own boss” culture. It’s gotten to the point where it feels like if you don’t own your own business you are failing at life. Not everyone wants to do that and not everyone is able to do it. I’ve seen many of my friends and loved ones sucked into MLMs because of the whole “girl boss” mentality. I wish we could normalize being ok with working for someone else, doing something you love. And being ok with not “having” to own a business if that’s not for you.
Really though, aren’t we all really working for ourselves? I think the point is to avoid depending on your employer to ensure your future. Save, invest, all the jazz.
The past year and a half has really demonstrated how important it is to have an emergency fund for sure 🚨 saves so much stress to get ahead when you can 💆♀️
Everyone needs to make sure they have this level of emergency fund setup minimum! I personally try to shoot for something a little higher but it's all about taking steps in the right direction.
I've spent the past year and a half watching and absorbing financial videos from several channels and my two biggest takeaways have been: 1. Get on a written budget, and STICK TO IT!! 2. You need an emergency fund of 3-6 months basic expenses. Both if these have proven to be valuable takeaways time and time again. If you take away nothing else from TFD or anywhere else at least take those two things.
Something that I think people dont think about is using their emergency via their mortgage ruclips.net/video/Hd2M7dPahL4/видео.html giving you a financial runway when you need it
Emergency funds values are very personal. Although the advice is to have between 3 to 6 months saved up in an emergency fund, I prefer to have a years' worth. That number brings me peace of mind.
I found a blogger who was building a year’s worth then putting it all in CDs a month’s worth at a time so they were rotating. That way they had the year emergency fund but were gaining interest on it at the same time
I agree, I'm more comfortable keeping a years' worth of expenses in my EF because my main business operated on a seasonal annual cycle, so if something happened to mess up my work season (ie covid) I would lose a whole years' salary. Thank goodness I kept a larger fund!
To me the best financial advice for someone with a low budget (but basically it is great for everyone) is the 365 (days) rule. Track daily expenses for an entire week and try to identify the invisible small spendings that quickly add up to larger sums. Multiply with 365 days (1 year) Daily café to go: 4$ x 365 = 1460$ Daily lunch break: 10$ x 365 = 3650$ Daily commutes: 5$ x 365 = 1825$ I stopped buying my coffee outside and cook instead of eating out for lunch. Eating out is something I want to celebrate and not a daily thing bc I try to convince myself that I don't have time to cook. I also switched to using my bycicle more often instead of taking the metro. Of course the numbers are a little bit off bc you still have to subtract the costs of cooking and making your coffee at home. But they can give you a perspective on were you might be wasting money
I'm so glad I started saving an emergency fund with around 4 months worth of expenses last year, because I'm working an unpaid, full time internship for 12 weeks this semester. That time/energy commitment means I've had to cut my hours at my part-time job, although I managed to keep a good chunk of my income rolling in. Basically, my emergency fund is taking small monthly hits until November to help cover the difference. I am definitely going to keep this challenge in mind for after graduation this December, because I'll be looking to quickly re-up my savings account so I can move back towards my other financial goals!
Emergency funds are so important! I've gotten mega screwed recently due to not having any wiggle room funds, which just opens you up to predatory loan companies.
Hi Chelsea! I truly hope you read this. We moved from Spain to the US a couple of months ago, and I will say that the American financial system is really confusing. It seems you need credit for everything, not only for buying a car or renting an apartment. We have been asked for our credit score to set up ELECTRICITY when we moved to our apartment. Since we don’t have any credit, we’ve had to pay security deposits for everything. I will not rant about the absurdities of my experiences (I was brought up to think that if you couldn’t afford something, you simply wouldn’t buy it. Asking for credit was for people trying to live above their means). As someone who has lived in several countries as an adult and travel many times to the US for holidays, it truly was a shock when I had to face the financial system. I wanted to suggest if you could do a video on how to start building credit, which banks do you recommend, etc. A “home finances for dummies”, 101 of finances in the US for a young couple who is starting with no financial history. Thanks for your videos and the great work you put into them!
THIS IS EXACTLY WHAT I NEEDED TO SEE TODAY! it's so easy to feel overwhelmed about the time-sensitive aspects of money, "i coulda/shoulda/woulda started saving or investing or budgeting differently x number of weeks or months or years ago and i feel bad that i didn't so what's the point of starting now..." tfd vids are super encouraging and motivating, LOVE this call to action to set some specific goals today for the last few months of this year. hell yeah let's gooooooooo!
Feels like all these "average" studies directly ignore the vast majority of people that live below the poverty line. Aint no way in hell most of the folks I know have spent $300 a month in booze.
Yeah, I saw that and thought “wow, are they all alcoholics in that study? I wouldn’t spend that much in a year. Admittedly, I don’t drink much, but even other people my age (34) that I know who do drink more often that I do, still wouldn’t spend that much in six months. So either they were surveying alcoholics, or there were some very rich people in there, buying a few $100+ bottles of wine a fortnight skewing the data.
If you live in a large city, cocktails at a trendy bar are 12-15 dollars. So, 25 dollars-ish for two drinks, plus tip, 30 bucks. Minimum. Drinks twice a week with friends comes to 240 dollars a month, and that’s not including a bottle of wine at dinner or buying a four pack of fancy IPA. Smaller cities are probably not as pricy, but even at 8-10 a cocktail you’re still looking at about 200 dollars for two drinks twice a week.
Smarty Pig appears to be a Sallie Mae bank. There's a fair amount of predatory and unsavory information on Sallie Mae. I am sad to see TFD advertise such an affiliate :(
In the last 5 years i've had to deplete my emergency funds 3 times, it I hadn't had this saved money I would have had to take a loan, so it's really important to have at least some money. My salary is low and my rent is 50% of it plus bills etc, so I don't manage to save as much as i'd like tbh but a little money on a regular basis can add up
About 3 years ago I was working hard to build my emerge fund- then the garage ceiling collapsed on my car (car only ended up with a dent!) at 5am in the morning. So yeah, I'd say I was VERY grateful that I built that up! Do it, kids!!
I just started an emergency fund savings account and I reviewed my budget and I’m able to save $600 a month and I feel really good about that! My next venture is to get a side hustle income so I can up that monthly amount! I have a short term goal of $6K in 6 months and $15K in 18 months. I’m also going to start saving for a trip to Europe! Thank you for this wonderful video and excellent channel!
Having emergency fund is one of my biggest pride, as I changed from being poor and financially illiterate. Luckily I have it before COVID hit. I just can't imagine what if I didn't make it before. Now I'm still building it up. It goes up a bit slower now as I can't get my side jobs (needed to give them up to ones who needed them more than I do, because we are friends). Also have to cover some family expenses. After all, I'm fine that I don't have to worry much. I still can be cool, sit and find my way out.
although there is no way i can save this by the end of the year... i couldn't even save a thousand by the end of the year and at first i got depressed but then i looked at it this way even though i can't save that amount i can save something! and since i have no savings currently saving anything is better than nothing. so i am going to challenge myself to see how much i can save by the end of the year and focus on building the habit of saving monthly.
I already have an emergency fund (thanks to finding this amazing channel a few years back) and recently I unexpectedly had my housing situation changed, which caused my to withdraw some money. It truly was a great feeling to be able to not stress so much and just *have* that money ready but now a new month is here and I withdrew some money again, as I still have some higher, unusual expenses. What if... it won't stop? There is always a reason to justify extra spending and I am anxious that I will just drain my emergency fund quite fast on smaller things that will add up -- any tips on when to allow for these withdrawals and not stress about them and when to block them and start saving again?
Without additional context, I would say when you get down to a certain dollar amount that scares you. Also look at if you can really afford it without taking from your savings, and weigh having things done now versus waiting.
My husband and I are living on 2,300 a month and we use "a car payment" as a unit to measure stress on our financials. If it's more then the car payment of $350 it's OK to take a bit out of savings as well as checking to pay for the thing. If it's less then the car payment we pull it out of checking and factor it into the monthly budget. We live in Colorado on the front range where living expenses are insane but with this method of using the highest bill (the car) to work backwards its really helped us define what is comfortable and what is a stretch for our saving vs checking budgets.
Sometimes you get very unlucky and have not one but two or three months of higher than usual expenses. Just ask yourself if you're making an excuse to spend the money or actually need that purchase.
I think you need to be honest with yourself about these "unusual expenses" - are they truly one-offs as you adjust to this new life? (Moving expenses, deposit on apartment.) Or are they unusual to you now, but you have to get used to them because they're your new normal? For the former, it's ok to hit your emergency fund as truly needed (& build it back up as soon as you can). For the latter: figure a way to work it into your budget - maybe you need a sinking fund? (You put in x every month, knowing it will be tapped a couple times per year.) YNAB calls this "embrace your true expenses" & you don't need to use their software to learn from their philosophy. Good luck!
I recommend making sure your emergency fund isn't visible and available to you on a daily basis if you haven't already. I keep mine in a separate account at a separate bank, so I don't subconsciously 'add' it to my money when I'm figuring out what I can afford. I had to touch mine for the first time ever recently, and I ended up cutting back another spending area in my life significantly for a number of months to top it back up again because I hated the feeling of knowing that my safety net wasn't as big anymore.
Having a few thousand dollars is allowing me to move in with my girlfriend and start a new job (with higher pay) without worrying about closing my lease earlier than expected. I'm very glad I have it and I hope I'll be able to build it back up and even bigger than before.
Credit cards can be a useful tool if you use them properly, allowing you to build up credit history, which is essential if you ever need to get a mortgage for example However, if you don’t trust yourself, you can always cut up a credit card on arrival but not close the account, so you have a line of credit open which looks good on your credit history, but you can’t touch it
I have appx $3500 in an emergency fund and am not sure what should be my next priority: building on savings, investing for big goals like a house, or retirement??
I have just gotten out of debt so now I'm taking the next step to save a starter emergency fund of $6,000. After I use gazelle intensity to save the $6,000 , I will continue to build it but at a much lower rate. Gonna try to get it up to $10,000 by the end of 2022...
Omg i was just updating my google sheet since i started tracking my expenses this year. This video came at the right time. My goal is to build my EF by EOY too!
I love your page. You’re the only “financial guru” I can bear to listen to, because you seem to be a real person with a realistic view of finances. I doubt you’ll see this comment, but I just wanted to mention that the Illinois tax rate you refer to is just their state income tax and doesn’t take into account federal US income tax. You mention Canadian dollars in the video, so I wondered if you might be Canadian. I would personally love to see a video discussing taxes and the differences between the US and Canada and what we get for our taxes vs what we pay. I am self employed so I have to save 30% of my income for taxes, and it still isn’t enough, and that doesn’t include property taxes. The reason for that is that in the US we have social security money taken out. If you’re employed, your employer “pays for” half of the money that goes toward your social security. If you’re self employed you have to foot the whole bill. Which makes sense, but in the US, social security is running out, so people who are low middle class like me won’t ever see it, but it does a lot of damage to our ability to save, invest, or build businesses. The US is a hot mess.
I have only ever had one account, but I'm just cheep and don't like spending money so I have never had problems spending money. My problem is that once it's in the account I don't know what to do with it. I always say I need to learn about investing
I was surprised to get my child tax credit from my oldest son from the IRS just a week ago after waiting and trying to get it sorted out since March. I wasn’t sure if ever see it so I’m planning to use a small chunk to take myself and my oldest son to the dentist and the rest is going to start an emergency fund for my husband and I. We plan to still add to that savings account each month so by the time we’d need to dip into it, we hope to have four-five thousand in it! It feels good and takes a weight off the shoulders to know if we needed money in a pinch we have it and don’t have to put it on a credit card or take out a loan.
Something that usually makes me cringe about TFD vids is the emphasis put on getting a side hustle. So I'm beyond happy that we are finally ready to qualify that: "a low impact" side hustle. Dog-walking: where side hustles meet self-care.
Agreed! I love TFD, but the glamorization of the "side hustle" is so tired and toxic. I know sometimes it's a necessary part of life for so many millennials, but the reality is it shouldn't HAVE to be necessary to make end's meet.
It's not a "TFD glamorization", it's the reality that having multiple streams of income may be very essential for maintaining finances and growing your savings, especially at this time. You're right, it shouldn't have to be necessary, but it is. How is this toxic?
This is probably the a simple but complex topic in my mind and something no one ever taught me and I’m hoping you can! Can you make a video about how much to have in saves Vs invested. Everyone always tells you to invest and save which yes but at what point do you have “enough” in your saves and your better investing. I know different factors play a role such as you income and emergency potential, if you planning to make a larger purchases soon etc but what’s a good standard or rule of thumb for an average income with only typical cost of living and expenses.
I saved 6 months of living expenses (American living overseas), cost of relocation to one of my parent’s, and 6K for unknowns. It took me 2 years to complete. Figure out your minimum cost of living expenses (rent, utilities, anything transportation, groceries,, etc). Multiply by X months, open a savings account you won’t use and automate deposit (if you can).
@@shaquicedacosta so one hour had that in saves then did you have a separate savings for fun things like vacations? Or did you just start investing everything else unless you were saving specially for a travel event etc?
@@MsSportychic11 I have multiple savings accounts 1. Emergency fund (try to aim for 6-12 months) 3 months minimum 2. Trip fund (I like to travel) 3. Retirement The rest you can invest
@@John.Smith2022 see it’s that retirement fund amount I struggle with because everyone tells you to save and invest in your future which yes 100% but at what point is money sitting in your retirement fund in your bank better off being invested
@@MsSportychic11 I should clarify. I’m Canadian and I have my retirement (RRSP here) invested in mutual funds. Every month I add to it more mutual funds are bought. Emergency shouldn’t be invested as you may need it ASAP for an emergency. Once your EF is complete then you work on additional savings or investments. Some people invest everything after an EF.
Right?! I get frustrated sometimes because some of the advice on this channel isn't applicable to someone who doesn't make a lot of money. Saving 10% of my monthly "salary" f9r an emergency fund. Yeah that would require me to have a job with a yearly salary. Which I don't. Also $300 dollars is the average amount millenials spend on alcohol? Th at is so much money! Granted, I don't drink, but I don't even spend $300 a month on food.
@@chloeleadbetter6770 yes! I need to see the study details about the alcohol costs. Those millennials must be in expensive cities. The focus on side hustle and hustle culture in general has rubbed me the wrong way as well. Why does every hobby/moment of free time need to be turned into a money making venture? This mentality is what drives so many people into exploitative MLMs.
I appreciate when you guys regularly touch on a seemingly 'basic' financial topic like this, and provide advise that is relevant for many people with no-barrier entry. Not everyone is in the position to 'diversify their investment portfolio' 😅 but everyone can take a step towards building an emergency fund from scratch 😊👌
Yay. I just started having 10 percent of my net automatically sent to savings. If I don't touch it by 2022, I will have a little over 2000 dollars saved by the end of 2022.In 2023 i hope to switch focus to a different savings to start saving to move out of my apartment.
So if I'm renting a typical 1 bedroom apartment in CA, I need about a down payment on a house in my emergency fund (ie. $50,000) this is not achievable for me.
Literally reading out copy from the sponsor. Wish I hadn't clicked. Feels like we are being suckered in to watching sponcon if there is no #ad in the video title.
Always smart thinking of the ways you can make small cuts here and there to increase your savings rate. Finding ways to increase your emergency fund or investment portfolio is always a fun challange!
A good amount of Emergency Fund is important, I've weathered through unexpected events/expenses because of my fully-funded emergency fund, also helps to not be on the red and/or get into debt.
I appreciate the tone of this video. 😊 TFD, could you also make a video on how you evaluate if an additional job is a good idea or not? I would like to know your perspective on this. I feel this is more useful to a more universal audience than specific work suggestions (dogwalking, teaching, etc.). For some of us living minimal lives already/don’t have anything to cut back on, the way to save up more is to earn more. Thanks! Edit to add: I have strongly mixed feelings about earning more by working more and just can’t wrap my head around it. I know that by now, we’re all aware that intense hustling is not the best thing. But I still feel a fleeting pressure in the air to earn a bit more so I can compensate right now, for an uncertain future. Many people have been financially shaken because of focusing on one job only and I’m scared, tbh. To hustle or Not to hustle - that is the question. 😞
Personally I think there are periods when it's good to hustle sometimes, but it's important not to let that translate into a mentality of always needing more so that you can then never stop hustling. I had to use some of my emergency fund during the pandemic, and for a number of months after that took on a lot more work so I could build it back up again. It was a busy period of time, but now I'm back to my regular work hours and have my fund topped up again so I can sleep well at night.
I started my emergency fund during the pandemic. I was fortunate to still be working during that time and I used my stimulus checks to start my emergency fund.
Going to use this as the motivation to light the fire under my ass in regards to income. Plans; 1) Aggressively pursue my tax refund (it's still being held up) 2) Begin offering tutoring sessions online as I rebuild my childrens books website 3) ... draft *cough* alternative *cough* literature as short stories for adults (Hey - It pays) I can't cut my budget as I'm already living at my dads and broke while going to grad school, but I CAN be more aggressive about alternative employment solutions in the mean time.
@@marthas3026 I had a couple of ebooks published, there's a pretty big market for kindle stuff there, although I know some people draft stuff online where they get paid per click. I got nervous about it though (even though I used a pen name) when I started publishing kids books and then applying to grad school in case it ever got linked back.
I'd love to know how to aggressively pursue my tax refund. Mine has also been held up but when I at last could talk to someone, they said it was due to short staffing and a tech problem, and there was nothing that could be done about it.
I have been wondering what you should do in a country like mine where I get nearly full wages for two years if you become unemployed, and then 50-70% after those two, and indefinitely. Should I still aim that high or would a lower number suffice?
Remember that emergency funds are mainly for unexpected expenses. If everything that can go wrong should go wrong- your car got totaled, your house flooded, your computer and phone both need to be replaced- if all that were to happen at the same time, could you afford it based on your emergency fund alone? That should be your minimum goal.
You should probably have a smaller emergency fund and several sinking funds instead. The sinking funds should cover things you will spend money on in the future but not on a monthly basis. Examples of possible sinking fund categories include vehicles, your house, healthcare, vacations, gifts, etc. The sinking funds should at least cover insurance deductibles when applicable and also expected non-monthly expenses (replacing tires, annual home maintenance, the estimated cost of an upcoming vacation, the estimated cost of gifts you plan to give that year, etc.). The sinking funds will cover many of the situations a regular emergency fund covers and your smaller emergency fund will cover any situation not covered by the sinking funds. Of course, if an expensive emergency happens, you could take money out of some of the sinking funds (in addition to the emergency fund) and use it to cover the expensive emergency.
One thing people may also find helpful is saving first and last month's rent in your emergency fund (in case you ever find you have to move with short notice). I've had to move with very little notice and having the money there to secure an apartment was a HUGE weight off my shoulders. Also - continually adding 1-3% of your emergency funds' value annually to account for inflation... depending on how conservative you want to be. Obviously not necessary, but thought I'd throw that out there as well. Good luck, everyone, on your savings goals and journey to financial independence :)
I grew up poor and remember the struggles very well. Savings has always been a big part of my life. I started saving when I was making minimum wage of $4.25. It wasn’t a big amount in the beginning. A little here and there. Now I have years of emergency funds. I also keep my bills as low as possible.
Don't stop at 6 months of expenses. Alwaus contribute to your emergency fund. You can put in a little less down the road, but don't stop. Treat it like the Fleetwood Mac song: don't stop, we're thinking about tomorrow.
*Excellent video. I have an emergency fund in savings, and another savings fund for large purchases like a new car and home renovation projects. Not to go off topic, but I'm thinking of taking the savings for for large purchases and transfer it to an investment account for better growth.*
I will be working a salaried job for the first time soon at a University. I’m excited to start saving more. I also will have a opportunity to house sit for a family for many months and therefore I will have way less fixed expenses and I’m gonna challenge myself to live off of one pay check( I’ve done this before) and put the rest towards goals and debt.
I started an emergency fund at the beginning of the year. I thought it would take a year to save but ended up saving 3 month emergency fund in 7 months. Most of that was luck - I was seconded to a higher role for a few months and put the difference in pay into the fund. It was a lot easier than I thought. My issue now is what to do with the extra cash. I don't have much in investments, so i’m still adding a regular amount into my refund, and then saving the rest for investment
I have an EF and auto savings set up but I’ve been playing a savings game for years. Someone here on RUclips challenged everyone to go transfer their age in dollars to a savings account or investment account. I now do that at least once a week and more if I can. It’s helped me save tons of money I normally wouldn’t have and really bulk up my EF and other savings. I’m off to go transfer $41 dollars again. Lol.
Yeah - I looked into delivering food for a local restaurant- but the cost of petrol ( here in UK atm it is about £1.30 per L) + added costs on my car insurance + wear and tear ( you can find figures of this per mile - depending what make of car) made it not worthwhile doing.
I save $250 per paycheck, I call it my car payment.
I drive a 2005 trailblazer that’s not anything nice or flashy but it’s completely paid off. Every 2 weeks my savings and retirement accounts get paid instead of a debt.
I set up and saved up an emergency fund before I started school in 2019, and squirreled away a little bit more over the past couple years. It’s super small, like $2k, but if my beater car were to break down or if I needed an emergency dental procedure, I wouldn’t be strapped for cash. So yeah, I’m still broke technically, but I feel a lot more secure than I used to!
I saved $10,000 last year thanks to your advice and constant reminders about why I need an emergency fund in your videos. I'll be happy with how big it is when I get it to $15,000.
But now what? leave it in regular ole savings?
As a grad student, my emergency fund allowed me to go to summer schools and take advantage of opportunities that opened themselves (it was hard to predict, so they were more emergencies than plans). But the fact that I had a few thousand saved for a ticket and a cheap hostel allowed me to make professional connections that got me wonderful jobs after graduating. I may have been taking a chance by taking money out of this fund, but I'm really glad I did!
Emergency funds can completely alter the outcomes of crucial situations, especially in your favor. Happy to hear it opened doors for you!
Such a timely video. I just drained my emergency fund by helping my daughter move across country and fixing my car. Time to buckle down and save again...
I have almost 7,000 saved. My goal by the end of 2023 is 10,000. It's been a hard road.
My emergency fund allowed me to leave a job that was making me suffer mentally and look for another!
Same as me, my emergency funds allowed me to moved states and start a new job. I’m not longer 9-5 job. I’m practically retired, I’m only 46 years old and I keep saving…
So happy to hear
Great job. Now that you have that fund, you can double up by ruclips.net/video/Hd2M7dPahL4/видео.html using your mortgage as an extra emergency fund
That’s where I need to be. I hate my job and need to leave so bad.
Still continue to save left over change into high yield savings. I too is living off my savings due to job loss, but still save by creating financial challenges.
My emergency fund is a huge source of comfort to me because the drama around sudden money crises is gone. I might not like having to spend $500 on a sudden repair, but it doesn't throw me into despair because the money is there.
Hi there, I am interested on your take on the “be your own boss” culture. It’s gotten to the point where it feels like if you don’t own your own business you are failing at life. Not everyone wants to do that and not everyone is able to do it. I’ve seen many of my friends and loved ones sucked into MLMs because of the whole “girl boss” mentality. I wish we could normalize being ok with working for someone else, doing something you love. And being ok with not “having” to own a business if that’s not for you.
Hi! We actually have an article that touches a bit more on this topic: thefinancialdiet.com/the-spirit-of-the-girlboss-is-alive-in-mlm-schemes/
Yeah agreed. Some of us want to go home after work and not worry about it til the nxt day!
Really though, aren’t we all really working for ourselves? I think the point is to avoid depending on your employer to ensure your future. Save, invest, all the jazz.
The past year and a half has really demonstrated how important it is to have an emergency fund for sure 🚨 saves so much stress to get ahead when you can 💆♀️
Everyone needs to make sure they have this level of emergency fund setup minimum! I personally try to shoot for something a little higher but it's all about taking steps in the right direction.
I've spent the past year and a half watching and absorbing financial videos from several channels and my two biggest takeaways have been:
1. Get on a written budget, and STICK TO IT!!
2. You need an emergency fund of 3-6 months basic expenses.
Both if these have proven to be valuable takeaways time and time again. If you take away nothing else from TFD or anywhere else at least take those two things.
Those are the best takeaways for sure!
Something that I think people dont think about is using their emergency via their mortgage ruclips.net/video/Hd2M7dPahL4/видео.html giving you a financial runway when you need it
Emergency funds values are very personal. Although the advice is to have between 3 to 6 months saved up in an emergency fund, I prefer to have a years' worth. That number brings me peace of mind.
I'm working toward this myself. Peace of mind can be a wonderful thing.
I found a blogger who was building a year’s worth then putting it all in CDs a month’s worth at a time so they were rotating. That way they had the year emergency fund but were gaining interest on it at the same time
@@ciannacoleman5125 sounds dumb
@@lostinYourReality Depends on your perspective and personal life.
I agree, I'm more comfortable keeping a years' worth of expenses in my EF because my main business operated on a seasonal annual cycle, so if something happened to mess up my work season (ie covid) I would lose a whole years' salary. Thank goodness I kept a larger fund!
To me the best financial advice for someone with a low budget (but basically it is great for everyone) is the 365 (days) rule. Track daily expenses for an entire week and try to identify the invisible small spendings that quickly add up to larger sums. Multiply with 365 days (1 year)
Daily café to go: 4$ x 365 = 1460$
Daily lunch break: 10$ x 365 = 3650$
Daily commutes: 5$ x 365 = 1825$
I stopped buying my coffee outside and cook instead of eating out for lunch. Eating out is something I want to celebrate and not a daily thing bc I try to convince myself that I don't have time to cook. I also switched to using my bycicle more often instead of taking the metro. Of course the numbers are a little bit off bc you still have to subtract the costs of cooking and making your coffee at home. But they can give you a perspective on were you might be wasting money
I'm so glad I started saving an emergency fund with around 4 months worth of expenses last year, because I'm working an unpaid, full time internship for 12 weeks this semester. That time/energy commitment means I've had to cut my hours at my part-time job, although I managed to keep a good chunk of my income rolling in. Basically, my emergency fund is taking small monthly hits until November to help cover the difference. I am definitely going to keep this challenge in mind for after graduation this December, because I'll be looking to quickly re-up my savings account so I can move back towards my other financial goals!
Emergency funds are so important! I've gotten mega screwed recently due to not having any wiggle room funds, which just opens you up to predatory loan companies.
Hi Chelsea! I truly hope you read this. We moved from Spain to the US a couple of months ago, and I will say that the American financial system is really confusing. It seems you need credit for everything, not only for buying a car or renting an apartment. We have been asked for our credit score to set up ELECTRICITY when we moved to our apartment. Since we don’t have any credit, we’ve had to pay security deposits for everything. I will not rant about the absurdities of my experiences (I was brought up to think that if you couldn’t afford something, you simply wouldn’t buy it. Asking for credit was for people trying to live above their means). As someone who has lived in several countries as an adult and travel many times to the US for holidays, it truly was a shock when I had to face the financial system. I wanted to suggest if you could do a video on how to start building credit, which banks do you recommend, etc. A “home finances for dummies”, 101 of finances in the US for a young couple who is starting with no financial history. Thanks for your videos and the great work you put into them!
$300 a month on alcohol??!!! And here I thought my splurges on flavored fizzy waters were expensive.
THIS IS EXACTLY WHAT I NEEDED TO SEE TODAY! it's so easy to feel overwhelmed about the time-sensitive aspects of money, "i coulda/shoulda/woulda started saving or investing or budgeting differently x number of weeks or months or years ago and i feel bad that i didn't so what's the point of starting now..." tfd vids are super encouraging and motivating, LOVE this call to action to set some specific goals today for the last few months of this year. hell yeah let's gooooooooo!
I do the same thing!
2
Feels like all these "average" studies directly ignore the vast majority of people that live below the poverty line. Aint no way in hell most of the folks I know have spent $300 a month in booze.
Yeah, I saw that and thought “wow, are they all alcoholics in that study? I wouldn’t spend that much in a year. Admittedly, I don’t drink much, but even other people my age (34) that I know who do drink more often that I do, still wouldn’t spend that much in six months.
So either they were surveying alcoholics, or there were some very rich people in there, buying a few $100+ bottles of wine a fortnight skewing the data.
I haven’t spent more than $20 a month on booze ever. Usually it’s $0
It's because it doesn't take more than a few people spending a lot of money to drive up the average far beyond what the majority of people spend.
Sure, or cigarettes...
If you live in a large city, cocktails at a trendy bar are 12-15 dollars. So, 25 dollars-ish for two drinks, plus tip, 30 bucks. Minimum. Drinks twice a week with friends comes to 240 dollars a month, and that’s not including a bottle of wine at dinner or buying a four pack of fancy IPA. Smaller cities are probably not as pricy, but even at 8-10 a cocktail you’re still looking at about 200 dollars for two drinks twice a week.
We just had to tap into our emergency fund for a $1000 car repair emergency. This is video is a good reminder to start building our fund back up.
Smarty Pig appears to be a Sallie Mae bank. There's a fair amount of predatory and unsavory information on Sallie Mae. I am sad to see TFD advertise such an affiliate :(
Besides the great content, where did u get that blouse from ? I love it !
In the last 5 years i've had to deplete my emergency funds 3 times, it I hadn't had this saved money I would have had to take a loan, so it's really important to have at least some money. My salary is low and my rent is 50% of it plus bills etc, so I don't manage to save as much as i'd like tbh but a little money on a regular basis can add up
About 3 years ago I was working hard to build my emerge fund- then the garage ceiling collapsed on my car (car only ended up with a dent!) at 5am in the morning. So yeah, I'd say I was VERY grateful that I built that up! Do it, kids!!
I just started an emergency fund savings account and I reviewed my budget and I’m able to save $600 a month and I feel really good about that! My next venture is to get a side hustle income so I can up that monthly amount! I have a short term goal of $6K in 6 months and $15K in 18 months. I’m also going to start saving for a trip to Europe! Thank you for this wonderful video and excellent channel!
Having emergency fund is one of my biggest pride, as I changed from being poor and financially illiterate. Luckily I have it before COVID hit. I just can't imagine what if I didn't make it before. Now I'm still building it up. It goes up a bit slower now as I can't get my side jobs (needed to give them up to ones who needed them more than I do, because we are friends). Also have to cover some family expenses. After all, I'm fine that I don't have to worry much. I still can be cool, sit and find my way out.
although there is no way i can save this by the end of the year... i couldn't even save a thousand by the end of the year and at first i got depressed but then i looked at it this way even though i can't save that amount i can save something! and since i have no savings currently saving anything is better than nothing. so i am going to challenge myself to see how much i can save by the end of the year and focus on building the habit of saving monthly.
I paid my vehicle off two years early, so now I am putting that,money in my emergency fund
I already have an emergency fund (thanks to finding this amazing channel a few years back) and recently I unexpectedly had my housing situation changed, which caused my to withdraw some money. It truly was a great feeling to be able to not stress so much and just *have* that money ready but now a new month is here and I withdrew some money again, as I still have some higher, unusual expenses. What if... it won't stop? There is always a reason to justify extra spending and I am anxious that I will just drain my emergency fund quite fast on smaller things that will add up -- any tips on when to allow for these withdrawals and not stress about them and when to block them and start saving again?
Without additional context, I would say when you get down to a certain dollar amount that scares you. Also look at if you can really afford it without taking from your savings, and weigh having things done now versus waiting.
My husband and I are living on 2,300 a month and we use "a car payment" as a unit to measure stress on our financials. If it's more then the car payment of $350 it's OK to take a bit out of savings as well as checking to pay for the thing. If it's less then the car payment we pull it out of checking and factor it into the monthly budget. We live in Colorado on the front range where living expenses are insane but with this method of using the highest bill (the car) to work backwards its really helped us define what is comfortable and what is a stretch for our saving vs checking budgets.
Sometimes you get very unlucky and have not one but two or three months of higher than usual expenses. Just ask yourself if you're making an excuse to spend the money or actually need that purchase.
I think you need to be honest with yourself about these "unusual expenses" - are they truly one-offs as you adjust to this new life? (Moving expenses, deposit on apartment.) Or are they unusual to you now, but you have to get used to them because they're your new normal?
For the former, it's ok to hit your emergency fund as truly needed (& build it back up as soon as you can). For the latter: figure a way to work it into your budget - maybe you need a sinking fund? (You put in x every month, knowing it will be tapped a couple times per year.) YNAB calls this "embrace your true expenses" & you don't need to use their software to learn from their philosophy. Good luck!
I recommend making sure your emergency fund isn't visible and available to you on a daily basis if you haven't already. I keep mine in a separate account at a separate bank, so I don't subconsciously 'add' it to my money when I'm figuring out what I can afford. I had to touch mine for the first time ever recently, and I ended up cutting back another spending area in my life significantly for a number of months to top it back up again because I hated the feeling of knowing that my safety net wasn't as big anymore.
I Needed this. I have an emergency fund but it is nowhere near where I want it to be, and along with saving for a house, wedding, etc. it’s hard.
All the best stranger🙌
It's real expensive just to be alive isn't it 💀
@@navya0108 Well said, and yes, yes it is 😩
Don’t waste too much money on the wedding. It’s just a day 👰♀️
@@12musiq16 Yeah and I'm not even having a good time lmao
I have an emergency fund.. I feel so much better! This video is great.. Gave me more ideas to build up my fund.
Where did you get your top from?
I want to know too, it's so pretty!
Love Smarty 🐖 been using this for years. And you guys offer a handsome APY
Having a few thousand dollars is allowing me to move in with my girlfriend and start a new job (with higher pay) without worrying about closing my lease earlier than expected. I'm very glad I have it and I hope I'll be able to build it back up and even bigger than before.
My parents made me so terrified of debt, I still refuse to own any credit cards
Credit cards can be a useful tool if you use them properly, allowing you to build up credit history, which is essential if you ever need to get a mortgage for example
However, if you don’t trust yourself, you can always cut up a credit card on arrival but not close the account, so you have a line of credit open which looks good on your credit history, but you can’t touch it
I have appx $3500 in an emergency fund and am not sure what should be my next priority: building on savings, investing for big goals like a house, or retirement??
I have just gotten out of debt so now I'm taking the next step to save a starter emergency fund of $6,000. After I use gazelle intensity to save the $6,000 , I will continue to build it but at a much lower rate. Gonna try to get it up to $10,000 by the end of 2022...
Omg i was just updating my google sheet since i started tracking my expenses this year. This video came at the right time. My goal is to build my EF by EOY too!
I love your page. You’re the only “financial guru” I can bear to listen to, because you seem to be a real person with a realistic view of finances.
I doubt you’ll see this comment, but I just wanted to mention that the Illinois tax rate you refer to is just their state income tax and doesn’t take into account federal US income tax. You mention Canadian dollars in the video, so I wondered if you might be Canadian. I would personally love to see a video discussing taxes and the differences between the US and Canada and what we get for our taxes vs what we pay.
I am self employed so I have to save 30% of my income for taxes, and it still isn’t enough, and that doesn’t include property taxes. The reason for that is that in the US we have social security money taken out. If you’re employed, your employer “pays for” half of the money that goes toward your social security. If you’re self employed you have to foot the whole bill. Which makes sense, but in the US, social security is running out, so people who are low middle class like me won’t ever see it, but it does a lot of damage to our ability to save, invest, or build businesses.
The US is a hot mess.
I have only ever had one account, but I'm just cheep and don't like spending money so I have never had problems spending money. My problem is that once it's in the account I don't know what to do with it. I always say I need to learn about investing
I was surprised to get my child tax credit from my oldest son from the IRS just a week ago after waiting and trying to get it sorted out since March. I wasn’t sure if ever see it so I’m planning to use a small chunk to take myself and my oldest son to the dentist and the rest is going to start an emergency fund for my husband and I. We plan to still add to that savings account each month so by the time we’d need to dip into it, we hope to have four-five thousand in it! It feels good and takes a weight off the shoulders to know if we needed money in a pinch we have it and don’t have to put it on a credit card or take out a loan.
Something that usually makes me cringe about TFD vids is the emphasis put on getting a side hustle. So I'm beyond happy that we are finally ready to qualify that: "a low impact" side hustle. Dog-walking: where side hustles meet self-care.
Agreed! I love TFD, but the glamorization of the "side hustle" is so tired and toxic. I know sometimes it's a necessary part of life for so many millennials, but the reality is it shouldn't HAVE to be necessary to make end's meet.
It's not a "TFD glamorization", it's the reality that having multiple streams of income may be very essential for maintaining finances and growing your savings, especially at this time. You're right, it shouldn't have to be necessary, but it is. How is this toxic?
I get anxiety when I don't have my spreadsheet up to date! I even try not to spend anything until I'm sure I can include it on my budget
This is probably the a simple but complex topic in my mind and something no one ever taught me and I’m hoping you can! Can you make a video about how much to have in saves Vs invested. Everyone always tells you to invest and save which yes but at what point do you have “enough” in your saves and your better investing. I know different factors play a role such as you income and emergency potential, if you planning to make a larger purchases soon etc but what’s a good standard or rule of thumb for an average income with only typical cost of living and expenses.
I saved 6 months of living expenses (American living overseas), cost of relocation to one of my parent’s, and 6K for unknowns. It took me 2 years to complete.
Figure out your minimum cost of living expenses (rent, utilities, anything transportation, groceries,, etc). Multiply by X months, open a savings account you won’t use and automate deposit (if you can).
@@shaquicedacosta so one hour had that in saves then did you have a separate savings for fun things like vacations? Or did you just start investing everything else unless you were saving specially for a travel event etc?
@@MsSportychic11 I have multiple savings accounts
1. Emergency fund (try to aim for 6-12 months) 3 months minimum
2. Trip fund (I like to travel)
3. Retirement
The rest you can invest
@@John.Smith2022 see it’s that retirement fund amount I struggle with because everyone tells you to save and invest in your future which yes 100% but at what point is money sitting in your retirement fund in your bank better off being invested
@@MsSportychic11 I should clarify. I’m Canadian and I have my retirement (RRSP here) invested in mutual funds. Every month I add to it more mutual funds are bought.
Emergency shouldn’t be invested as you may need it ASAP for an emergency.
Once your EF is complete then you work on additional savings or investments. Some people invest everything after an EF.
Okay.... but what about people who don't make 60k a month or who make near or below the poverty line?
Right?! I get frustrated sometimes because some of the advice on this channel isn't applicable to someone who doesn't make a lot of money. Saving 10% of my monthly "salary" f9r an emergency fund. Yeah that would require me to have a job with a yearly salary. Which I don't. Also $300 dollars is the average amount millenials spend on alcohol? Th at is so much money! Granted, I don't drink, but I don't even spend $300 a month on food.
@@chloeleadbetter6770 yes! I need to see the study details about the alcohol costs. Those millennials must be in expensive cities. The focus on side hustle and hustle culture in general has rubbed me the wrong way as well. Why does every hobby/moment of free time need to be turned into a money making venture? This mentality is what drives so many people into exploitative MLMs.
A Big HELLO for you Chelsea from me in Germany. Your advice and tips are all so useful and so well explained. Thanks!!
This video gave me the motivation I needed to dedicate a couple of hours a week to a side hustle. Thank you!
I'm so obsessed with that damn top
It's so cuuuuuute ❤️❤️❤️❤️❤️❤️❤️
me too, super cute!
Ooooh. I have my emergency fund already but I'm jumping in the challenge to save up for long term goals.
My fund is now at 5.500 euros. I do plan to get to 10.000 but right now I have other, more important to me, goals.
My yearly minimum for my emergency savings fund is $5k per year
I appreciate when you guys regularly touch on a seemingly 'basic' financial topic like this, and provide advise that is relevant for many people with no-barrier entry. Not everyone is in the position to 'diversify their investment portfolio' 😅 but everyone can take a step towards building an emergency fund from scratch 😊👌
Great video!
Yay. I just started having 10 percent of my net automatically sent to savings. If I don't touch it by 2022, I will have a little over 2000 dollars saved by the end of 2022.In 2023 i hope to switch focus to a different savings to start saving to move out of my apartment.
So if I'm renting a typical 1 bedroom apartment in CA, I need about a down payment on a house in my emergency fund (ie. $50,000) this is not achievable for me.
I used to have an emergency fund. Then I bought an old house, and it's constant emergencies.
Woo-hoo, IL used as an example, I love it 💜👍
Thank you
Half way to having 3 months saved
that's so awesome! great job! keep up the good work!
This was awesome. Thanks for this video but I have to say how distracted/obsessed I am with your blue floral blouse. 🤩🤩🤩(You look fabulous!!!)
I was going to skip this because I already have an emergency fund but I am glad that I didn’t
Me taking notes 👩🏽💻 even though I’m a broke student on Universal Credit (welfare) but if Chelsea says save that’s exactly what I’ll do
Who knows what brand that shirt is? It's adorable! 😍
Literally reading out copy from the sponsor. Wish I hadn't clicked. Feels like we are being suckered in to watching sponcon if there is no #ad in the video title.
Always smart thinking of the ways you can make small cuts here and there to increase your savings rate. Finding ways to increase your emergency fund or investment portfolio is always a fun challange!
A good amount of Emergency Fund is important, I've weathered through unexpected events/expenses because of my fully-funded emergency fund, also helps to not be on the red and/or get into debt.
I appreciate the tone of this video. 😊 TFD, could you also make a video on how you evaluate if an additional job is a good idea or not? I would like to know your perspective on this. I feel this is more useful to a more universal audience than specific work suggestions (dogwalking, teaching, etc.). For some of us living minimal lives already/don’t have anything to cut back on, the way to save up more is to earn more. Thanks!
Edit to add: I have strongly mixed feelings about earning more by working more and just can’t wrap my head around it. I know that by now, we’re all aware that intense hustling is not the best thing. But I still feel a fleeting pressure in the air to earn a bit more so I can compensate right now, for an uncertain future. Many people have been financially shaken because of focusing on one job only and I’m scared, tbh. To hustle or Not to hustle - that is the question. 😞
Personally I think there are periods when it's good to hustle sometimes, but it's important not to let that translate into a mentality of always needing more so that you can then never stop hustling. I had to use some of my emergency fund during the pandemic, and for a number of months after that took on a lot more work so I could build it back up again. It was a busy period of time, but now I'm back to my regular work hours and have my fund topped up again so I can sleep well at night.
Love this channel, been following since 2017! Also, Chelsea your hair looks so cute in this I love it
Great video! Thank you!
So is the idea that once you have your emergency fund you invest everything else?
That top is amazing. Where is it from?
I started my emergency fund during the pandemic. I was fortunate to still be working during that time and I used my stimulus checks to start my emergency fund.
Going to use this as the motivation to light the fire under my ass in regards to income. Plans;
1) Aggressively pursue my tax refund (it's still being held up)
2) Begin offering tutoring sessions online as I rebuild my childrens books website
3) ... draft *cough* alternative *cough* literature as short stories for adults (Hey - It pays)
I can't cut my budget as I'm already living at my dads and broke while going to grad school, but I CAN be more aggressive about alternative employment solutions in the mean time.
I’m intrigued about number 3 if you don’t mind me asking. Do you write for a publisher or is it an online blog/website which gets money from ads?
@@marthas3026 I had a couple of ebooks published, there's a pretty big market for kindle stuff there, although I know some people draft stuff online where they get paid per click. I got nervous about it though (even though I used a pen name) when I started publishing kids books and then applying to grad school in case it ever got linked back.
@@Eve.Daniels thank you that’s really interesting! It sounds like you have a good plan it place no matter what. Good luck with your goals!
I'd love to know how to aggressively pursue my tax refund. Mine has also been held up but when I at last could talk to someone, they said it was due to short staffing and a tech problem, and there was nothing that could be done about it.
Will you do a video on bankruptcy?
I have been wondering what you should do in a country like mine where I get nearly full wages for two years if you become unemployed, and then 50-70% after those two, and indefinitely. Should I still aim that high or would a lower number suffice?
Remember that emergency funds are mainly for unexpected expenses. If everything that can go wrong should go wrong- your car got totaled, your house flooded, your computer and phone both need to be replaced- if all that were to happen at the same time, could you afford it based on your emergency fund alone? That should be your minimum goal.
You should probably have a smaller emergency fund and several sinking funds instead. The sinking funds should cover things you will spend money on in the future but not on a monthly basis. Examples of possible sinking fund categories include vehicles, your house, healthcare, vacations, gifts, etc. The sinking funds should at least cover insurance deductibles when applicable and also expected non-monthly expenses (replacing tires, annual home maintenance, the estimated cost of an upcoming vacation, the estimated cost of gifts you plan to give that year, etc.). The sinking funds will cover many of the situations a regular emergency fund covers and your smaller emergency fund will cover any situation not covered by the sinking funds. Of course, if an expensive emergency happens, you could take money out of some of the sinking funds (in addition to the emergency fund) and use it to cover the expensive emergency.
Who the hell is spending $300 a month on alcohol!?
No one who would be watching videos such as this one. The whole channel is a sham.
Great blouse and I love your glasses!
Catsitting is the best side hustle, for the record. :)
This sounds like an awesome side hustle! The true definition of passive income haha
Preach! So important to save and for me personally I need sinking funds! When I get a HSA provided for health savings I am opening it up ASAP!
One thing people may also find helpful is saving first and last month's rent in your emergency fund (in case you ever find you have to move with short notice). I've had to move with very little notice and having the money there to secure an apartment was a HUGE weight off my shoulders.
Also - continually adding 1-3% of your emergency funds' value annually to account for inflation... depending on how conservative you want to be. Obviously not necessary, but thought I'd throw that out there as well.
Good luck, everyone, on your savings goals and journey to financial independence :)
Love your top.
Investing is buying yourself a better future you don't have to work hard again.
You can say that again.
I have archived many things in my life since I started investing.
@Goodson Thomas Lol😂😂.
@Goodson Thomas I am into real estate business, it the best investment I know of.
@Alex Stein The Crypto market has been good news lately with, people in it are seeing a great return.
Emergency fund should be made a priority especially during this time that our future is still uncertain.
Thanks again Chelsea !
Could you compare HYSAs? Not just the percentage yield but other parameters as well?
I grew up poor and remember the struggles very well. Savings has always been a big part of my life. I started saving when I was making minimum wage of $4.25. It wasn’t a big amount in the beginning. A little here and there. Now I have years of emergency funds. I also keep my bills as low as possible.
Don't stop at 6 months of expenses. Alwaus contribute to your emergency fund. You can put in a little less down the road, but don't stop.
Treat it like the Fleetwood Mac song: don't stop, we're thinking about tomorrow.
I don’t buy alcohol I have 12k in savings🙏
*Excellent video. I have an emergency fund in savings, and another savings fund for large purchases like a new car and home renovation projects. Not to go off topic, but I'm thinking of taking the savings for for large purchases and transfer it to an investment account for better growth.*
Thank you for coming back to this- so important! 💗
I will be working a salaried job for the first time soon at a University. I’m excited to start saving more. I also will have a opportunity to house sit for a family for many months and therefore I will have way less fixed expenses and I’m gonna challenge myself to live off of one pay check( I’ve done this before) and put the rest towards goals and debt.
Thanks Chelsea. I needed to hear this today
Hopefully some day I'll be in a position to apply all of this! Good vid, beep boop to make the algorithm happy.
I feel it.
I started an emergency fund at the beginning of the year. I thought it would take a year to save but ended up saving 3 month emergency fund in 7 months. Most of that was luck - I was seconded to a higher role for a few months and put the difference in pay into the fund. It was a lot easier than I thought.
My issue now is what to do with the extra cash. I don't have much in investments, so i’m still adding a regular amount into my refund, and then saving the rest for investment
I really appreciate this channel for making me more financially aware and to save money
I have an EF and auto savings set up but I’ve been playing a savings game for years. Someone here on RUclips challenged everyone to go transfer their age in dollars to a savings account or investment account. I now do that at least once a week and more if I can. It’s helped me save tons of money I normally wouldn’t have and really bulk up my EF and other savings. I’m off to go transfer $41 dollars again. Lol.
I didn’t know smarty pig was still around. I use to use it when I first started college. That’s dope they’re still around
I can't believe I am one of the early one watching the video. 😭
Also make sure to deduct the costs associated with those side hustles into your expenses, to make you are really profitable.
Yeah - I looked into delivering food for a local restaurant- but the cost of petrol ( here in UK atm it is about £1.30 per L) + added costs on my car insurance + wear and tear ( you can find figures of this per mile - depending what make of car) made it not worthwhile doing.