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How to Stop Living Paycheck to Paycheck
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- Опубликовано: 10 май 2017
- How to stop living paycheck to paycheck. Stop trying to keep up with others and becoming more humble can go a long way in saving money. For the bottom 1/5th of income earners, about 30-35% of income is actually spent on luxuries. Luxuries are the items that can be cut to help you not live paycheck to paycheck.
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I just snap the person's neck when my saving habits are ridiculed.
frank castle, does John Romita know where you are?
Always.)
You punish them
As a disabled person living on Social Security, I cannot tell you how valuable your videos have been. Thank you and keep up the good work and please keep us in mind for future videos.
Ha! I'm glad! I think SS might mean more in terms of living on fixed income and trying to make thins work. These methods of course work on that as well. =D
I think one of the most important things in money management is learning how to keep the money you've earned. Your videos are helping me become more frugal and it's saving me a lot of money! It's crazy to me, I didn't even know what the word frugal meant a few months ago. Thank you!
Keeping it is an art of sorts. When you have some saved up, people tend to get itchy and want to spend it. Glad you found my channel somehow, I'm sure it'll be very rewarding for you to keep this up. =D
No Name lmao. How come?
Be humble! Yes that's much better. Plus, you don't have to be broke just to prove yourself to other people. Confidence is also key, just be yourself and you'll save a lot.
Being financially independent gives a lot of confidence in itself. =D It's a sort of positive feedback.
BeatTheBush I felt confident too in living in a Carboard Box beside a Homeless shelter so that i could get a meal and a free shower. DO you know how much money from my paycheck i would save.? I could retire in 1 or 2 years.
But I still wanna buy nice things, who doesn’t want an iPhone? Make more money and get what u want
@@king720s7 I don't want an iPhone. I have a €250 Samsung A50 and it does everything I want it to do and more
I like you man. Simple guy making simple videos about living a simple life. Consider me a subscriber. Keep it up
May I ask, do you work in IT? Are you raising a family? Just curious lol.
Thanks for subbing! =D I'm in engineering, not raising a family just yet.
Definitely can’t wait to see videos in the future when you do have a wife and family 😂
People are often afraid of being "old fashioned" or "not with it" when they waste their money on new stuff. They think they will be embarrassed if they don't have what others think they should have. I don't have a cell phone. Never have. I have a landline. I work, and sometimes a cell phone would come in handy, but maybe only twice a month. I return my calls when I get home. I am more responsive with no cell phone than a lot of people are who have cell phones. People make fun of me for it. I don't care. They're not paying my bills. I don't have a TV, either. People cannot even get their head around that. They just stare at me. I don't have a dryer. I hang my clothes on the line. Being humble is an important point you make. It means not feeling obligated to rise to what other people think you should do, what you should wear, or what you should have. Thank you for the video.
Well, it IS slightly embarrassing sometimes. You just gotta not care or know how to fight back via bragging about how great your old phone is. I do that sometimes. But more often, people are dumbfounded how I can still use a cellphone and they can call me, yet I do not pay a monthly fee.
What kind of phone do you have that you do not pay a fee? Is it a prepaid phone?
I mean free phone service, not the phone itself.
BeatTheBush She have reached the ultimate gaol of not living from pay check to pay check and must be financially independent. No tv, no dryer. Maybe no lights or running water too.
How is the service with Freedom Pop?
"You wanna live in a safe place where bears don't attack you" Very true!
Ha ha, yeah. Or someplace with less crime the better.
I live in the country with wild animals and bears the city has people but at least you can reason with a human an animal just attacks
Haha, I was looking for someone else who noticed! :D
Really great advise. I feel like deep down we really need to hear this message because we're attacked every day by ads wanting us to get more and more. living a minimalist lifestyle helps as well. buy used and sell any unused items. having a significant other and friends who are like minded is crucial to being successful at this. A lot of luxury money can go towards trying to impress that special girl/guy in your life.
Thanks! Glad you like it. It's really easy to think things will buy happiness since you can touch and feel it while also giving you those temporary boosts of satisfaction.
So true
Your video is so true!!! It drives me nuts when I see my friends spend their money on pointless things only to complain that they don't have any money/don't know where there money goes to.
And when I tell them to start saving, I get told "Well, you grew up privileged and your parents give you money." Yes, my parents give me a bit on my birthday and Christmas but that's it and I consciously choose to save and invest that money.
They earn 2x or even 3x as much as me and yet I have a bigger bank account. It's not about privilege, it's about refusing to be financially responsible.
I hear you. But you can only change yourself. You continue to do what you do and you get the fun of watching everyone spin their wheels while you move forward. You could try to help others but a person can only be helped if they are willing to be helped and have enough will power to do so.
BeatTheBush Thank you for your reply and advice. 😊
I know your right. You can't help someone who won't help themselves.
Avalee S sometimes ya needa block out certain people as well, been there done that.
I don't need a cable subscription because I have all your videos.
Lol. Only a few minutes of material a day though. =/
@@BeatTheBush Then you can start all over and view previous videos--that way they really stick with you!!!!
Does this guy rock or what?
=D Hope it helped. =D
jus found your channel..dound myself as a single mum to a 4 year old after my husband got his residency and left leaving me with debt. I lost every thing and renting a room with my daughter living pay check to pay check..I been doing some of the things you mentioned and will do more. thanks very helpful
+Jacqueline Eze Oh wow. Half the debt is split in that case? Props to you for surviving as it must be very difficult.
Jacqueline Eze So what happened you help him get his legal residency and he payed you back like that?
Alfonsina y El Mar
greetings Alfonsina
I meet him in Kl Malaysia and we courted got married in KL.after a year I pay for his college in kl and then by two years sponsor him to Australia . I find him job and by third year together we have child 3 years from entry date he got residency and walk out leaving me with baby yong he didnt need wife or family. . by then I had sold my home life saving exhausted on businesses that fail .UNI I paid for him was a way he picked up other women . he was a CON ...
Sorry to hear of your misfortune. Keep your head and keep working at it. You will get out of debt and things will improve. Stay focused and hang in there.
Jacqueline Eze Yes he was a Con man but if I was him I will be very afraid of Karma He has a big thing coming to him he has set the wheels of karma in motion, May God bless you and keep you safe you will get through it.
I just subscribed but I've been watching since the new year. Your videos have really helped me become more aware of my spending and savings habits.
Thanks for your sub! =D Really great you are more aware as that's all it takes. Then you build on this and make things better and better. =D
The phone part made me laugh. I have mint sim and pay about $11 per month for 2 gigs of data, unlimited talk/text and people have made fun of me. I don't care one bit I am 100% happy with it, and I just pay a year up front and don't have the recurring bill. I love it, and the service has been great in my area.
Only $11, taht's pretty good for 2gigs. Is that over VOIP or celluar?
It's cellular. The rate we got locked into for 1 year (which is optional bc they don't have contracts) was $11.67 per month for each my wife's iphone and my cheapo smart phone.
I'm like you I barely even use my cell phone so why would I spent ~ $100 per month on a phone bill? It's over $1,000 per year we're saving by not having our old sprint plan and over $2,000 per year less than our old verizon plan.
I am exactly there. I have Sprint now, and the contract is up at the 1st of the month. They have me leasing a crap phone and I would have to upgrade and pay 115 starting next month. Not happening.
I am doing what you did, thanks for the tip.
WPWithTom same here man i got robbed a month ago and they took my $50 android LG tribute and i had nothing to worry about because it doesn't really hurt my wallet cause all i use is youtube and messenger and phone calls.
Thanks for the info.....I'll check out Mint.
My problem is saying no to friends and not being embarrassed to be a frugal person. My friends call me cheap. They spend all of their money.
It has a lot to do with frequency of doing things that costs a lot too. If it's too costly, you could do them less. And if they are real friends, they would be open to doing things less expensive. Because after all, it's about spending TIME.
Landmark Spy it sounds like "friends" who don't deserve the title!
Friends will pick either way, in the end you are the one living with yourself. Don't try to impress and save your money but you can always buget a little in for fun
Well im glad i have cheap freinds even though we make good amount of money because real freinds are just to spend time relax and forget about the world you dont need to spend money to have an adventure
Maybe a better word than frugal is a good manager. I tell my fam I'm a budgeting fan. Most of them never have a penny because they spend their entire paychecks on crap.like ridiculous mortgages on homes they really can't afford.
I get free coffee/tea from work and they also provide free snacks such as fruits cookies. I cut down on my expenses that way too. Also I toss my garbage at gas stations and at work to save on disposal fees :P
Be careful with the cookies as it's all sugar. Do you pay disposal fees on a per unit basis?
We have never lived paycheck to paycheck, even when we were making very little because we made it a priority to save up and have an emergency fund before we even bought necessities like food. We also saved for years for a newer car and other big purchases and didn't even think of financing it.
Wow. You save up before food? How can you do that? I guess you meant eating less expensive things perhaps.
Rule #1 of personal finance. Spend less than you earn. If you do this, no financial problems will arise.
I agree with you teaching people wants vs. Needs. But the problem is you need to put this into the concept of the budget. Money in - money out.
There are only 3 types of expenses. Fixed (rent, phone bill, insurance) Variable (gas, electricity, food) and unplanned. By definition, you cannot plan for the unexpected. The only thing you can do is take the excess money you get from spending less than you earn and save it. Then, stick to the budget. When life happens, boom, you have the cash to handle the situation.
That is how you stop living paycheck to paycheck. *Mic Drop*
I am glad you collab with practical psychology. Your videos have provided me so much values out of school and I just want to say thank you. Thank you so much, BeatTheBush! :)
I'm glad! I wonder if people that follow my vids will turn out well. Maybe a rich generation regardless of income level that doesn't care what people think like a honey badger.
Buy things on sale. Sell everything you don't need. Cut out the time wasters and use the time saved on earning more money.
That's a great way to put it.
btw TY I'm Filipina living in the States and I spent lots of money in the past shopping, splurging with nonsensical things etc...but now I'm a bit frugal...I know how to cook Filipino, Italian , Japanese etc...and i make my own gourmet coffee so I save money that way and have no rent and housebills for I live with my bf..but I just pay my own bills like car payments and insurance, cell phone and lately I had been splurging for lunch daily like $10 to $12 a day.and it has to stop now!!! Thanks for the reminder. Awesome info. Thanks again💜
I agree about the phones.... over $100 a month for communication and access to internet is absolutely ridiculous .... don't even get me started on satellite tv lol
Somehow they get you in the most essential parts of life. You could argue internet is just as needed as Food and Water, lol. How else were you able to watch this video?
BeatTheBush ... that's true..... lol.... but I think the prices could be cheaper
I wish it's free internet for all.
Throw your tv out, it wastes your time and is microwave to cook your brain
in india a telecom provider called JIO provides unlimited national calls, unlimited SMS , and 2GB of 4G data every day with fup for 3 months for 6.23USD.... thats 180gb of 4g data
I so agree with this. I enjoy luxuries, but they are going on fantastic vacations and having ca$h in the bank. Not renting my lifestyle. Sometimes I forget it's pay day. I love that! I love being able to pay for my luxury vacation before we even leave for it, than not being able to enjoy life because I continually pay $600 for a stupid iPhone which esentially, is still just a phone. LOL crazy.
As soon as you have some money saved up, you save money just by being able to pay for things rather than finance. You can buy things when there is a good deal rather than pay much more immediately because you couldn't buy it in preparation.
LA Woman68 it depends on your priorities what makes you happy . Some people like buying nice things , some people like nice vacations . So we can't say doing this is right or that is waste . All it matters is do you have money to do what you want. If you have money to do those things , then enjoy which ever way you want . Otherwise you will be broke.
great video....wish more people would actually listen and do and stop complaining
That's the interesting thing about a 'population' No matter how easy or reasonable something is, there will always be people that do something else. It's fine actually since we are not robots and we can do what we want to do.
I starting seeing your channel quite a bit from some of the other people I subscribe too. I can truthfully say that I'm now on my seventh video of yours. I don't want to say I'm obsessed. Just a lot of the things you say in your videos are true and it's just extra things I learn about. A few things I'm aware of, but I believe it's always good to listen to other people and just learn. Thank you for your great content, and you have a new subscriber.
I think you might mean you see my channel listed as recommended or are other channels talking about my channel in their videos? I really don't know who is doing this other than the ones I collaborate with. Thanks for your views and sub! Sometimes it's great to get a refresher and really gather additional info for yourself. =D
Yes, what I meant was if I'm on another video. It would actually show yours as "recommended".I'm glad you enjoyed it, your doing great and I've noticed your growth too!
I did an excel sheet of my expenses to the penny
It was a good wake up call aside from my $90 phone bill
And $40 gym bill
I spend about $80 a month in luxuries.
I'll say $160 just to be humble.
these are the stuf I do to save money.
1. I love movies but I never go see the movie on the opening night or anywhere between first week til the end of the month. I keep my eyes open and see how long the movie lasts in theater before I decided to see them (I.e. $12.95 per ticket) by the end of 4 weeks it costs around $5.95 or lower if it's showing in the afternoon. but most of the time I go to the dollar theater ($1.00 a movie) lol and I watch 1 movie a month depending if I'm going to the dollar theater then like 4 times a month.
2. I have TV in my apt but I don't have cable or satellite service, instead I have normal basic 4 channels which is like a default channels every TV gets lol.
3. I have a smartphone but it's not the latest smartphone (i.e. galaxy S8 or iPhone 7) I have a free smartphone that I got from Wal-Mart with service plan which is $35 a month.
4. I sometimes buy vintage (nice way of saying old clothes lol) clothes from thrifty stores. You can find some that are never worn by ppl, they're there cuz it didn't fit right or buttons/zippers are missing etc. but it doesn't bother me cuz I'm pretty good with needles and sewing machine.
only thing that I can't be frugal is my internet service sadly... I can get average speed but I just lack in patience and hate hate HATE slow connections XD
You could try for the freedompop service I use to get off the $35 a month plan. it has worse service since its an internet VOIP phone so that might not cut it for you. ruclips.net/video/W7CKRKiZx4I/видео.html
You have made some very good points and I follow a few of them to a certain degree. However, and I'm only speaking of myself, I find that all of that saving and cutting back is fine, but you have to have a good time because life is way to short. I knew a gentleman that saved his entire life and never went anywhere, no vacations, rarely buying anything new except when he absolutely had to. He finally retired, all is well, right? He died a week later, massive heart attack. This man never got the opportunity to enjoy life. Everything in moderation. Love your channel, great work.
I totally agree. Our needs are basic and can be met if we are honest with ourselves. Great message BTB.
=D It's interesting that most paycheck to paycheck living ins not a result of making too little but rather spending habits.
Bruh that slide transition @ 1:44 killed me
=D
I've only watched a couple if your videos but they've been the most helpful I've found for lower income. I love that you show your own figured in your budget too. Having an example to go off of makes a huge difference for me. Thank you!
BTB is around my age, and I feel like he is the father I wish I had.
He has a very fatherly type manner of conveying things
🧑🏻🏫
are you capable of making a bad video?
lol, thanks for your support! =D
hi there i work all low payed jobs since september 2016 now i am about to do coding is that a good job since i dont have no degree i am currently studying front end developer do you think i can make a career out of it >>???
james willis - I did, just depends on the people you know. Try getting a job as a developer at a small company or startup, learn as much as you possibly can, on and off the job. I was hired as a .NET developer when I was 16 at $9.50 an hour, fast forward to now I’m 19 and make $22 an hour. I was no where close to an amazing developer when I started and made a lot of mistakes along the way, but it has definitely paid off
Cody Kiser $22 an hour isn't half bad for a 19 year-old... I'm thinking on going into web-development. I'm 16, and I've done work experience in the IT department of an electronics company (the particular factory I was at happened to be the global centre for IT for the whole company). Do you have any advice?
You have the best channel, I am just getting back on track with my finances and you have been GREAT help to me!
Glad to hear! Pretty easy once you have it setup. Watch out for the recurring costs!
I remember Maslow's hierarchy of needs from college days--it is surprising how much "stuff" we simply do not need. If one is careful it is surprising how much you can save from your paycheck, if fact, if you think about it, you might be able to save your whole paycheck if you know how to make money on the side and pay for your living expenses--you might not do this long term but if you need to save it could be done.
These are really good videos. They deserve more views!
Thanks! =D
Omg I love your videos. I don't know why I think it is because you seem very sincere and share your knowledge with viewers with a nice intention. Keep up the videos they are great!
Thanks! Glad you can find some use of the info. =D
"Be more humble"...Well worth the time watching the video to hear that! Thanks.
Excellent video and data shown. Your idea is exactly how i approached killing my debt and beginning to save. All i did was cut my expenses down to the bare minimum, started working a bit more, and put the difference into debt/savings.
In this process, i realized i spend a lot of money on stuff i could live without. I cut $700/mo of spending and scaled back my hobby spending significantly. Eventually i was packing away $1500 a month.
There is a social cost, and i decided it was well worth the price. I am a web developer and got a lot of flak for having a $20/mo flip phone during this time by coworkers. I got flak for buying a 1990's beater car. For wearing clothes purchased at thrift stores. For showing up to work with the aftermarks of grease on my hands from doing my own work on the beater car. For refusing to eat at restaurants and always packing a lunch, etc.
But the more frugal i got, the more i was resilient to social pressure to spend. It became very surreal to see how other people, even low earners, spend their money. I have even watched a few people spend their entire wages for the day in a few hours and it drives me nuts. I started to develop kind of a FI preacher attitude like you talk about, and made a few converts!
I am actively working on becoming a higher earner, but i think the frugal habits will continue. It just doesn't make sense to spend money unless necessary. I've became accustomed to my beater and plan to drive and repair it until the body rusts away or the engine blows up. And when it finally dies, i will probably pick up another. Total cost of ownership on a $1000-$2000 car is actually very low if you know how to turn a wrench and/or watch a youtube repair video on your car, i have found.
Ha! Sometimes I have faint marks of grease on my hands too, it just doesn't go away until you wash your hands over the course of a day or two.
In a way, you could say striving for financial independence is choosing to buy your life back which much more expensive than phones, cars, or restaurant lunches.
Yup. I read 'your money or your life' and it really nailed down your latter point for me.
My 1994 Cougar died not long ago, and I went out and bought a 2000 Taurus with very low miles for $1,900. It is in good shape, and I plan to keep it until something major breaks. I find that clothes from thrift stores look exactly like new clothes after two washings, and cost 1/10th the price. I just can't justify giving money to all these companies who have their hand in your pocket every step you take. I feel excited to know that I avoid most of the traps set to take every dime I have. Keeping what you have is the trick, not always going out and making more. Thank you for the video. You do this very well.
One way to save a lot of money at your job is by taking your lunch from home. A quick lunch at any fast food or restaurant, could easily set you back more than $10 daily. So if you take your lunch with you and put $10 bill on a piggy bank, at the end of the year you could have over $2,500 saved. If you dont live too far away from your job, then you should consider buying an electric bike to go to work. You can save a lot of time stuck in traffic and save a lot of money at the gas pump.
Yeah.... wow $10 really is the new price for just fast food. Insane sometimes you can get slow food for $10 also.
BeatTheBush Fast food is actually like 4 dollars or 3 if you get water and smaller portions.
You hit the nail on the head. Most people get in financial trouble because they want to show off to peers. I changed my spending by moving to a much smaller place, not fancy at all but good area. My stress level went way down, I don't have to worry about paying basic bills.
Happiness goes up. Enough said.
Budgeting is so hard to do at first but once you start and see how much money you have left over helps to change your mindset.
I have paid off my car and don't plan to buy any other one for awhile.
Have a 6 year old phone but hey it still works great.
I have paid off my credit card debt. Will hardly ever use them again unless for small purchases that don't exceed $35.
Don't eat out, drink, smoke! (I've never smoked or drank but I save lots on cooking from home.
I have a $10 cable plan(direct tv, att gives $25 credit).
Pay $43 for my phone plan(I pay for $135 for 3 lines)
I only buy clothes/shoes when I need them. Usually stuff on sale or out of season to save more money.
Meal plan and buy groceries for a week depending on sale items.
I'm always looking for more ways to save.
Those are a good amount of saving tips! I do like to use credit cards for points and sign up bonuses if you are savvy with handling credit cards. But if you are not, then better avoid them.
Phone plan... looks big to me but to each their own. Some people need a reliable cell service as my service is not too reliable but its free.
BeatTheBush the phone bill is a bit higher even for a single line but I was always going over my data and it includes coverage abroad and that coverage gets real expensive. I save here by using data to make calls rather than using my minutes because despite having coverage, calls to other mobile phones are darn expensive.
thank you, this video was definately very helpful
You're very welcome! =D
it helps a lot! I always spend way more money than I should. Cutting my expenditure to the bare necessities is kinda hard for me. But I absolutely need to start practicing to spend less and save more. Hopefully I can save some money this year.
It is indeed hard and you have to reward yourself a little be to not feel deprived. Just a little though, depending on how much you save... say 10% of what you save?
I love watching these tips and pieces of advice. They get you thinking about things in a different way and help reduce waste!
You're welcome! It really does feel great to only take what you really need from nature and consuming the resources it offers.
ok I have just watched two of your other videos. You crack me up. Something about your sense of humor. Thanks for the advice 😘
I think I wasn't really trying to make jokes or anything though. If you could tell me what was funny, I would appreciate. =D
packed macaroni and cheese! Hut to keep warm... Also your video on beef jerky love it.
Interesting. Thanks! I don't get to watch people watch my vids so I have no idea how people are reacting. I'm just talking to the camera as you can imagine. =D
Love that smile 😃 keep making videos
=D Will do! =D
Maslow's Hierarchy of Needs. This is a classic concept in Psychology. I never thought of it in terms of one's personal spending. Brilliant.
=D
You are so right! I'm truly enjoying and learning from your videos. Thank you for sharing your knowledge.
You're welcome! =D
You are a great teacher and this video really helped me to distinguish between what i really need and what is luxury. Thanks for uploading
I actually know all those things but it helps listening to it too! It keeps me motivated and focused.
I got my Smartphone, a Droid, for free on Black Friday with my carrier, then used an employee discount for every monthly bill. I protect my small homes. I love the phone, helped me learn my new neighborhood and even found the place as trees Thank God, we’re covering the street name. I know others gave up but not me.
It does drive me crazy when people spend so much on cable and amazon prime and Netflix and Hulu and hair and nails and then buy electronics on credit and then lease a new car and then they cry when they don’t have savings for an emergency.
I like yr videos so much. I didnt think about being frugal very much. But since ive watched yr videos they really help me to think about me more budgetting even more....😊😊😊
It's true just focus on the basic needs. It's the media and people who wants to make you believe you aren't hip enough
I love that your frugal. 🙋🏻
Is there a frugal club? Lol. The club will have no sign because it's too frugal to have one.
BeatTheBush ba ha ha ha lol
I'm a visual learner, I appreciate the graphs and charts :D well done research as well
=D Glad it works this way for you. =D
The easiest way to save money is to never date, never marry, and never have children.
That does save a lot. Hopefully, one can make more than enough to be able to support all those since having a wife can extend your life on average by many years.
You can split costs with a partner though
Would you be able to talk about life insurance, which company to purchase from etc.
Noted, Thanks!
So true! I’ve really cut back my non-necessary spending and it gives me hundreds to put towards savings. And I’m safe from bears 🐻
Thank you, I am changing my ways to see money and also starting to spend less or just not spend at all on extra things that I don't really need in a long term.
It really takes practice to not have the urge to buy more. Just don't beat yourself too hard if you trip up here and there. Do a groceries purge... or not buy any new clothes for a few months.
why do i watch this im 14
Its great that you are. Then you can understand the soda and pizza they serve at school is terrible for you.
i dont go to american school here we dont eat tings like that lol im in a poor country
Probably better. =D
Because you are wise grasshopper. (google kung fu, the tv series).
@Hacking Mouse because you're ahead of the game
I love this topic.Your correct some people show up.My husband flip flop phone more than 8 years old.
I got so motivated by this segment and I was ready to move into my van, but my wife said no.....
Great advice thank can't wait to hear more
Will do! =D
Thank you so much. All of Your videos are so helpful. Mahalo from Hawaii!
Thanks! You're welcome!
I could cut out internet saving us $71 monthly. And I could go to a flip phone from Android phone. It would save me $15 mo x 12 months. ($71 x12 savings on internet). Cut Netflix $ 10 @ mo. Your videos help me really think about my money.
I like your thinking, thank you for sharing.
Awesome video. Thank you.
This is all very sensible advice ...thanks to Beat the Bush.
You're welcome! =D
awesome vid . I'm 22 from US AND thanks for your advice and tips .
You're welcome!
Awesome video! Definitely going to share with video
Thanks for your support! =D
nice to be supported. Thanks
One thing that helps out that my mom mentioned to me was, she said you make 26,000 a year just for being a security gaurd and you been working their for 1 year now, and I said yes, But then she said now out of 23,000 a year , 1,804 a month, 460$ a week, and 92$ a day, how much do you have saved in your bank right now? I answered 76$ bucks and then thats when I realized man I due have a spending problem.
Well... you'll likely spend a huge portion of that in living costs. So don't look at 26k at full value. There is running fixed costs.
one of my biggest regrets is wasting a TON of money buying stuff stuff and more stuff...stuff i didn't need, nor use, nor sometimes even want....i would be wealthy if i saved that money instead.....thanks for all the good info you provide
There is a certain zen to buying stuff you actually use on a regular basis. It takes practice to do that I think, nobody ever teaches you.
Short story: Binged on your videos, so my response to this video is a culmination of many of your videos.
I had six iPhones: one personal, one for work, one for my spouse, and one for my three kids which gave me a $300.00+ phone bill per month - not counting my house phone for my fax machine.
Because of poorer than average grades and bad influences by friends, I've confiscated ali my kids' phones for months, so now I'm going to cancel them. They don't need phones. I gave them phone for me to be In contact with them, but they don't answer every time I call, so there is no use for these phones. This brings my phone bill down to $160.00/month - saving $140.00!
I'm a widower for about a year an a half, so I'm not quite ready to rid myself of that phone, but that's the phone the Kids can use when they go to school events (football games, prom, dances, etc.... )
I cut my insurance, like you, to $37/month, but I have two cars - my work car and a family minivan - both paid off. I'm saving $34.00/month.
I increase my exemptions so I don't get $8-10,000 tax refunds = increased monthly of $600-$700/month
I complete paying for my spouse's hospital bill end of December, and instead of saving this money, I'm going to "snowball" the former payments to pay down other bills ($670.00/month)
I was able to scrape up about $1,400.00 to apply to my debt, and this is in addition to the money I had already budgeted for my debt.
I'm also going to change my mortgage payments to biweekly with $500.00 extra per payment ($1,000 extra every month) to hopefully pay off my house in less than ten years.
I've never been this aggressive toward bills before. I've been aggressive in many other parts of my life, so I know I can commit and complete, but I've never focused on my debt.
I appreciate your videos and learning from your experience.
Nice... those are some excellent steps! Sounds like an ALL IN process for you, nice!
My issue is that I have chronic illnesses and the reason I live paycheck-to-paycheck isn't because I'm blowing my money on stuff I don't need. I live paycheck-to-paycheck beause after my monthly bills (mortgage, car payment, insurance, utilities, prescription medications) and groceries I have a bunch of medical bills that I'm trying to pay off.
good stuff ! KEEP IT UP
=D WIll do. =D
I grew up with really strict asian parents lol. They've taught me a lot of stuff like this hehe. My philosophy is just save 60% of my salary, invest it. Then 40% I spend on all of the stuff I want and need.😄
Or save 80% 90%?? Important thing is to take out a portion for fun money. Example. $50k/yr income. $30k expenses. $10k saved after taxes. So spend say $2k on fun stuff.
Inspiring! I'm still working on this.
Sorta spartan living I guess but then basic needs are met.
This is informative video. Can you also make a video on how to balance saving (not loving paycheck to paycheck) but at the same time enjoy life? Thank you. 😊
You can indeed scrimp on yourself way too much if you save every penny. Depending on how much you save, I have talked about taking say 10% of your total amount you save and spending it on fun money stuff.
black coffee does curb hunger. i had 1 coffee in the morning plus 1 water. 1 can of sardines for lunch. then 1 coffee and 1 water around 3p.
Yike... only one can of sardines? What about a little bit of carbs and veggies?
I knew it! Mac & cheese is a luxury food! Pat on my shoulder i only consume coffee and snacks at work. Thank God for my job!
If you think about it... coffee and snacks amount to not that much cost per year. But while you are working, every little bit helps.
I dunno that’s super sweet book shelf with Xmas lights looks pretty luxurious to me 🤔😂
Ikea, lol. Xmas lights was a review unit I got for free.
helpful and encouraging!
Very helpfull as always. I moved 2 months ago to a new apt. and I have bought furniture and everythig that I needed. But lately I have become a compulsive shopper for sure. I spent my savings. How do I stop? I just feel like this urgency of having stuff that before I could not have. Whats your advice?
Well, the new living arrangement may be in itself a huge money drain. You can buy just the bare necessities in furniture but it seems you did that already.
I think it takes some experience to find out for yourself the these things may not be what makes you happy. Sure, I buy stuff I couldn't not have before as well but to me, the more you buy the more you weight yourself down to be able to travel or move more easily.
+JazmineLAMBARCA If you get the shopping bug, I highly recommend going to thrift stores. You can walk out with a ton of stuff for very little money. Clothes can be had for dirt cheap. And, in thrift shops, you can usually easily find vintage or antique household stuff. The old stuff, usually made in Japan, is much better made than the plastic crap made in China today.
very valuable information
Thanks, hope you can make use of it. =D
I'm currently in the process of eating some humble pie as we speak. From age 18 until now (28) I've always had to have the best pocket knives, the nicest car, the baddest motorcycle on the block, the hottest girlfriend, the best cell phone, just the best of everything and I only make $11/hr. It has finally caught up to me. I'm about to be living in my car for a while so I'm working on getting rid of all the high end stuff and downgrading from the nice house to an apartment
Focus what is important to you and not what you can show off with. Things that have lasting benefits usually costs next to nothing. =D
I know a 50-something who's both an accountant & a seasoned tax lawyer. Sensible & frugal w/ most things, but can be impulsive when s/he sees the word SALE. Makes a lot of money & all but is strangely not financially-literate when it comes to investments. I guess s/he's got the money-saving down but not the wealth-building part... It's great that good finance practices are more democratized now, though. I just wish we were taught about these things sooner--maybe formally in school.
I think information on living sensibly has always been around in books but then many probably never bothered to read them. Videos are indeed a bit easier to digest though.
I agree with most things being a luxury...👍🏾
I would emphasize, if you need a car for transportation(public transit isnt good outside cities) then NEVER BUY NEW.
A new car even if financed steals thousands of dollars from you. Depreciation is money turning into smoke when you drive off the lot.
If you can't afford or don't want to throw away thousands of dollars, by used. It can be a year old, two years old and still be in mint condition, sell after 3 years and buy used again if you want fairly recent vehicles.
But to get the most value, drive it until it has major mechanical problems. Which can be 20 years in some cases. That is 15 years of no car payments if you financed.
I am glad I found your channel. Thank you
We think we know how to spend and we really don't realize underlying reasons why we buy things we don't really need. I've made many mistakes but i remind myself almost every day to not use money as a way to gain emotional happiness or comfort which causes overspending or just getting unhealthy food like, soda, chips. also, i don't order the "meal" at fast food - only entree and or a child meal which includes the drink. i know that sounds crazy but I don't spend over $20 a week on eating out.
What’s the point of having all that money if your not gonna spend it on food soda and at least tv
Partly agree.
I agree you should not spend too much just to keep up with peers.
But you need to spend some to keep up with peers. E.g at least use a smartphone, instead of a old school Nokia phone
Keep up with peers, stay in relationship, similaritiy , is also part of the "investment"
I appreciate what you're trying to do here, especially with regards to food, but I feel like you've left out some VERY practical if not obvious tips. For instance, you said not a single word about where or when to buy food. That is, buy the food items you want and stock up when they're on sale, or wherever you can get them at the best price without surrendering much quality.
I typically buy my food and food-related items at a few different stores. For my fruits and vegetables, I go to Sprouts. They have good quality produce at very competitive rates. The 99 Cents Only store chain began to include fresh produce as well a number of years ago and I check out their produce as well. I can get 3 lbs. of red potatoes for a dollar, or 33 cents/lb. If Sprouts has their red potatoes at the same price, or close to it, I'll buy my red potatoes there, because the quality of their red potatoes is better there than at the 99 Cents Only store. But if it's at their regular price of $0.99/lb, well, their red potatoes are not three times better than the red potatoes at the 99 Cents store.
The proteins I eat most often are chicken and pork. I never buy boneless, skinless chicken breast for more than $1.99, though the "regular price" hovers between $2.99/lb to $4.49/lb, though there is NO difference in taste or quality whether it's sold at the regular price or the sale price, and I can often buy it for as little as $1.69/lb to $1.49/lb at major chains, like Vons, Ralphs and even Sprouts.
Some places will only give you the sale price of their food if you have a store card, or a club card, as it's also called. Signing up for one of those can save you major bucks. I do a lot of shopping at Vons (part of the Safeway corporation) and they have their "club price" sales as well as two other discount programs - Just 4 You and Score Four. I take advantage of all of them and recently bought $237 worth of groceries for $93. That means I paid 39 cents on the dollar, or to put it another way, I saved 61%. On average, I save 50% on my groceries there.
No, I'm not plugging any particular store, I'm plugging being smart about taking advantage of sales. No one's going to only drink water, let's get serious on that. But there's no reason to spend $2.39 for a two liter bottle of soda when you can buy it for $0.99 or less on sale.
Another point with regards to food is the cost per ounce, something you didn't mention at all, either. I'm not about to go without coffee. That's just not gonna happen. So where do I get the best deal for that? At Costco, where I can get a 3 lb (48 oz) can of house brand Columbian coffee (with beans that are supplied form Starbucks, I found out) for $9.99. That works out to just under 21 cents per ounce. Compare that with a 30 oz can of Yuban coffee at the regular grocery store price of $11.99 to $12.99 and you're paying $0.40 to $0.43 per ounce, or twice as much. Salad dressing typically runs from $3.99 to $4.99 per 16 oz bottle, or $0.25 to $0.31 per ounce. I wait till they're on sale and pay between $0.99 to $1.49 per 16 oz bottle, or $0.6 to $0.9 per oz. That's a savings of 60% to 80%.
One doesn't have to eat nuts and berries in order to eat frugally. Spend some time and do the research to find out what this week's specials are and take the extra time needed to drive to different stores. Oh, and let's not forget discount coupons. They save you money too.
That might be better left in more detailed explanation of just how or wen tot buy food. Really, I just buy only the front page item. I like sprouts for fruits and veggies too, very low priced compared to other stores.
For chicken it's cheapest to buy them whole and do a very quick cut of it. They come in 0.79 to 0.99/lb.
Yes, give up living and be a total pauper to survive. With hard times ahead, most citizens will be struggling to subsist if they aren't already.
I just think of it this way... We all sit on the same throne at least once a day...
Got to love a white board and a marker.
=D
Love your channel.
Thanks!
omg at 1:42 the caption actually said "rolling white board in" hahaha im ded
Who wrote that?