tim vanderlinde stay that way. Never go to debt. And save as much money as you can as a kid. Honestly its sounds hard but you will love having it later
If you went to any public school they'll never teach you to save money or make money, if you went to a rich school they will, it's mandatory. It's time America helped out their.
I went to public school, and this was taught. Not specifically this method, but budgeting was taught. No specific course, aside a section in Economics. But the accumulation of small lessons throughout school.
I'm In about $4,000 credit card debt because I'm 25 and never learned to save money. I'm going to attempt this method. _I'll update my progress at a future time_
Miguel ... even if you can only manage $20 a month ... just persevere and keep chipping away at that debt. Resist spending and make a years sacrifice of no eating out etc, just one year and you can cut that debt down or delete it all together. Wish you well with that ... debt is a killer. UK
Erick Rosa ... not wise my friend! If you say you have it, just get rid of that debt as sometimes creditors get mean and add interest until you find you have to pay double ... and $8,000 is not as easy to pay off as 4! Plus life throws us curveballs and unexpected circumstances; yes you can pay it now but what if something happens (job loss, illness! My advice .. pay it now while you can and live debt free. Also live within your means.
Empty the change from your pockets when you come home each night into a jar/container and then after 1year roll it up. I saved $1100 not bad. We have $2 coins in Canada and it adds up fast
Yeah I wish they'd do away with USD dollar bill and maybe even add a $2 coin. Your technique sounds like a good one, especially with those high value coins.
Sam G i do this with my checkings every so often i deposit an X amount and then every ten one and the cents parts: if i had say 123.45, id transfer 23.45 to my savings, also if you guys havent vut do use a bank try capital one or Cit Bank in america, they will give good interest rates in savings 1.3% and 1.5% respectively
Been doing this for years. I use the money for when I travel (vacation). You're right about it adding up with the $1 and $2 coins. Always amazes me how much gets put in that jar.
At the beginning of this year I started putting $50 a day in my savings account by phone. Occasionally I put more in. So far it's working well for me. I've never been able to save money before. A friend of mine suggested I write down everything I spend, so I'm gonna start doing that this week. I spend too much money going out to eat.
$50/day is only $6.25/hour in an 8 hour work day. So as long as you make $15/hour (~$30k year, any bartender/server, or basic office worker makes at least that), that means you can live off $8.75/hour and save the rest. $8.75/hour * 8 hours = $70/day * 5 days = $350/week *4.3 weeks = $1,505/month to pay bills. $50/day * 5 days = $250/week * 4.3 weeks = $1,075/month saved. If you're single and have a roommate, rent and utilities are probably about $700/mo, that leaves about $800/mo for gas, car payment, insurance, phone, etc. Easy stuff. Don't need to make a lot to save a lot.
I’ve been saving money since I was 11. My dad would give me 200 every month as a child, and told me I could only spend a quarter of it. By the Time I was 16 I saved up over 10,000 dollars. You could say I was well off. I also got a part time job that way paying minimum wage and begin working. I’m only 700 dollars in debt and I have a owned house and car. I am not natively English so sorry if it’s hard to understanded.
I save all my $5.00 and when pile is to big i trade up to $20,s then $50. or $100,s If i need extra cash i take from $5. etc I never take out loans and always pay cash for cars etc. and house was paid off when i was 41yrs old. I am 51 and live off a fixed budget, retired and this works for me most of the time, I have yanked extra cash a few times over the yrs.
I found it hard to save money so i got a cheap used small steel safe had a small hole cut in the top sent the key to my grand mother who i asked to give the key bk to me in 2 years and i sloted £50 per week in to it and ended up with a little over 5k best idea to save
+Kelt Thomas I actually did a similar thing where I ended up getting a Safe either last Christmas or for my birthday this year since 1.) I never have cash on me and 2.) I'm terrible when it comes to saving cash. But it had helped esp. for saving rent. But I will say that I've been pretty good about saving and not spending my $ for about a few days now even though it feels like 2 weeks. Well, I haven't used my credit card in about 2-3 weeks since I know I have to pay it off, but I had come into a small amount of cash on Saturday which even though I've been tempted to spend, I haven't for that purpose and 1 other purpose as well.
Did something similar. Me and the bf moved out together and for a year we couldn’t add a single penny to our savings account. Then one day his best friend invited him to his wedding in Vegas and we freaked out about saving for it. So I repurposed a salsa jar and labeled it “Vegas Jar” And started putting money into it. Little did I know I had started a snow ball effect on savings. We not only made it on that trip but we now have so many accounts because the “Vegas Jar” taught us that we could live on less. These accounts now generate thousands of free money in interest a year for us now. I think people who want to save money should just start somewhere. There is motivation in seeing it grow but you have to start the snowball.
Hey, it's what I have been doing all my life and it really works. My friends with higher incomes are broke while I am saving every month. The method works!
I'm looking to get around 10 grand saved up this year so at the end I can purchase myself a 2013 Charger R/T. I have done my research and weighed out my options and I don't want a Charger because I'm young(18) and want a fast muscle car no. I weighed out gas mileage to other vehicles and maintenance on average parts costs. And even though I'm smart and believe confidently I can avoid getting my girlfriend pregnany, BUT things happen and the Charger would still be a big heavy safe SEDAN(4door). To carry a child and groceries in.
Obviously I'm young so I DID choose an easily modifiable vehicle but I'm for sure no stupid kid who is going to waste all his money on parts for his. I will only be purchasing car parts when I can buy it twice and still have money left over. Its sometimes a bad rule but it will be good when talking about car purchases
melanie crawford Exactly!!! I don't understand why people are saying some dude named Dave Ramsey invented this method. Shit my grandmother was saving money in envelopes underneath a loose piece of hardwood flooring for yearrrrrs. He would have to be older than her and dead to take credit for "inventing" something people have been doing for ages. I appreciate Will for sharing his perspective though.
NaturallyKoily Kuteness Dave is just bringing back to light the stuff our grandparents did back when folks used to live within their means.He don't claim credit for these.He just says commen sense isn't that common anymore.
Weird my grandpa taught me this method when I turned 15 since I've been using it at age 22 being a welder brings money but I've learned to manage money.
Did the envelope method for awhile before I even watched this video but after few months I just put the money in my wallet. I won't spend the money after I've spent my portion most of the time I forget I have the money till pay days roll around. People that just spend, spend and spend can't control their emotions with money. Money masters them instead of the mastering the money. Like everything else discipline, cut unnecessary spending habits, learn to portion control and budget for what you need and want. Or you'll end my like my friend Nathan right now and can't pay his rent and broke every month.
Well u might not believe me but in 5 years I've saved 55k, how decrease ur liabilities no car payment, no mortgage, no credit card debt stay woke the gov. depends on u being enslaved
Yeah I'm looking to save up 10 grand this year at least and everyone I mention it to scoffs and gives me a yeah right response but..... I bring home over 400$ a week in the spring-fall time and currently have a snowmobile I'm selling for $1200(which I shouldnt count towards the 10grand but I'm going to.). I live with my parents still as I just turned 18 and therefor I'm not paying your typical adult bills yet. I pay for my phone bill, fuel, insurance, maintanence on vehicles, my gym membership(20$ monthly), a subscription to World of Warcraft for 15$ a month and I help keep food in the house.
It is entirely possible for me to save up 10k a year for the next 2 years. By then ill have started fully helping with bills or I will have moved out into my own place with hopefully a GF but a buddy wouldnt be bad I guess. But the single life is meh to me anymore.
400 bucks can get you in a good spot I hope you stuck with that mind set and in a good spot in your life..I save 312.50 every week and live off of 127.50 a week in the past 6 months I saved 10000 dollars so keep up the mind set and you'll make it show your skuffers they're wrong to think of you like that....
You're a very humble man sir. Thank you for being an old soul like myself (in my late 20s). Meaning that not many people use the "envelope" tactic as much anymore.
This is a great idea and because I'm disabled and only get 930 dollars a month from my pension I really need something like this so I don't run out of food the last week of every month.
I feel very secure and virtuous when I fill my envelopes...lol.But seriously I wish I had done these all my life. They are the best way to carefully control your outgo.Your spending is so much more intentional.I always spend less when I'm using cash.
Great advice. I like the icons. It's great when you have extra cash at the end of the month. I find I'm becoming a bit of a scrooge with my cash but it's only becasue I want to have more fun in Mexico.
The sinking fund method definitely works. I believe it is the key to getting your spending in control and getting out of debt. We got out from under 86k in less than 18 months..
I did this in the 90s. Now I do an electronic version by creating multiple ear-marked savings accounts in Capital One 360. They let you create savings goals and stuff, too. I don't like to carry cash anymore. I know it helps some people save, but I'm far more motivated seeing the numbers online for some reason. Great ideas and video.
A bank wrote me that if I kept transferring money from my savings, they would turn the acct into a checking. I am taking all of my money out of that savings acct, and closing the acct. When I do this with another bank, they just charge a small fee. Some banks have no wisdom.
frankieG Please consider opening an acct with a Credit Union. They are so much better than banks and don't nickel & dime you with so many unnecessary charges. Also, no worries about them being bought out by bigger banks. Has worked beautifully for me for several years now!
I went to the bank today and got $200 out. $50=one's, $50=five's, and the rest ten's. Makes 10 bundles. 5 one's, one $5, and one ten. Ever since Katrina I've done that. I watched people over pay for things because there was no change. Plus when you purchase you will be giving the system change. Solving the problem . Always want to be with a solution vs more problems.
You have to budget your money if you want to have money. Our family has been able to pay off $34k in 19 months by working hard and budgeting the money that we do have every month.
Dave Ramsey highly recommends this process to deal with a budget. He also has a system for buying cars. I used that advice. Buy one owner used cars and pay cash . I was able to get a 30K car for 12K the car had 60 k miles on it but nothing compared to the miles it can go. Plenty of great miles to go and 1/3 the cost for 80% of the life left to go? I WIN !
GEAUX-PRIUS Cowboy this is great unless you live in Wa State and want to buy a one owner used Subaru outback...good luck finding a one owner used Subaru outback with less than 150,000 miles! They keep em till they die...the owner, not the car!! I have a 2012 Subaru Outback that is in perfect condition, that I got new, have 30K miles on it and can get just about what I paid for it, if I wanted to sell it....or I died and my kid sold it!
Sadie Girl Honda accords and civics can be great too. My Honda Accord is a 2003 with 260,000 miles and still is going strong. I put in about 1k a year for maintenance, but that’s 1k for about 30,000 miles a year.
You do just what I do. I also use the stuff I sell on Ebay. I leave the money there. As PayPal does not charge like debit cards a monthly fee. This allows me tor buy anything I need. As most are free shipping and no taxes. That has increased my savings by 23% just on shipping and taxes. I would also put the receipts in the envelope you used. That way you can compare what you spent. Keep track of prices on the products. Then if you can find the same product for cheaper or use coupons. You can cut your expenses. As coupons can be printed out or saved to a smart phone. Then scanned at the counter. At least you can with an iPhone 5s of newer with thump ID...
This is a good idea. Did you draw the images on the envelopes? I always like to award myself using online apps and sometimes go to stores for food the first of the month. I need to save for new furniture. I've had the same one since I was 14 now I'm 30.
There is a saving called Susu, every other pay period we pool our money together, and one person get that money until at the end of the year we start all over.A very good method of saving
@@BoBurson yes but you get the sum faster, eg if you are planning to do your bathroom and the person is charging you 5 thousand you are going to have that up front to pay instead of borrowing from some institutions and you would have to pay the interest on top of the loan.
I would add one for emergencies. If you had somebody who cut their hand really bad they may need stitches. That would actually be an envelope that you dont put monthly money but just keep it there
Good advice I will try it and I am definitely not telling my husband because his saving methods don't work because he stay saving money and end up every day going straight through it all until it's nothing left. So I am the saver and in the household
My dad taught me the envelope method when I was about 7. I still use this method. I think it's important that parents teach their kids young because it sticks.
I get less than$1200 a month. I can easily save $200-$750 a month. Building my emergency fund back up . Bought a camper and never rebuilt that fund . I thought I needed the camper it has been used but not as much as I thought it would be.
Divine Snipez keep the money in your fridge/freezer if you live alone- put it somewhere else less visible when guests come over... or if you have roommates/family in the house buy a fire proof industrial strength safe that ia built into the infrastructure of the house for 100% security... just in terms of keeping the cash protected even keeping it inside ziplock bags in a metal toolbox if not the fridge would most likely survive a fire/flood scenario...
One thing to do is make every effort to pay off your car. It takes a load off your shoulders. I'm sometimes surprised how many of my co workers are still leasing their cars and stuck in 4 year contracts.
It takes 21 days for your brain to change a thought process or paradigm and roughly 90 days for the change to be noticed. If you could pick a number you would like to earn every month to live they way you want to live, what is that number? Write it down as an affirmation. For myself, it's earning each month what I made total last year before taxes, so around 15 thousand a month. Buy a digital recorder or use your phone and record yourself speaking three times, I easily earn $________ each month. You can add other positive affirmations to repeat three times and the recording should be at least 30 minutes in length. Listen to it first thing in the morning, at night, when ever. It will change your thoughts, which will attract more opportunities. It happened to me.
Jonnette Bush It isn't about the amount of money that you make. It's about the money you've learned and disciplined yourself to save. People don't believe it but you can pay bills, save money and have spending money at the same time. It's very possible. You have to start somewhere and be consistent. My husband make over 60k a year but on his own he can never save a penny because he's a spender. If the money is there, he'll spend it regardless of having bills or whatever. On the other hand I am much better with money than he is. He realized that and he entrusts me to take care of our finances. Since he's done that, I have helped him pay off two vehicles in one year, paid off loans that he'd acquired prior to meeting me, and now I'm working on cleaning up his credit and saving money. Even I implement the envelope method because it's a better way for me to manage it, to keep his hands off of the money and overdrawing the accounts. I leave just enough money every week for him to do whatever he wants or needs but I encourage him to be conscious of checking the bank account to be sure the money is there. At one point he would never check his balances but now he checks them and sometimes twice a day. If you recognize that you have a spending problem you need to first admit it to yourself and then start making changes to your spending habits. The thing is you have to prioritize, plan, save and be conditioned to save for rainy days because they too will come. Choose an amount that you want to save every month, every week or whatever you choose and start from there. Buy ONLY what you need, personal items not treats, and once you've accomplished your goal for that month, then you treat yourself with the set amount that you have stashed away. It helps, believe me and then you won't feel like you're working just to survive. Hope this helps ☺
Old Timer this is confusing for those of us who's got ADHD. I would have to watch it ten times to get it. His hands distract me, the amount of cash he's showing is distracting, the cute designs on the envelope is, EVERYTHING is distracting!
Yes tell us and please leave your envelopes full and in plain soght when your not home also leave your key under a small rug at the front of your door thank you
...or, if you want and your bank allows, you can set up different checking accounts and order debit cards for each account. Instead of keeping cash around, you can transfer money into the appropriate account and use the card 😊. The bank can also help you track your spending electronically.
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Well as long as you're living in the middle of " no where" I still think you should keep it in the safe as in a real safe also I'm really wondering why you would have a dog if you are that cheap in your furry friends how much does that cost to feed those to feed those
Well, I'm only 21 and young. I work @ Amazon full time. I believe this will actually work for me if I stop spending my money here and there.Thank you for providing this information.
I once got $20 for my bday i was around 10 or 11 and my mother told me to save my money the next second im in the dollar store with my cousin spending it all on candy and toys.. mom was not happy. Funny how things happen im 30 now and my money still disappears on beer for some reason.. well hope this method work just got paid today ile give it a try.
I do not use envelopes. I prefer to keep my money in a checking account and a savings account at the bank. I still categorize my potential debts. However, I keep track on a budget sheet. All of my paycheck is deposited into my savings account which can't be immediately tapped using my debit card at a store, etc. I use online banking. So, if I know I have a debt that will need to be covered, I will move that amount from savings to checking at the appropriate time. I also keep an additional $250 over and above that in my checking account just in case of emergencies (i.e., car breaks down along the road and you have to pay for a tow, etc.). Otherwise, all the rest stays in the savings account, which is pretty darn healthy if I must say so. Also, don't spend money you don't have on things you don't need. Credit cards are plastic poison. If you can clear them of debt, cut them up and NEVER own another one. In my 57 years, I have never owned a CC. And I thank God for giving me that wisdom and common sense from an early age. Not having one never affected me or my credit score which is a modest 773 at last glance. And yes, I have a mortgage, pay utility bills and own two cars like many other people. Also, buy USED automobiles. It's always cheaper to repair a car you "own" than it is to go into long-term monthly debt on a new car to avoid the debt of repair.
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I’m completely debt free at nine years old.
tim vanderlinde stay that way. Never go to debt. And save as much money as you can as a kid. Honestly its sounds hard but you will love having it later
Denialater777 Well, it’s been a month and now I’m $64,873 in debt. I was not good with my money
Your trolling. Tell me how a 9 year old can get that much in debt and if you are telling the truth where the hell are your parents?
Denialater777 Of course I’m joking. Sheesh. I’m 37 and 12 quadrillion dollars in debt. That I am serious about.
Follow Dave Ramsey's baby steps
If you went to any public school they'll never teach you to save money or make money, if you went to a rich school they will, it's mandatory. It's time America helped out their.
Helped out their _______ ? Please finish your thought.
good4damoney I go to a public school and am thought how to save money and invest
Not true
Darren Currie no
I went to public school, and this was taught. Not specifically this method, but budgeting was taught. No specific course, aside a section in Economics. But the accumulation of small lessons throughout school.
I'm In about $4,000 credit card debt because I'm 25 and never learned to save money.
I'm going to attempt this method. _I'll update my progress at a future time_
Miguel Angel Medina Rise i have that much too lol, but i do save my money, i have enough to pay it off but well, i dont want to
It takes a while to be debt free I got there at 35!
Miguel ... even if you can only manage $20 a month ... just persevere and keep chipping away at that debt. Resist spending and make a years sacrifice of no eating out etc, just one year and you can cut that debt down or delete it all together. Wish you well with that ... debt is a killer. UK
Erick Rosa ... not wise my friend! If you say you have it, just get rid of that debt as sometimes creditors get mean and add interest until you find you have to pay double ... and $8,000 is not as easy to pay off as 4! Plus life throws us curveballs and unexpected circumstances; yes you can pay it now but what if something happens (job loss, illness! My advice .. pay it now while you can and live debt free. Also live within your means.
So it’s a year later, how’s it going so far?
Great video Will! I like how you use the big envelope for extra cash. I've managed to save over $5600 in 4 months. It works. -Shane
Thanks, Shane. That is awesome!
Envelope Budgeting Method how much did you save a month?
@@arelyrobles9016 do the maths
Please help me plzz 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
Empty the change from your pockets when you come home each night into a jar/container and then after 1year roll it up. I saved $1100 not bad. We have $2 coins in Canada and it adds up fast
Yeah I wish they'd do away with USD dollar bill and maybe even add a $2 coin. Your technique sounds like a good one, especially with those high value coins.
Sam G i do this with my checkings every so often i deposit an X amount and then every ten one and the cents parts: if i had say 123.45, id transfer 23.45 to my savings, also if you guys havent vut do use a bank try capital one or Cit Bank in america, they will give good interest rates in savings 1.3% and 1.5% respectively
Been doing this for years. I use the money for when I travel (vacation). You're right about it adding up with the $1 and $2 coins. Always amazes me how much gets put in that jar.
At the beginning of this year I started putting $50 a day in my savings account by phone. Occasionally I put more in. So far it's working well for me. I've never been able to save money before. A friend of mine suggested I write down everything I spend, so I'm gonna start doing that this week. I spend too much money going out to eat.
Cindy Irvine same here I too spend a lot of money
Cindy Irvine how much do you make that you can afford to save 50 a day.
I'm only able to do it during the school year. So about 8 months out of the year.
$50/day is only $6.25/hour in an 8 hour work day. So as long as you make $15/hour (~$30k year, any bartender/server, or basic office worker makes at least that), that means you can live off $8.75/hour and save the rest. $8.75/hour * 8 hours = $70/day * 5 days = $350/week *4.3 weeks = $1,505/month to pay bills. $50/day * 5 days = $250/week * 4.3 weeks = $1,075/month saved. If you're single and have a roommate, rent and utilities are probably about $700/mo, that leaves about $800/mo for gas, car payment, insurance, phone, etc. Easy stuff. Don't need to make a lot to save a lot.
+superhero6785 yeah you didn't take taxes into account which would eat up a pretty large chunk of that
I’ve been saving money since I was 11. My dad would give me 200 every month as a child, and told me I could only spend a quarter of it. By the Time I was 16 I saved up over 10,000 dollars. You could say I was well off. I also got a part time job that way paying minimum wage and begin working. I’m only 700 dollars in debt and I have a owned house and car. I am not natively English so sorry if it’s hard to understanded.
You got 200$ or whatever each month at 11???
@@kaggapu yes but It went to savinga
@Kaiser Wilhelm II USD
@@1fan791 I just can't comprehend how your father gave you 200$ each month since you were eleven. You could buy a months' worth of groceries with that
Awesome
I save all my $5.00 and when pile is to big i trade up to $20,s then $50. or $100,s If i need extra cash i take from $5. etc I never take out loans and always pay cash for cars etc. and house was paid off when i was 41yrs old. I am 51 and live off a fixed budget, retired and this works for me most of the time, I have yanked extra cash a few times over the yrs.
papawoody good job
smart idea :)
morris eddy That is a scam!!!!!!!
papawoody -good idea-i use that system when I gamble-i should try using it to manage $
morris eddy 11
I found it hard to save money so i got a cheap used small steel safe had a small hole cut in the top sent the key to my grand mother who i asked to give the key bk to me in 2 years and i sloted £50 per week in to it and ended up with a little over 5k best idea to save
Kelt Thomas Thank you bro.
Kelt Thomas what if she loses it??
+Kelt Thomas I actually did a similar thing where I ended up getting a Safe either last Christmas or for my birthday this year since 1.) I never have cash on me and 2.) I'm terrible when it comes to saving cash. But it had helped esp. for saving rent. But I will say that I've been pretty good about saving and not spending my $ for about a few days now even though it feels like 2 weeks. Well, I haven't used my credit card in about 2-3 weeks since I know I have to pay it off, but I had come into a small amount of cash on Saturday which even though I've been tempted to spend, I haven't for that purpose and 1 other purpose as well.
Until grandma decides to go to Vegas
Did something similar. Me and the bf moved out together and for a year we couldn’t add a single penny to our savings account. Then one day his best friend invited him to his wedding in Vegas and we freaked out about saving for it. So I repurposed a salsa jar and labeled it “Vegas Jar” And started putting money into it. Little did I know I had started a snow ball effect on savings. We not only made it on that trip but we now have so many accounts because the “Vegas Jar” taught us that we could live on less. These accounts now generate thousands of free money in interest a year for us now. I think people who want to save money should just start somewhere. There is motivation in seeing it grow but you have to start the snowball.
Hey, it's what I have been doing all my life and it really works. My friends with higher incomes are broke while I am saving every month. The method works!
LA KRITIX DES CHAUVES I will be doing this
Actually, saving works.
I'm looking to get around 10 grand saved up this year so at the end I can purchase myself a 2013 Charger R/T. I have done my research and weighed out my options and I don't want a Charger because I'm young(18) and want a fast muscle car no. I weighed out gas mileage to other vehicles and maintenance on average parts costs. And even though I'm smart and believe confidently I can avoid getting my girlfriend pregnany, BUT things happen and the Charger would still be a big heavy safe SEDAN(4door). To carry a child and groceries in.
Obviously I'm young so I DID choose an easily modifiable vehicle but I'm for sure no stupid kid who is going to waste all his money on parts for his. I will only be purchasing car parts when I can buy it twice and still have money left over. Its sometimes a bad rule but it will be good when talking about car purchases
cool
I save all of my 5's in an envelope. When I get 200, I seal it and put it away.
Scott Reacher I'm going to do that now
Scott Reacher I'mma try that 2 thanks.
Scott Reacher, then I come and steal it.
I remember the unbroken ones method, where you never spend your ones, always save it
Scott Reacher I’ve utilized this method with excellent success. I’ve saved thousands of dollars within a year, JUST by setting aside every $5 bill.
When some one calls there weed budget the dog budget
Haha. Yes dog budget as in weed makes me hungry for corn dogs.
Hahahahahaha you Legend 👌
😂😂😂😂😂
I came up with this on my own without seeing any videos. I am glad to see others think like me! This works really well I highly recommend it!
It's funny someone else wrote me the same thing, plus I though of it on my own. So many people are accusing me of ripping of Dave Ramsey. haha
My mother has ALWAYS lived by this method
melanie crawford Exactly!!! I don't understand why people are saying some dude named Dave Ramsey invented this method. Shit my grandmother was saving money in envelopes underneath a loose piece of hardwood flooring for yearrrrrs. He would have to be older than her and dead to take credit for "inventing" something people have been doing for ages. I appreciate Will for sharing his perspective though.
NaturallyKoily Kuteness Dave is just bringing back to light the stuff our grandparents did back when folks used to live within their means.He don't claim credit for these.He just says commen sense isn't that common anymore.
smart woman
I spend at least 85 for a month homeless cats 4 of them for at least 10 yrs now. it feels good to feed them
God bless you.
Thanks for watching
Weird my grandpa taught me this method when I turned 15 since I've been using it at age 22 being a welder brings money but I've learned to manage money.
You are in a trade where you can earn a lot and retire early if you want
Did the envelope method for awhile before I even watched this video but after few months I just put the money in my wallet. I won't spend the money after I've spent my portion most of the time I forget I have the money till pay days roll around. People that just spend, spend and spend can't control their emotions with money. Money masters them instead of the
mastering the money. Like everything else discipline, cut unnecessary spending habits, learn to portion control and budget for what you need and want. Or you'll end my like my friend Nathan right now and can't pay his rent and broke every month.
Vanish EditZ me to i got my car washed i had cash in my wallet for a tip it wasnt much but i thought i only had a 20
Thanks for comment
Well u might not believe me but in 5 years I've saved 55k, how decrease ur liabilities no car payment, no mortgage, no credit card debt stay woke the gov. depends on u being enslaved
Sweet! Love your comment! So true! 😅
Yeah I'm looking to save up 10 grand this year at least and everyone I mention it to scoffs and gives me a yeah right response but..... I bring home over 400$ a week in the spring-fall time and currently have a snowmobile I'm selling for $1200(which I shouldnt count towards the 10grand but I'm going to.). I live with my parents still as I just turned 18 and therefor I'm not paying your typical adult bills yet. I pay for my phone bill, fuel, insurance, maintanence on vehicles, my gym membership(20$ monthly), a subscription to World of Warcraft for 15$ a month and I help keep food in the house.
It is entirely possible for me to save up 10k a year for the next 2 years. By then ill have started fully helping with bills or I will have moved out into my own place with hopefully a GF but a buddy wouldnt be bad I guess. But the single life is meh to me anymore.
400 bucks can get you in a good spot I hope you stuck with that mind set and in a good spot in your life..I save 312.50 every week and live off of 127.50 a week in the past 6 months I saved 10000 dollars so keep up the mind set and you'll make it show your skuffers they're wrong to think of you like that....
MegaHahaU I believe you
You're a very humble man sir. Thank you for being an old soul like myself (in my late 20s). Meaning that not many people use the "envelope" tactic as much anymore.
Thanks for watching
Most people won't do the envelope system and then wonder why they're broke. I love the envelope system. It works every single time.
Thanks for watching
You must love in a really good neighborhood! Most people can't risk having a month's worth of their money + savings, laying around their house.
Lefty Laylo you can hide it
Clyde Smith ima start looking in books now. thanks bud
He said he lives in the country so he probably doesn’t have many neighbors or people around to steal
Lefty Laylo You don’t know what you’re talking about. Good or bad neighbourhood, you can make it work.
@Clyde Smith They will now theyve read this!
This is a great idea and because I'm disabled and only get 930 dollars a month from my pension I really need something like this so I don't run out of food the last week of every month.
Thanks Allan good luck
I feel very secure and virtuous when I fill my envelopes...lol.But seriously I wish I had done these all my life. They are the best way to carefully control your outgo.Your spending is so much more intentional.I always spend less when I'm using cash.
Make the world a better place. Donate now www.gofundme.com/save-a-life-today-yes-we-can-do-it
True. Sorry for slow reply.
Super love your clever drawings!
Thanks. Sorry for slow reply.
Great advice. I like the icons. It's great when you have extra cash at the end of the month. I find I'm becoming a bit of a scrooge with my cash but it's only becasue I want to have more fun in Mexico.
Thanks. Yeah it works wonders.
The sinking fund method definitely works. I believe it is the key to getting your spending in control and getting out of debt. We got out from under 86k in less than 18 months..
Thanks for watching
I did this in the 90s. Now I do an electronic version by creating multiple ear-marked savings accounts in Capital One 360. They let you create savings goals and stuff, too. I don't like to carry cash anymore. I know it helps some people save, but I'm far more motivated seeing the numbers online for some reason. Great ideas and video.
ModelSupplies I hope when the economic crash your money won't desapear!
Thanks
@@jimmyjhonson4590 just as likely that cash could become useless. There’s risk in everything so just focus in the good so more good comes.
This really works! Thanks. I'm finally got my finances under control.
Thanks for watching
what if a thief come in your hse and steal all the cash I prefer I fixed account where you only deposit no withdrawals
A bank wrote me that if I kept transferring money from my savings, they would turn the acct into a checking. I am taking all of my money out of that savings acct, and closing the acct. When I do this with another bank, they just charge a small fee. Some banks have no wisdom.
frankieG Please consider opening an acct with a Credit Union. They are so much better than banks and don't nickel & dime you with so many unnecessary charges. Also, no worries about them being bought out by bigger banks. Has worked beautifully for me for several years now!
Hide it all in an air vent, or hide some behind a light switch in the wall. That's what I do lol
NANCY Pretty you have to pay the box rent $5 to $10 from the account lol
chiggie beeze think before you speak.... you can't find out anyone home address from an ip . only their city and state
hey bill. i am 20 years old and wanting to do the same thing you did with the van life in order to earn my freedom and retire earlier earlier.
cool good luck
Itz hard for me because im always dipping into my stash lol😂😂😂😂
haha
I do this too and has helped me not worry about what to do with my extra money received from my paycheck. So far I spent little and saved a lot!!
Thanks for watching
Wait wait wait where tf is the weed envelope?!?!!!
I smoked it.
Will Burson You smoked the money? Damn
Will Burson lol lol lol!!!!
Im sure its in the miscellaneous including the cocaine 😁 thats why he puts 1000$ a month
HTX 713HOUSTON 🙌🙌🙌✌✌✌
I went to the bank today and got $200 out. $50=one's, $50=five's, and the rest ten's. Makes 10 bundles. 5 one's, one $5, and one ten.
Ever since Katrina I've done that. I watched people over pay for things because there was no change. Plus when you purchase you will be giving the system change. Solving the problem . Always want to be with a solution vs more problems.
Thanks for watching
We did this technique when we went on vacation. It worked pretty good!
Thanks for watching
You have to budget your money if you want to have money. Our family has been able to pay off $34k in 19 months by working hard and budgeting the money that we do have every month.
Thanks for watching
Dave Ramsey highly recommends this process to deal with a budget. He also has a system for buying cars. I used that advice. Buy one owner used cars and pay cash . I was able to get a 30K car for 12K the car had 60 k miles on it but nothing compared to the miles it can go. Plenty of great miles to go and 1/3 the cost for 80% of the life left to go? I WIN !
GEAUX-PRIUS Cowboy this is great unless you live in Wa State and want to buy a one owner used Subaru outback...good luck finding a one owner used Subaru outback with less than 150,000 miles! They keep em till they die...the owner, not the car!! I have a 2012 Subaru Outback that is in perfect condition, that I got new, have 30K miles on it and can get just about what I paid for it, if I wanted to sell it....or I died and my kid sold it!
GEAUX-PRIUS Cowboy that's awesome!
Sadie Girl Honda accords and civics can be great too. My Honda Accord is a 2003 with 260,000 miles and still is going strong. I put in about 1k a year for maintenance, but that’s 1k for about 30,000 miles a year.
Good plan Sean. Sorry for slow reply.
You do just what I do. I also use the stuff I sell on Ebay. I leave the money there. As PayPal does not charge like debit cards a monthly fee. This allows me tor buy anything I need. As most are free shipping and no taxes. That has increased my savings by 23% just on shipping and taxes.
I would also put the receipts in the envelope you used. That way you can compare what you spent. Keep track of prices on the products. Then if you can find the same product for cheaper or use coupons. You can cut your expenses. As coupons can be printed out or saved to a smart phone. Then scanned at the counter. At least you can with an iPhone 5s of newer with thump ID...
Thanks for watching
This is a good idea. Did you draw the images on the envelopes? I always like to award myself using online apps and sometimes go to stores for food the first of the month. I need to save for new furniture. I've had the same one since I was 14 now I'm 30.
Yes I drew them. Thanks Amber. Sorry for slow reply.
There is a saving called Susu, every other pay period we pool our money together, and one person get that money until at the end of the year we start all over.A very good method of saving
Interesting but seems like you could do the same thing by yourself
@@BoBurson yes but you get the sum faster, eg if you are planning to do your bathroom and the person is charging you 5 thousand you are going to have that up front to pay instead of borrowing from some institutions and you would have to pay the interest on top of the loan.
In Finland you really cant put cash back in bank so easy, they will ask where it comes from.
Crazy
Land Lord That's a shame.
in america anything over $10,000 deposit is a red flag and questions are asked.
whoodiestyle really lol I never have issues well I guess since iam a contractor and I usually make between 4-6k a week
a business account is way different than a personal checking account.
I would add one for emergencies. If you had somebody who cut their hand really bad they may need stitches. That would actually be an envelope that you dont put monthly money but just keep it there
nice
I used this method however it's all mental and I divide my money from savings and checkings.
cool Veronica
Good advice I will try it and I am definitely not telling my husband because his saving methods don't work because he stay saving money and end up every day going straight through it all until it's nothing left. So I am the saver and in the household
Thanks for watching
I have no money to put away. They took it all when I retired.
Thanks for watching
How to save lots of money in 3 tips
1. Shop at Costco it's cheap and you get more
2. Buy a Prius
3. Do something to make a rich friend owe u for life
Thanks for watching
Cool. But don't put your face in the video you'll have people following you home,
Thanks Danny
Thank you!!! I'm just now moving into my own place :) this is so helpful!
good luck
That's a lot for food. Great idea with the back envelope. I'm going to use that. The.
$400/m is 100/week or $14.30 a day. It's not as much as it seems especially if he has a family to feed.
Thanks. Sorry for slow reply.
Yes i would advise, everyone to watch this.
Thanks for watching
I agree with you on Jet and Amazon. amazon has gotten big and greedy.
True
I agree 100% that Amazon has gone downhill. Thanks for the video!
Thanks for watching
Great idea, LIKED!!
Thanks for watching
My dad taught me the envelope method when I was about 7. I still use this method. I think it's important that parents teach their kids young because it sticks.
Thanks for watching
Yea if you have money in the first place to save it
Stop watching RUclips and go earn some
I get less than$1200 a month. I can easily save $200-$750 a month. Building my emergency fund back up . Bought a camper and never rebuilt that fund . I thought I needed the camper it has been used but not as much as I thought it would be.
Thanks Sean
#repeat... Everyone should watch this. Great tips
ItsyagurlShay J hi sugar lumps
ItsyagurlShay j hi
Thanks for watching
I love it thats old school my grandmother would do that she saved soo much money thank you soo much it works
Thanks for watching
What if your house burns down...
Then an envelope with one month of cash expenses would be the least of my worries.
Divine Snipez keep the money in your fridge/freezer if you live alone- put it somewhere else less visible when guests come over... or if you have roommates/family in the house buy a fire proof industrial strength safe that ia built into the infrastructure of the house for 100% security... just in terms of keeping the cash protected even keeping it inside ziplock bags in a metal toolbox if not the fridge would most likely survive a fire/flood scenario...
Chris Smith smart
Chris Smith or utilize a bank also, say 50/50
Erick Rosa yeah... I wouldn't keep more than like around $1000 dollars in my house ever- banks are a good thing
One thing to do is make every effort to pay off your car. It takes a load off your shoulders. I'm sometimes surprised how many of my co workers are still leasing their cars and stuck in 4 year contracts.
Thanks for watching
U can probably find red envelopes around christmas...? :)
Cool idea Irina
I’m starting a new job and gonna be getting paid every week it’s going to be my first time saving for a whole year straight so we’ll see how it goes
Congrats!
i make 10.75 an hour how do u save.
By spending less money
forget college, get into a trade. there are 11 million jobs in the trades.
It takes 21 days for your brain to change a thought process or paradigm and roughly 90 days for the change to be noticed. If you could pick a number you would like to earn every month to live they way you want to live, what is that number? Write it down as an affirmation. For myself, it's earning each month what I made total last year before taxes, so around 15 thousand a month. Buy a digital recorder or use your phone and record yourself speaking three times, I easily earn $________ each month. You can add other positive affirmations to repeat three times and the recording should be at least 30 minutes in length. Listen to it first thing in the morning, at night, when ever. It will change your thoughts, which will attract more opportunities. It happened to me.
Jonnette Bush It isn't about the amount of money that you make. It's about the money you've learned and disciplined yourself to save. People don't believe it but you can pay bills, save money and have spending money at the same time. It's very possible. You have to start somewhere and be consistent. My husband make over 60k a year but on his own he can never save a penny because he's a spender. If the money is there, he'll spend it regardless of having bills or whatever. On the other hand I am much better with money than he is. He realized that and he entrusts me to take care of our finances. Since he's done that, I have helped him pay off two vehicles in one year, paid off loans that he'd acquired prior to meeting me, and now I'm working on cleaning up his credit and saving money. Even I implement the envelope method because it's a better way for me to manage it, to keep his hands off of the money and overdrawing the accounts. I leave just enough money every week for him to do whatever he wants or needs but I encourage him to be conscious of checking the bank account to be sure the money is there. At one point he would never check his balances but now he checks them and sometimes twice a day. If you recognize that you have a spending problem you need to first admit it to yourself and then start making changes to your spending habits. The thing is you have to prioritize, plan, save and be conditioned to save for rainy days because they too will come. Choose an amount that you want to save every month, every week or whatever you choose and start from there. Buy ONLY what you need, personal items not treats, and once you've accomplished your goal for that month, then you treat yourself with the set amount that you have stashed away. It helps, believe me and then you won't feel like you're working just to survive. Hope this helps ☺
Wes Thomas Awesome advice Wes☺
Great idea! Thank you so much for the tips sir!
Thanks for watching
CONFUSED......
Old Timer this is confusing for those of us who's got ADHD. I would have to watch it ten times to get it. His hands distract me, the amount of cash he's showing is distracting, the cute designs on the envelope is, EVERYTHING is distracting!
Ann Rey.........😅😄😃😂😁😉😂😃😄😅😂😃 No. NO. Not really funny. I really don't get it
Thanks Burt. Sorry for slow reply.
Great tips! Thanks!
Sure thing
First of all I would need money to fill the envelopes which I don't have. 😓
You may not have it yet but it will come very soon.
progressoful lmao, Im not laughing at you! Im laughing at the comment.
I spent some time on such a low income I could barely afford to eat but I saved something every week. Not much but its a start.
Thanks for watching
I have been doing this habit since 1993. And advice to my wife too ....
Thanks for watching
MUST BE GREAT....to be able to have 💰 to put in the envelopes....
You can earn it too
Heyooo man, extremely nice stream that you have here. Thank you.
Sure thing, Fergal. Thanks for watching!
where do you live again?
Yes tell us and please leave your envelopes full and in plain soght when your not home also leave your key under a small rug at the front of your door thank you
At the end of the road, where the road never ends
I really enjoyed this!!
Thanks
If my brother knew i use envelope method my good lord
Hahahaha
I would get lots of stamps and mail them to myself
Zeweldi Rishan same here
English please.
Thank you for making this video.
Thanks for watching
I use money envelopes I get from the bank
Yeah I like the resealable type envelopes some banks have
...or, if you want and your bank allows, you can set up different checking accounts and order debit cards for each account. Instead of keeping cash around, you can transfer money into the appropriate account and use the card 😊. The bank can also help you track your spending electronically.
Thanks for watching
I don't need envelopes I need 150 k a year so I don't have to do that,That's only for people doesn't make enough
You are such a high roller you watch videos about saving money on RUclips! hahaha
Will Burson. Nice come back bro! 👏😂😂
Whether your poor or rich you should budget your money.
Will Burson 😭😭😭😭😂😂😂 👏👏👏 Best response ever
🤣🤣🤣🤣🤣🤣🤣🤣
I kind of get it but here in the uk we or is it just me tend to use coins more not having notes
Coins or bills, the concept is still the same.
Thanks for watching
Nice drawings
Thanks Code
You do good for yourself!! I don't think this will work for me but would like to try it
Thanks for watching
its so much steps lol
It's easy as fuck lol
anna Theamazing lol
*many
N
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Well as long as you're living in the middle of " no where" I still think you should keep it in the safe as in a real safe also I'm really wondering why you would have a dog if you are that cheap in your furry friends how much does that cost to feed those to feed those
The average kid cost $250k from birth through college.
Thanks Diane. Who said I'm cheap though?
What's your address again?
Thanks for watching
I've been doing this for years and it works great for me,I get the used envelopes from the mail room at work .
Thanks for watching
Man thanks for helping !! :)
Sure thing
Well, I'm only 21 and young. I work @ Amazon full time. I believe this will actually work for me if I stop spending my money here and there.Thank you for providing this information.
Thanks for watching
Hmmm Interesting😌
Thanks Samantha
This is genius. Finally a practical achievable method of saving.
Thanks for watching
American money!! HAHAHAHAHA...
US dollars dude!
Canadian money Hahahaha CAN dollars dude! Same shit different pile man lol
Thanks John
I have been doing that already, The only problem is counting all of the money that is saved.
Thanks for watching
"I couldn't find red envelopes."-Fallacy
You could; you just didn't.
Good point!
Fuck you, literally.
This is a great method to DISCIPLINE yourself when it comes to saving money.
Thanks for watching
I'm lost I spent all my money and ripped my envelopes because you never said don't lick em.
Jay Bubblez 😂😂😂😂😂😂
haha
Great advice & very clever :)! Thanks for sharing Hun
Thanks Goddess. Sorry for slow reply.
@@BoBurson my pleasure Hun, late's always better then never in my book Champ 😘!
I tried this before-didnt work to well-when I ran out of $in one envelope I would just take it out of another-and I would be real broke all the time-
Ilove Satan it's money not crack
Discipline
I once got $20 for my bday i was around 10 or 11 and my mother told me to save my money the next second im in the dollar store with my cousin spending it all on candy and toys.. mom was not happy. Funny how things happen im 30 now and my money still disappears on beer for some reason.. well hope this method work just got paid today ile give it a try.
Hope it helps
Can you figure this out for someone on Social Security? It is impossible.
Spend less or earn more. No other way.
I tried dividing in 4weeks(only had 5money envelopes) but “with some mileage” you adjust for success
Yessir. I am in Thailand now and I still use the same method. I have a weekly budget now instead of monthly.
I do not use envelopes. I prefer to keep my money in a checking account and a savings account at the bank. I still categorize my potential debts. However, I keep track on a budget sheet. All of my paycheck is deposited into my savings account which can't be immediately tapped using my debit card at a store, etc. I use online banking. So, if I know I have a debt that will need to be covered, I will move that amount from savings to checking at the appropriate time. I also keep an additional $250 over and above that in my checking account just in case of emergencies (i.e., car breaks down along the road and you have to pay for a tow, etc.). Otherwise, all the rest stays in the savings account, which is pretty darn healthy if I must say so. Also, don't spend money you don't have on things you don't need. Credit cards are plastic poison. If you can clear them of debt, cut them up and NEVER own another one. In my 57 years, I have never owned a CC. And I thank God for giving me that wisdom and common sense from an early age. Not having one never affected me or my credit score which is a modest 773 at last glance. And yes, I have a mortgage, pay utility bills and own two cars like many other people.
Also, buy USED automobiles. It's always cheaper to repair a car you "own" than it is to go into long-term monthly debt on a new car to avoid the debt of repair.
Thanks for watching
How much for the dog envelope?Sounds like a car payment!
YMMV