Just booked a 5 day trip with my elderly mother (81) and my grown up daughter. Can’t afford it but we may never get the opportunity again. Sometimes you just have to go for it and then tighten your belt to scrape the money back again. Life matters just as much as budgeting.
Yes. Thinking about doing a trip to New Zealand with 2 others. Almost 70 years old and I asked myself if now, then when? Can't REALLY afford it, but also ask myself, what am I saving it for? Wanted to go there my whole life. Maybe it's time. I own everything i need and have enough invested. To anyone out there who might read my post, Kate has great advice if you choose to take it.
We have a very small credit card for Internet purchases. I am disabled so it is a must. It’s only $500. What I do is I transfer the money to the visa from our checking account immediately once I have made purchase necessary. It’s as if I’m using cash.
I also do that. I learned that during COVID. I don't drive because of seizures and doing this process helps me budget how much intentional spending I do. I feel better knowing I'm not going into debt.
I’ve learned to take the emotion out of money- keep it a math equation. This has allowed me to pay off my debt- including my house and invest 50% of my income in retirement. I get excited for trips and having fun with my family. I treat my money as an employee that follows her job description!
To all the younger people, I can't stress enough setting up a Roth IRA. I'm retired and paying ridiculously high taxes, a large percentage of which could have been avoided with a Roth. I am blessed to have been able to save a bit in my younger years but a Roth would have made life sweeter.
Where do you live? I have a regular IRA, and I haven't had to pay any taxes on my IRA withdrawals. My state doesn't tax Social Security, and with the increase in the Federal Standard Deduction for seniors, I haven't paid any income taxes in 4 years. I only use my IRA for emergencies, since I can live on just my Social Security check. Took some planning to be able to live on my social security.
@@patriciam.909 Not if your total taxable income doesn't surpass the standard deduction. I have withdrawn from my IRA 3 of the last 4 years, and I haven't had to pay taxes to the Feds or my state. Social Security income is not taxed by the Feds, so you'd have to withdraw a lot of money from your IRA to be taxed.
Please please please talk about investments. I'm an older chic and need information and I am sure you have it. You are straight forward when it comes to frugality and saving. I have learned so much from you.
yes, would like you to do some videos on investing, even though I don’t have any money to invest…if i learn about it i can help my kids. Just fyi, i love you, but when you’re living in the twenty- or thirty-thousands, some of your tips, and especially some of the comments, are so pie-in-the-sky that i don’t know whether to be jealous or just plain nauseous! “Save/invest 50%of income!” OMG, im lucky if i have $50 at the end of the month!!! I am SAVING to get my brakes replaced, which were supposed to get replaced MONTHS ago. Tips like Don’t buy coffee/Don’t eat out/Don’t go to the movies/are just laughable. None of those things are EVER in our budget, so we can’t “cut them out” to save!!! I mostly watch you for your cheerfulness; your happiness is contagious. But as far as saving money, no. “Can’t get blood from a turnip.” Can’t SAVE what you never had to begin with!
I'm a zero based budget convert, I thought I had a handle on my spending before using one but I did not. Using a budget has allowed me to save and invest more and still have plenty of discretionary cash for vacations, eating out, etc. I also started using sinking funds for things like trips and big purchases which has helped too!
Kate, I would find a video on investing really helpful. I had gotten out of the habit of budgeting and have started doing one again. I feel so much more in control of our finances.
Emergency Fund is my focus this month after having used some of it for an electrical repair this winter. I am so glad I had it, but now it needs replenishing.
I agree about the credit card debt omg it was bad so bad. I got 2 more paid off still have 3 more to go...I got 4 paid off during the no spend ❤ gotta get this gone. ❤
Great share, Kate. We shared a podcast video the other day talking about how sometimes viewers want new tips and some of the reasons why frugal RUclipsrs share the same tips so often. How that kind of creates a disconnect. We kind of focused on the coffee tip. 😅. It’s a challenge but totally understandable that the oldie but goodies have been around for a long time for a reason.
As you set money aside for emergency and other funds, it is truly helpful to decide how quickly you're going to need each line item. Do you need jail bail money in 1 to 12 hours? If a pipe bursts, the heater, a/c, fridge, unplanned car repair comes up,just how many hours or days do you have until you need to have cash in your hand to fork over? If youve got an insurance deductible savings fund, can the money sit for 1 to 7days; how many days weekends and weeks days included? For example, if you needed that 1 to 12 month ahead money, could you live with month's 2 through 12 taking a little longer to liquidate or turn into cash in your hand? These are the concepts we've used when deciding how much savings money should be available in the middle of the night from an ATM versus more secure in say a CD with minimal penalties for withdrawaling prematurely, versus something closer to or an actual investment. The general rule of thumb is that you get virtually no earnings on money you can withdrawal using an ATM card. Conversely, the more time you commit to keeping your money in the bank, high yield savings, or other investment the higher the earnings.
I don’t have excess some months, my own fault! Tiny ( very tiny) Emergency fund. That too is my own fault, blew thru @ 19,000 the first couple of years in retirement. Now have a serious health scare, making it more scary w/o a back up of funds! 😳
I'm attempting to save five thousand dollars in five months. My used vehicle budget is ten grand. I saw a used white Toyota Highlander SUV in my price range. Photos of the used vehicle were texted to me.
Please make a video on investing. I have a 401K that I recently got, but really don't understand it or how to invest in other stuff. Don't know where to start.
45? I thought you were about 35! Living below your means is the biggie. Then investing as soon as possible. To me, the next one is to be satisfied with YOUR life accomplishments. In college I hung with people who eventually made millions in tech and/or were from wealthy families (UC Berkeley in the early 80s). Instead, I had a 9 - 5 job and slowly added to my retirement funds. By 60 I retired with a decent nest egg. It can be done!
Kate, I have a life insurance question. I’m 70 in good health and I have two life insurance policies. One is for my funeral expenses and the other is just so that I have a little something to leave my two daughters who are both adults with kids of their own. I have no debt except my everyday expenses. I do plan to continue paying the $66. a month for my burial expenses but do you think I would be better off to put the almost $200. a month that I spend on the second policy in savings or continue to pay for that insurance policy? I’m on the fence about what I should do.
Barbara, do you save a little each month anyway beyond the policies? By the way I'm so proud of you for having no debt and being in good health! Taking great care of yourself! YASSSSSS!!!!!
I really liked this video Kate, it was simple, and I liked the way you explained the 'gap' or the margin, using your hands. I also believe in keeping finances and investing simple. I wish I was also passionate about my budget lol
Kate!!!! Thank you so so much!!! I'll tell ya what. When the budget started working and being really effective...I believe that might have been what FLIPPED THE SWITCH to passionate! LOL!!!! I was like OH MY GOODNESS, this WORKS, I LOVE IT! I'll DO IT AGAIN! (and again...and again!) LOL!
Hi Kate, hugs to Kaden. I am excited for your show. I hope Kaden has a lot of fun, and I am sure it will be a hit! Thank you for that MARGIN visual, I will use that with my grandson. Congrats on 50k.
I just started watching you, but can you make a video of why you started and how you realized you need to make the necessary changes with money management? Please. Also, i have not used my VISA since before Christmas as I'd like to pay it off. But I've also decided to move this year to be with my family. So im trying to save as much as I can before the move.
Hi Kate, just an FYI I received a reply comment from your last video telling me to contact your investment advisor pretty sure it was a scam but wanted you to know someone is using your pic to send these out to subscribers.
Thanks for all the advice over the years. It has helped me over the years to be in a pretty good situation, not rich but not on the street. Today I just watched you tube of some one new about 1st month of unemployment. Made me gag so many times, couldn't watch all the way thru. Supposedly she was working on her budget. She wouldn't cut/lower any category except stopping any donations! Wouldn't cut netflix, gym, etc, going out for treat daily because it's to hard to stay at home. Has to keep the car going because she wants to drive around to relax. The poor little me whining, how unfair, how it was so nice in the past when people sent her money mentioned frequently. she has a rental property besides her place, savings etc Also very,very high income for someone in late 20's(?). SHe never did finish reviewing the budget, just started the poor me routine. How bad unemployment insurance was going to be. Sorry about the rant, but after seeing others who did everything to slash their budgets (including myself) to see her whining. She had no intention to do anything about her situation, so obvious.Entitlement, also bad mouthed her past employer( did not mention the name, but anyone in her work experience area would immediately know and gossip would spread easily plus being a youtuber). Was going to tell her to come here but decided she would just delete it. Easier to complain about unfairness and beg instead. Sorry it's so long but was starting to yell at the screen so came here to say thank you for all your positivity. And especially for your simple common sense approaches and no WHINING!
Living below my means Kate do you use every dollar premium? I see mixed reviews and can't find a simple recent video comparing the 2 versions. Thanks for all you tips
As a rule, I invest the money i had allocated to other expenses and bills, that i did not spend. This is separate from my sinking funds. I do have my investment from my job, but that's set up before i receive my paycheck, and it is for retirement
I'm retired & I have lived 5 years now on JUST my Social Security income. My IRA is only used for emergencies, like replacing a dead refrigerator. You mentioned a Roth IRA in your video. Do you have a Roth, because your employer doesn't offer a 401k? I rolled my 401k to an IRA after I retired. There were no taxes involved in doing that. My state doesn't tax Social Security. When I have taken money from my IRA, I haven't had to pay any taxes on it to Federal or State. (My state requires that my IRA withdrawals have 6% in taxes paid at the time of withdrawal, but I get it back in the Spring.) In my experience a Roth IRA isn't an advantage, if you're not going to use it for a hefty percentage of your income in retirement. Also, income is usually lower in retirement and the Senior Standard tax deduction is higher. So the amount of taxes you pay on an IRA withdrawal is lower in retirement than it would be when you're still working. Roth IRAs are for people who will be using it for a lot of their retirement income.
Great video, Kate. It really pays to save for retirement. I recommend 20% of your income , if possible. Retirement often comes with unexpected expenses. Don't forget funeral expenses. If you preplan, you save on inflation and save your heirs or loved ones additional difficulties. Love these guidelines. You're right, simple is best. "A little, over a long time, is a lot." In Canada, there are Redeemable GIC's. You can receive a higher rate of interest, but still have access to your money if you need it. Currently mine yields over 5%.
Another investment that is a game-changer is real estate. I know the housing market is tough right now, but it will change eventually (it always does). My husband bought a two-family property in his late-20s, rented out half and lived in the other half, first with rent-paying roommates and then with his bride (me!). He sold it for a profit, enabling us to buy our single-family home and (over time) two other rentals which became the foundation of what we have today. Our son (26) is working hard and saving up to buy his first property ASAP. Big goals, but if you’re careful, patient, and do the math, real estate can still be a good investment!
I’m 60, I contribute to a 403 b at work. I have an individual Roth that I contribute $50 a month. I would like to contribute more to the Roth but it’s a challenge.
I’ve always lived below my means and eliminated debt. I think I should’ve invested more when I was young. But since I retired I am fearful of losing money so I stick to safe things like CDs. At least they are paying decent interest now.
Simple is often best when it comes to finances. These are the fundamentals of financial success. If everyone followed these principles people wouldn't be in a much better place financially.
hello Kate and K- squad. this was a good back to basics. I have to echo your focus on creating and living with a budget. When I started watching your channel, I did put everything into a budget and felt very proud of myself. However, while you. "Meal plan ish" I tracked my spending ish" only the last few months have I really committed both to tracking everything, and I do mean everything. And enjoying the feeling of having that gap. it feels good to be secure, really secure about where my money is and what it's doing… Also 45 huh, well, RUclips, Kaden, and the cats must keep you young. Take care.
Honestly, Kate, you are like a shot in the arm! I'm doing what I need to do (being in the UK, rather than the US) from these 5 points, and I'm so happy to have control over my money and my choices now at last. I've been able to retire early (before the UK state pension is payable). It's too late for good health, so it's a good job I don't much fancy travelling, as some people do. But my time is my own and I have enough money for a quiet, content kind of life. I cannot tell you how good that feels. And I have a project to set up a business later on this year when I've got some other things dealt with. So I am living proof that you can get yourself out of debt with a commitment to a frugal but enjoyable way of life, and then morph into having a simple, happy life where the math does math, as you would say. Warm greetings to you, K, Mister H and the girls!
@@KateKaden A lot of it wouldn't have happened, or wouldn't have happened so quickly after my past financial mismanagement, if I hadn't had this YT channel to give me a little lift each Friday (and sometimes on Sundays and Wednesdays). Your frugal inspiration has been a real factor in my being able to get the best possible outcome after the mess I'd made with my money, Kate. So it's all your fault, LOL!
I'm struggling with going out to eat. I tell myself I won't do it, but then I get so tired that I go out to eat or get takeout. Then I end up living beyond my means. Has anyone struggled with this? If so, how did you stop doing it?
I make freezer meals and choose something I really look forward to eating. That helps a lot! I will also put something in the slow cooker in the morning so everything is ready for me at the end of the day.
I agree with @SpatchG and to take it out in the morning so you see what you're having. Also try having a snack late afternoon so you're not as tired when you get in.
Just booked a 5 day trip with my elderly mother (81) and my grown up daughter. Can’t afford it but we may never get the opportunity again. Sometimes you just have to go for it and then tighten your belt to scrape the money back again. Life matters just as much as budgeting.
Yes. Thinking about doing a trip to New Zealand with 2 others. Almost 70 years old and I asked myself if now, then when? Can't REALLY afford it, but also ask myself, what am I saving it for? Wanted to go there my whole life. Maybe it's time. I own everything i need and have enough invested. To anyone out there who might read my post, Kate has great advice if you choose to take it.
Great value! Living below my means is a game changer. Also, having no debt and an emergency fund brings such peace of mind.
YASS Loretta!
We have a very small credit card for Internet purchases. I am disabled so it is a must. It’s only $500. What I do is I transfer the money to the visa from our checking account immediately once I have made purchase necessary. It’s as if I’m using cash.
I also do that. I learned that during COVID. I don't drive because of seizures and doing this process helps me budget how much intentional spending I do. I feel better knowing I'm not going into debt.
I’ve learned to take the emotion out of money- keep it a math equation. This has allowed me to pay off my debt- including my house and invest 50% of my income in retirement. I get excited for trips and having fun with my family. I treat my money as an employee that follows her job description!
Love this!
I need to do this more! I have been getting better at it, but I am not doing as good as I can!
Do you have any tips?
love your last sentence!
To all the younger people, I can't stress enough setting up a Roth IRA. I'm retired and paying ridiculously high taxes, a large percentage of which could have been avoided with a Roth. I am blessed to have been able to save a bit in my younger years but a Roth would have made life sweeter.
YASSS!!!
Where do you live? I have a regular IRA, and I haven't had to pay any taxes on my IRA withdrawals. My state doesn't tax Social Security, and with the increase in the Federal Standard Deduction for seniors, I haven't paid any income taxes in 4 years. I only use my IRA for emergencies, since I can live on just my Social Security check. Took some planning to be able to live on my social security.
Regular IRAs are funded with pretax money. When withdrawals are made, you will have to pay Federal taxes on the withdrawals.
@@patriciam.909 Not if your total taxable income doesn't surpass the standard deduction. I have withdrawn from my IRA 3 of the last 4 years, and I haven't had to pay taxes to the Feds or my state. Social Security income is not taxed by the Feds, so you'd have to withdraw a lot of money from your IRA to be taxed.
Please please please talk about investments. I'm an older chic and need information and I am sure you have it. You are straight forward when it comes to frugality and saving. I have learned so much from you.
Thank you Teresa!!!!
yes, would like you to do some videos on investing, even though I don’t have any money to invest…if i learn about it i can help my kids.
Just fyi, i love you, but when you’re living in the twenty- or thirty-thousands, some of your tips, and especially some of the comments, are so pie-in-the-sky that i don’t know whether to be jealous or just plain nauseous! “Save/invest 50%of income!” OMG, im lucky if i have $50 at the end of the month!!! I am SAVING to get my brakes replaced, which were supposed to get replaced MONTHS ago. Tips like Don’t buy coffee/Don’t eat out/Don’t go to the movies/are just laughable. None of those things are EVER in our budget, so we can’t “cut them out” to save!!! I mostly watch you for your cheerfulness; your happiness is contagious. But as far as saving money, no. “Can’t get blood from a turnip.” Can’t SAVE what you never had to begin with!
Happy frugal Friday Kate & KSquad 👍 Create, grow and maintain the gap 🙌 Simple and consistent 👏
YASSS! Keeping it simple and CONSISTENT!!!!!!!
I'm a zero based budget convert, I thought I had a handle on my spending before using one but I did not. Using a budget has allowed me to save and invest more and still have plenty of discretionary cash for vacations, eating out, etc. I also started using sinking funds for things like trips and big purchases which has helped too!
YASSSSS!!!!
I need to do better with adhering to my monthly budget and not spending on miscellaneous stuff 😊. Recommitting 🙌🏾
Thanks Kate
So true that an emergency fund brings peace.
Congrats on 50k Kate 🎉❤ you’re such a gem 💎
Thank you so much!!
Kate, I would find a video on investing really helpful. I had gotten out of the habit of budgeting and have started doing one again. I feel so much more in control of our finances.
Yes, I'd like a video on investing. I didn't start my retirement funding until I was 45.
SO GLAD YOU STARTED!! YASSS!
“No time like the present!” “Better late than never!!” Best wishes!!!
Emergency Fund is my focus this month after having used some of it for an electrical repair this winter. I am so glad I had it, but now it needs replenishing.
45? You look way younger!
Thank you so much!!!! You made my weekend:)
♥️ I’m glad you focus on the basics! That is what I need.
YASSS!!! This is music to my ears. Thanks Martha!
Great information. Trying to stretch that gap as far as possible is my current work in progress. Thanks
YASS!
I would love love for you to do a video on investing. I know I would understand it if you did it😅
Thanks Nikki!!!
I started at age 25 with my Roth IRA and it tax free when your 59 1/2 when you pull it out it’s the greatest
YASSSS! AWESOME Emily!!!!!
Yassss!! No debt, live below your means and invest!
Thank you for all the great information Kate. I would love to see a video on investing! I am a senior who plans to keep working as long as I can.
May you, Kaden, the whole cast, and whole crew have a great week-end.
Thank you so much!
Hi Kate and KSquad! I'd love to hear about how you invest, Kate. Have a great weekend x
YOU TOO!!! Thank you!!!
I need to focus more on budgeting. I need to be more consistent.
By time I go and plug in numbers, I've already spent more than I should.
YASS Roberta! Consistent budgeting! You've got this!
I agree about the credit card debt omg it was bad so bad. I got 2 more paid off still have 3 more to go...I got 4 paid off during the no spend ❤ gotta get this gone. ❤
Congratulations Amanda. Keep going 👏
You've GOT THIS! SO PROUD OF YOU! WOW!
@@KateKadenThank you that means a lot here we go to debt free. I am so ready 🙌.
@@sandrafromscotland Thank you. ❤️
I never want to financially struggle again
I hear you. SAME:)
Great share, Kate. We shared a podcast video the other day talking about how sometimes viewers want new tips and some of the reasons why frugal RUclipsrs share the same tips so often. How that kind of creates a disconnect. We kind of focused on the coffee tip. 😅. It’s a challenge but totally understandable that the oldie but goodies have been around for a long time for a reason.
YASSSS!!!
As you set money aside for emergency and other funds, it is truly helpful to decide how quickly you're going to need each line item. Do you need jail bail money in 1 to 12 hours? If a pipe bursts, the heater, a/c, fridge, unplanned car repair comes up,just how many hours or days do you have until you need to have cash in your hand to fork over? If youve got an insurance deductible savings fund, can the money sit for 1 to 7days; how many days weekends and weeks days included? For example, if you needed that 1 to 12 month ahead money, could you live with month's 2 through 12 taking a little longer to liquidate or turn into cash in your hand? These are the concepts we've used when deciding how much savings money should be available in the middle of the night from an ATM versus more secure in say a CD with minimal penalties for withdrawaling prematurely, versus something closer to or an actual investment. The general rule of thumb is that you get virtually no earnings on money you can withdrawal using an ATM card. Conversely, the more time you commit to keeping your money in the bank, high yield savings, or other investment the higher the earnings.
45? Can you bottle some of that magic east coast water for me?
LOL!!!!!!!!! Love it!
Pay that mortgage girl! We are getting so close…🎉
YASSSSS!!!
Great info Kate. Gosh ! Was amazed that you are 45 years young - you look so much younger - good genes obvs!! Have a great weekend
Thank you so much!
I don’t have excess some months, my own fault! Tiny ( very tiny) Emergency fund. That too is my own fault, blew thru @ 19,000 the first couple of years in retirement. Now have a serious health scare, making it more scary w/o a back up of funds! 😳
I'm attempting to save five thousand dollars in five months. My used vehicle budget is ten grand. I saw a used white Toyota Highlander SUV in my price range. Photos of the used vehicle were texted to me.
Please make a video on investing. I have a 401K that I recently got, but really don't understand it or how to invest in other stuff. Don't know where to start.
45? I thought you were about 35! Living below your means is the biggie. Then investing as soon as possible. To me, the next one is to be satisfied with YOUR life accomplishments. In college I hung with people who eventually made millions in tech and/or were from wealthy families (UC Berkeley in the early 80s). Instead, I had a 9 - 5 job and slowly added to my retirement funds. By 60 I retired with a decent nest egg. It can be done!
Thank you so much! YESSS!!!!!!
Wow that's Awesome ❤❤❤😮😮😮😊😊😊 Kate and Kaden 🐈 🐈 😻
Thank you Wanda!
I really need to budget more. I have a big change coming soon and need to adjust things.
YES! You've got this!
Kate, I have a life insurance question. I’m 70 in good health and I have two life insurance policies. One is for my funeral expenses and the other is just so that I have a little something to leave my two daughters who are both adults with kids of their own. I have no debt except my everyday expenses. I do plan to continue paying the $66. a month for my burial expenses but do you think I would be better off to put the almost $200. a month that I spend on the second policy in savings or continue to pay for that insurance policy? I’m on the fence about what I should do.
Barbara, do you save a little each month anyway beyond the policies? By the way I'm so proud of you for having no debt and being in good health! Taking great care of yourself! YASSSSSS!!!!!
I would love an investing video . But I’m in New Zealand. Roth ?? What?
It took 2 weeks to wrap my head around (& rein it in) my budget crisis.
You did it!!!!!
I really liked this video Kate, it was simple, and I liked the way you explained the 'gap' or the margin, using your hands. I also believe in keeping finances and investing simple. I wish I was also passionate about my budget lol
Kate!!!! Thank you so so much!!! I'll tell ya what. When the budget started working and being really effective...I believe that might have been what FLIPPED THE SWITCH to passionate! LOL!!!! I was like OH MY GOODNESS, this WORKS, I LOVE IT! I'll DO IT AGAIN! (and again...and again!) LOL!
Please do an investment video! I would love to hear your thoughts
Hi Kate, hugs to Kaden. I am excited for your show. I hope Kaden has a lot of fun, and I am sure it will be a hit! Thank you for that MARGIN visual, I will use that with my grandson. Congrats on 50k.
Thank you SO SO MUCH SUE BEE!!!!! I hope you are having a great week! MARGIN! YASSSSS!!!!
I went in to pay extra principal on my auto loan last week and they said thats not allowed. I stayed there and fussed until they did it.
I would love to hear the investing part of it. I use a Roth
YASSS!
Can you please do a video on how or where to invest?
I just started watching you, but can you make a video of why you started and how you realized you need to make the necessary changes with money management? Please. Also, i have not used my VISA since before Christmas as I'd like to pay it off. But I've also decided to move this year to be with my family. So im trying to save as much as I can before the move.
Heather I'm so glad you're here! Just wrote down this request:) Thanks so much!
@@KateKaden thank you so much. I'm happy to be here and learning.
Hi Kate, just an FYI I received a reply comment from your last video telling me to contact your investment advisor pretty sure it was a scam but wanted you to know someone is using your pic to send these out to subscribers.
UGH! I can't stand those:( SPAM IS REAL. Sorry about that. If it EVER gives a NUMBER or recommends someone I did not write that:(
@@KateKaden no worries I knew it was spam but just wanted to make you aware. Hope the play goes well and Kaden has a blast.
I've also experienced the same spam messages a few times now. Living in Canada, savings here are a bit different here.
I only gift my two grandchildren gifts now
Thanks for all the advice over the years. It has helped me over the years to be in a pretty good situation, not rich but not on the street. Today I just watched you tube of some one new about 1st month of unemployment. Made me gag so many times, couldn't watch all the way thru. Supposedly she was working on her budget. She wouldn't cut/lower any category except stopping any donations! Wouldn't cut netflix, gym, etc, going out for treat daily because it's to hard to stay at home. Has to keep the car going because she wants to drive around to relax. The poor little me whining, how unfair, how it was so nice in the past when people sent her money mentioned frequently. she has a rental property besides her place, savings etc Also very,very high income for someone in late 20's(?). SHe never did finish reviewing the budget, just started the poor me routine.
How bad unemployment insurance was going to be.
Sorry about the rant, but after seeing others who did everything to slash their budgets (including myself) to see her whining. She had no intention to do anything about her situation, so obvious.Entitlement, also bad mouthed her past employer( did not mention the name, but anyone in her work experience area would immediately know and gossip would spread easily plus being a youtuber). Was going to tell her to come here but decided she would just delete it. Easier to complain about unfairness and beg instead. Sorry it's so long but was starting to yell at the screen so came here to say thank you for all your positivity. And especially for your simple common sense approaches and no WHINING!
Thanks Haley!!!! I hear you. :) :) :)
Living below my means
Kate do you use every dollar premium? I see mixed reviews and can't find a simple recent video comparing the 2 versions. Thanks for all you tips
I just use the free version:) And I LOVE IT:)
As a rule, I invest the money i had allocated to other expenses and bills, that i did not spend. This is separate from my sinking funds. I do have my investment from my job, but that's set up before i receive my paycheck, and it is for retirement
Love it!
I'm working on increasing my income and building my emergency fund. I don't want to fall back onto credit anymore!
YAS!
I'm retired & I have lived 5 years now on JUST my Social Security income. My IRA is only used for emergencies, like replacing a dead refrigerator. You mentioned a Roth IRA in your video. Do you have a Roth, because your employer doesn't offer a 401k? I rolled my 401k to an IRA after I retired. There were no taxes involved in doing that. My state doesn't tax Social Security. When I have taken money from my IRA, I haven't had to pay any taxes on it to Federal or State. (My state requires that my IRA withdrawals have 6% in taxes paid at the time of withdrawal, but I get it back in the Spring.) In my experience a Roth IRA isn't an advantage, if you're not going to use it for a hefty percentage of your income in retirement. Also, income is usually lower in retirement and the Senior Standard tax deduction is higher. So the amount of taxes you pay on an IRA withdrawal is lower in retirement than it would be when you're still working. Roth IRAs are for people who will be using it for a lot of their retirement income.
Great video, Kate. It really pays to save for retirement. I recommend 20% of your income , if possible. Retirement often comes with unexpected expenses. Don't forget funeral expenses. If you preplan, you save on inflation and save your heirs or loved ones additional difficulties.
Love these guidelines. You're right, simple is best. "A little, over a long time, is a lot."
In Canada, there are Redeemable GIC's. You can receive a higher rate of interest, but still have access to your money if you need it. Currently mine yields over 5%.
Another investment that is a game-changer is real estate. I know the housing market is tough right now, but it will change eventually (it always does). My husband bought a two-family property in his late-20s, rented out half and lived in the other half, first with rent-paying roommates and then with his bride (me!). He sold it for a profit, enabling us to buy our single-family home and (over time) two other rentals which became the foundation of what we have today. Our son (26) is working hard and saving up to buy his first property ASAP. Big goals, but if you’re careful, patient, and do the math, real estate can still be a good investment!
I’m 60, I contribute to a 403 b at work. I have an individual Roth that I contribute $50 a month. I would like to contribute more to the Roth but it’s a challenge.
I’ve always lived below my means and eliminated debt. I think I should’ve invested more when I was young. But since I retired I am fearful of losing money so I stick to safe things like CDs. At least they are paying decent interest now.
Simple is often best when it comes to finances. These are the fundamentals of financial success. If everyone followed these principles people wouldn't be in a much better place financially.
Please do an investment video.
I have learned when having staycations not to go to expensive hotels we know only for summer go to an inexpensive accommodation lesson learnt
Do a video on investing 💰
Are we going to see you tomorrow for happy frugal friday?
Yesss😍😍😍
New sub. Great video so one point with the money rules
Welcome!!! Thanks for subbing! I'm so glad you're here!
Thank you Kate for the advice.
You're so welcome!
Thanks Kate #ksquad
Good advice. Always budget ✌️
Me. Emergency Fund
🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑
Love your videos! Thank you❣️
You are so welcome!
Kate -love your videos . Have you read JL Collins “The Simple Path to Wealth”? Love the “12 Week Year” that we have been reading together.
Hi Amy! YES I have it RIGHT here on my desk! LOL! I love that book. And I love our 12 Week YEAR!
Thank you for sharing about the $7000 max for Roth IRA, I didn't know it went up this year!
YES! I was excited about that!
hello Kate and K- squad. this was a good back to basics. I have to echo your focus on creating and living with a budget. When I started watching your channel, I did put everything into a budget and felt very proud of myself. However, while you. "Meal plan ish" I tracked my spending ish" only the last few months have I really committed both to tracking everything, and I do mean everything. And enjoying the feeling of having that gap. it feels good to be secure, really secure about where my money is and what it's doing… Also 45 huh, well, RUclips, Kaden, and the cats must keep you young. Take care.
Thank you so much Karen!
Thank Kate ,i love your authenticity!You are such an inspiration. Keep them financial nuggets coming!
Thank you so much! You got it!
Definitely need to increase my ROTH contribution to max out. Great list😊❤😊
YASSS! Hi Cat!
Please please do make a video about investing!!
Thank you Kate. Have a great weekend. ❤😊❤
I am 55 I thought you were 35 not 45 lol
Oooh thank you so much!!!!!!!
Honestly, Kate, you are like a shot in the arm! I'm doing what I need to do (being in the UK, rather than the US) from these 5 points, and I'm so happy to have control over my money and my choices now at last.
I've been able to retire early (before the UK state pension is payable). It's too late for good health, so it's a good job I don't much fancy travelling, as some people do. But my time is my own and I have enough money for a quiet, content kind of life. I cannot tell you how good that feels.
And I have a project to set up a business later on this year when I've got some other things dealt with. So I am living proof that you can get yourself out of debt with a commitment to a frugal but enjoyable way of life, and then morph into having a simple, happy life where the math does math, as you would say. Warm greetings to you, K, Mister H and the girls!
YASS AMANDA!!!! YASSSS! so proud of you!!!!!!
@@KateKaden A lot of it wouldn't have happened, or wouldn't have happened so quickly after my past financial mismanagement, if I hadn't had this YT channel to give me a little lift each Friday (and sometimes on Sundays and Wednesdays). Your frugal inspiration has been a real factor in my being able to get the best possible outcome after the mess I'd made with my money, Kate. So it's all your fault, LOL!
With inflation we are adding to our 6 month emergency fund each year!❤
Love it!
Video on investing PLEEEASE ❤
Yes please do a video on investing
I'm struggling with going out to eat. I tell myself I won't do it, but then I get so tired that I go out to eat or get takeout. Then I end up living beyond my means. Has anyone struggled with this? If so, how did you stop doing it?
I make freezer meals and choose something I really look forward to eating. That helps a lot! I will also put something in the slow cooker in the morning so everything is ready for me at the end of the day.
@@SpatchG Thank you! I will try that!
I agree with @SpatchG and to take it out in the morning so you see what you're having. Also try having a snack late afternoon so you're not as tired when you get in.
You're SOOOO helpful!
Wise advice Kate!!!
Thank you Kate. You are so inspiring ❤
Thank you so much Maria!
Kate: You do a wonderful job! Keep it up.
Thank you Sharon!
100% spending less than earnings is #1!
YAS!
❤💰💵 🇨🇦♥️
I would never invest any of my money !!
Oooh, do share. What do you do instead?
I have a money market instead
Excellent 😊
Thanks Shelby!
Good advice!
Thank you Pamela!
Gracias.
You are very welcome!
💖💖💖
Hi Milda! HAPPY FRUGAL FRIDAY!
I'm 37 now and this video makes me look forward to what 45 will look like for me ☺️
YASSSS MARIA!
Hey Kate Kaden,
For business inquiries can you tell us your email?
Hi there! For business inquiries: katekadenchannel@gmail.com
Thanks!