What if you cant get a job because the people of your nation betrayed you and brought in millions of people and gave them everything, leaving nothing left for their own countrymen?
I make my own lunch and save between 20 & 30 bucks a week. Every month I put 80-90 bucks in a separate savings account. After 52 weeks. I saved about 1050 bucks. I've been doing it for 10 years. I have over 10,000 bucks sitting in that account for a "rainy" day.
7/11/24...I am retired/single lady in Central FL....I have my own mfg home on a lot that I own + a nice private fenced backyard...+ a puppy. I was trying to find a good way to start a "special savings account" so I started putting my EXTRA COLA $$ each month in a savings account @ my credit union. And I did it all 12 months of last year + this year. Amazing how I don't even miss the $$ but it is quickly adding up. I hope to add next year's extra COLA $$ also. Just saying, it's NEVER too late to save $$ or to LEARN a new trick!!!
When I was broke in my twenties, I did the zero out method. Every Friday I would take the last 3 digits of my checking account and move that into a savings. So if I had $168.24 I would move $8.24. I didn’t miss it and it grows fairly quickly and next thing I knew I had a little $1,000 emergency fund
I’m 23 years old and I’m currently doing a Roth IRA in Robinhood where I have a recurring investment daily of about seven dollars where I have one dollar per ETF and then I have my own individual trading account where I invest and what the individual account does is it allows me to exit anytime so I’m trying to save up for a car. I don’t have to wait until I’m 59 years old to get out or I don’t have to wait five years as well cause Robin Hood you need to wait five years and also when you’re 59 years old and I have that recurring investment set for $5.02 six dollars Into three ETFs with two dollars going into the S&P 500 and then the other four goes into high growth ETF so like QQQ and SMH and then SCHG as well I will update if I remember, but I will try to set this up for about three years where I’m investing every single trading day
I followed your advice and opened a savings account every time i got paid & put $20 into it. I now have 26 savings accounts with $20 in them. I may have misunderstood.
I drove the same truck for 22 years I act like I had a car payment of 350 bucks a month. Invested that for the 22 years. That worked for me. I get to retire before I hit 47.
That's a good idea I had a $534 car payment I paid consistently for over 2 years then I bought a old truck and quit paying that ridiculous car payment I think I'm going to try this.
I no longer remember when I bought my previous car. When I paid off the money I owed, I just banked that amount each month; it was already in my budget. I don't remember how many years I just banked the money. However, when old faithful finally had to be replaced, I had sufficient money to buy my new car. I've had this car for 13 years and anticipate having it for many more. Diane, using Joe's tablet.
Another trick is ditch a bad habit, add up what you were spending on that and put it in the account. Mine was weed. Found out I was saving 150 bucks a month just ditching that. Also ditched the snacks from convenience stores, 150 saved. In a blink I suddenly had 300 bucks a month extra. I don’t savings account it though, it goes to the debt as I’m fortunate enough to have about 3 months of expenses covered in another account. I’m sure I could bump that up if I wanted to but inching out of credit card debt is the goal and slowly but surely it’s worked. One completely paid off now just chipping away at the other card. 5 grand to go. After that I’m in pretty good shape.
Yes. Bad habits are costly! I am great at saving money. However, after my divorce I had this vice; where once, twice a week, I found myself at a bar, having brews, lunch or dinner and playing conservatively on a keno machine. I never really felt it, because I am pretty conservative on spending otherwise. Then I looked back at what I was spending; it was easily $100 or more a week. That’s a grocery bill. Long story short, I stopped going to the bar and started investing/saving more with it. It’s insane how a habit can be so sneaky expensive!!!
@@P1983sche yeah they are. Nothing wrong with spending money on things you enjoy but moderation is key to really most things in life. Maybe just smoke weed, go to the bar, go to the theater, whatever it is like one Saturday a month instead of every single week.
Yeap I did $5 at first, because I needed all to pay bill I got a rise at work I could higher my saving to $10 now I am at $20 every week. But yes I use it, when I am to short. I stopped used my credit cards. now with my saving account i have my own little safety net and now I change my credit cards to a other bank for a personal Loan, payment my debt off with only 13% and hopefully debt free in four years. But it only works when you make enough money and stop spending money on things you don’t need Good luck to everyone trying to get out of debt
I'm in my 60s, and when I was young, credit unions and some banks offered "Christmas Club accounts"---where you put a set amount away every month, so by the time November rolled around, you'd have that money to spend on Christmas gifts. I used to do that at my credit union. For years now, I've used an online bank account to have an "emergency savings" account as Wheezy mentioned. When I mentioned it to my best friend, she started one to put aside money for her state property taxes for the year, so it wasn't such a shock or hardship when the bill came.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Annette Christine Conte" I've worked with her for some time and highly recommend her. Check if she meets your criteria.
My aha moment with this was the concept of "separating the money out from the rest of the debt money." I've tried this in the past, but my impulsive need for SOMETHING nice outside of GRINDING was high. I should say, I am the queen of living in poverty (great job/low pay/not going to change that - love what I do) so my idea of something nice was like a day of shopping in Goodwill with a $40 limit. But . . . whose to say I can't be saving for an $80 day at garage sales (which is where I was when someone gave me FREE a good sewing machine which allows me to play with making a bit of coin doing repairs for people and doing some designing for me).
This is amazing! I just recently tried to help a coworker and friend of mine who is crazy bad with money by giving him financial advice. One thing I noticed about his finances is that he had no emergency savings, let alone any savings at all. He said he couldn't afford to save, so I challenged him to open a brand new account in a bank different from the one he currently uses and to put $20 in it every time he got paid; the same thing you just said. He took my advice and now has a couple thousand dollars in this account and he says he doesn't even miss the money. I feel so good that I was able to help him.
A decade of so ago you made a video on the AlwaysWheezy channel about this exact topic and it potentially changed my life. I was in my early 20s with no savings and always thought if I couldn't save 15%-20% why save anything. I started putting just a little money out of every check into a savings account. When crypto was peak popular in 2020/2021 I had extra cash in that savings to fun invest, and I picked something that ended up doing well. I cashed that out and used the money to go back to college and now I'm about a year from finishing my bachelors degree. Sooo thanks for the advice!
Nice video. I used to waste a lot of money; my solution: Got me a fire proof safe where I put money every month. Easy to go and take the money to spend? Not really, every time I deposit or take out money, I have to get a ladder so I can reach it, remove all the stuff that I put in from of it, bring it down, to put in the money, update my list, then go back to the ladder to get that heavy thing back in, cover it and climb down. You can bet that I rarely use that money. I am finally saving a lot more than I planned. Sounds crazy but it works.
I will never stop admiring how well you balance discipline with self-compassion and understanding. Thanks for sharing your wisdom in such a relateable way.
I agree. Wheezy has a way of teaching without being self-righteousness. I appreciate the goal setting while showing the struggles. I watched the 30,000 step video before this one. Better than t.v.! Thanks, Wheezy!
Within 5 minutes of listening to you, I could tell you had restaurant experience, I did it for 20 years. It took me a few years to learn how to manage cash in hand everyday.
Another way to do it is the 10% tax rule. Every paycheque, transfer 10% of it to the savings account. When you do that right off the top, you don't even think about it being gone, because you didn't remove it. It's a savings tax. Gotta pay the tax.
my company pays us with a Money Network Paycard, a couple of years ago the MN app added budgeting features such as purchase tracking and a "piggy bank". you can have up to 3 customizable piggybanks that automatically transfer your specified amount when your paycheck is over your specified threshold. the nice part is that it's only a subdivision of your account, but it also won't automatically move cash if you overdraw so if you do need to access it, it's easy to transfer without any fees. if a skimmer gets your card number from a gas pump, they can only access what's available to the card, and I actually had this happen once... they got $700, but not the other $8k in the piggy banks. there's also a "card lock" feature, so if you catch something like that early enough, you can prevent further activity. for me, I like the automatic transfer. reason being that I don't have to think about it, don't need to remember to do it, don't need to make the decision to do that or use it for something else. instead it's the other way around, I have to make the decision to take it out of the piggy bank.
@@waywardmind - I do a slight tweak to this: I have an auto transfer set to move $10 every day into savings. It adds up without me noticing it, but I never have a huge amount taken out at one time.
I did something similar when I started work. Paid on a Friday, Saturday go and physically put $5 in a savings account which was a separate institution to my regular checking account. The temptation with those first paypackets was to buy a brand new pair of Levi jeans, instead of cheap, unbranded ones from the market, or 2 LPs instead of just one. Yes, start a good habit and stick to it.
I really appreciate this video. I've already learned to save, my problem was allowing myself to use it when I needed it because I was afraid of the balance going down. Your "it'll build right back up" statement was awesome. Thanks for sharing this!
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
‘Izella Annette Anderson’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I started with $5 per day doing auto deposit into savings. Make your own coffee. Then I went to $10 a day. Pack your own lunch. Then I went to $15. Don't buy junk food groceries you don't need. Never buy any single-serving microwave food. Don't buy $1.89 vending machine soda. Buy 2 liters of generic for $1.49. Don't upgrade anything "because it would be nice" if the old one or way still works. Don't buy because "you deserve it", only buy when you can afford it. If you do this 75-80 % of the time, you will have more money in savings than if you do this 0 to 50% of the time. Soon the unexpected car repair or dental bill won't break your checking account. Basically, become your thrifty grandma for a while.
I do the inverse; my wage goes straight to a savings account, and every time I get paid (at the end of the month) I manually transfer 1000€ to my checking account and live the next month off that. I live in Finland
I do similar with mine. 1000 to cover rent and bills, everything else I put some into savings and the rest into 5 for weekly expenses and getting to/from work. Having online banking with saving pots you can control realllyyy helps you with money management
Why don't you set up your direct deposit with 1000 to go to your checking and the remainder to go to your savings? Most employers let you do this. I would take it one step further and make it difficult to see how much is in savings. Only because whenever I see something I want but don't need, I always have in the back of my mind, "why not? I have the money"
Great advice, there is just one thing I don't agree with. When it comes to saving, do yourself a favor and automate it. It removes the decision-making process which is the main problem for most people. It's just too easy to justify not sending money to the saving account because you "need" it for something else. It works even better if you automate it and then literaly forget about it.
Great concept! I actually teach this in my literacy class, especially to those folks that say they don’t make enough. Taught my sons years ago and they still do it but at a higher amount. Great practice for teaching kids and young adults to develop great habits ❤
genuinely helpful! i never learned financial literacy and it’s still a terrifying thing to me so this seemingly small step is something i’ve never thought of and, as i said before, is genuinely helpful! thanks wheeze!
Check out 2cents, I went from someone who threw up at the thought of not being able to pay rent to fully managing my household finances, escaping financial abuse and now looking at opening my own business!
This is exactly Singapore's retirement/pension system. Everyone has an account in our "Central Provident Fund" or CPF. And everytime we get paid a portion of it goes into that savings account. It is then broken up into different sub-accounts. We can't withdraw it for personal use until we hit 55. But the money is used for other things. One for healthcare, which we call "Medisave" which we use to offset costs like dental and other healthcare costs, and one Ordinary Account (OA) which is primarily used to buy housing and then one Special Account (SA) which we can't use for healthcare nor housing and that also means it also has a higher interest than the OA. The SA then becomes our Retirement Account and when we hit 55, we have the option to start drawing from that account or just choose to let it sit and roll interest.
I like this idea and it's why Singapore is so successful. What percentage of your salary goes into the CPF fund? What percent is use for each subaccount?
I love watching finance videos. And I'd like to say this is one of the best ones that I've seen. Your advice applies to everyone and I could literally send this video to anyone and it would help them build a good financial habit of saving
FINALLY‼️ Someone that understands about saving manually rather than by automatic deposits. I MANUALLY transfer 33% to 41% ($1,100 to $1,400) of my biweekly pay into my HYSA and it’s such an AMAZING feeling each time.😁 And on 2 occasions through the year I get to transfer 74% ($2,500). 🤑
I agree on both auto and manual. Getting that dopamine hit from adding it manually continues to rewire your brain brain to really be tickled about putting the money away. And the automatic is just extra help saving more
We opened a separate account to save for travel, and we deposit to it regularly. It was definitely helpful to have that money separate from living expenses and incomes, so we can watch it grow. Best idea ever.
I’ve learned that my adhd affects me in many ways, one of which is poor future planning. The future to me is tomorrow. And everything after tomorrow is basically non-existent. So saving for the future is a very abstract thought. I’m the kind of person that needs someone else to manage my money or just try my best and fail every now and then.
Banks used to have Christmas Club accounts or Vacation Club accounts. Minimal amount of money. $5 or $20 a week for the year…..and at the end of the term you would have that money saved.
I paused this video just to say I wish there was someone like you to explain all the other important adult things that I should have figured out by now...financially speaking that is. EDIT: I wasn't expecting any responses...guess I forgot that's how comments work lol. I should have been more specific - while this video was great, I'm good with a savings plan in a general sense. It's the extraneous financial world of things like investing and retirement plans that I was referring to. How great would it be to watch a series of videos with someone like Wheezy dropping knowledge and empowering us to become financial gurus?
When you say "should have figured it out by now" that usually means it's something your parents should have taught you. It might not be their fault they didn't (my mum had no time management skills, how could she have taught me?) - but that is why other people know this stuff and you don't
There was a time in my life when I genuinely couldn't save anything - but the habit of attempting to save even if I had to take it back out later was so helpful once I started making more money. I remember the first time I could pay for a car repair without going into debt was truly liberating. This is just to say that this is really sound advice even for folks scraping by.
Yup, as life goes on, u get in a habit of not shopping for fun. I got onto the habit of not spending. When a veterinary emergency rolls around, or car repair, I have it covered...no biggie. So, I'm financially secure, no worries, feels great!
If you save $20 every paycheck and get you paid every 2 weeks, you’ll save $520 per year. This is a great habit for those that are still in their teens or early 20s. For everyone else, like Weezy says here, try to bump up your biweekly saving to $40, $50, or $100. Or do $20 per week instead of every two weeks.
I did exactly this for 63 years and became an accidental millionaire. Now, my health is failing and can’t enjoy the fruits 🍇 of my labor because I’m in my death bed 🛌 and forgot to live after being consumed by work my entire life.
I have direct deposit and have it set to put $50 in my savings. I also have a Roth IRA that I put some money into each month as well. I have had to dip into it at times. For me, I like having the money be put in automatically so I don’t have to worry about it. I manually put coins into a piggy bank and jar.
Nha, I'm 32, and I never saved. But thoughts like "it's fun when you're 20 but you need to save more." Are the kind of thoughts that made me not start in the first place. Start small. Commit to a small amount. Even if you're 80. It's about creating a life style, not a high number.
@@looppooper2306 what do you have to show for it though? Lots of memories? What about when you want to get married, start a family, buy a home? If you’re 32 still thinking about having fun and living in the moment, you 40, 50, 60, and 70 year old self will hate your 32 year old self. Saving a small amount every week or two will not prevent you from living a fun lifestyle. NOT saving will prevent you from having a better future.
My cat has medical needs that once a year cost about $1200 and it always catches me off guard. I get paid 24 times a year. I set up an auto transfer to my savings anytime I get paid more than $200. I now always have that emergency vet money, at least 1200 a year. It's a great system.
Love this! I have a similar system for all my annual, bi-annual, or really just any non-monthly expenses. I'm effectively "paying monthly" for each of these things by sending smaller sums to savings, and then I pull out the full amount back out when it's actually due later on.
I have a set amount put into my savings automatically and prefer it to manually. I also have $100 that goes into a Roth IRA each month and some money goes into my 401K (last year I took a loan out through my 401K for a surgery since my health insurance wouldn’t cover it even though it was considered medically necessary). At least by doing the loan that way, the interest will go back to me.
@@DiponDasgupta he doesn't qualify, but yeah it's a great idea for most people! It's a dental thing no pet insurance covers. Thank you for the thought though
you're a gift, Im 24 and like I needed to hear that. Not like I acknowlledged it long time ago, just needed to trully believe that will help me. Its nothing obvious but sometimes you've gotta hear that simple things, to look at the right direction, am I right? bless wheezy (ly your content)
I wish I would've learned this in my 20s but I finally figured it out and a weird version of the "envelope" trick worked and now I'm not stressing from paycheck to paycheck. Yay learning!
I saved $10 a week back in the 80s it was called a Christmas club and helped me pay for my 4 kids Christmas presents. I only made $5.25 an hour back then.
I did similar in saving. 1. I put in loose change in a jar at the end of each day. At a time when $20 was a lot, I was saving over a hundred dollars each month. 2. When I would get a raise, instead of creating debt to match the raise, I would increase that amount into investments (maximizing company match for 401k and stock).
Just wanted to leave a comment thanking you for your content. Been a subscriber for a few years now. I appreciate your level headed approach to things and also your honesty. Thanks for the laughs as well. Keep it up
So smart. I watched a financial planner on television counsel people with debt who were recently laid off. She had them calculate how much savings they would have if they had saved $20 each payday on their previous job. The numbers were always in the 1000’s. 😅
Your delivery is hilarious. I love this video. I will start saving the $20. I am paying down debt right now and really going no buy anything until I do but $20 should not make a difference and the next step is to build the emergency fund so I would love to start practising doing that earlier. It almost makes me feel I am there because paying off is agonizingly slow!.
This follows pretty closely with a lot of advice I hear about forming good habits! Gotta make sure to start small, and ATTAINABLE. Do something that is relatively easy and painless, so you can do it every time. That reminds me, I was about to go to bed without stretching, which is the habit I've been trying to form, (stretching at the minimum, and maybe doing some planks, every night before I turn in). Thanks for the reminder, Wheezy!
I have a friend that whenever she gets a 5 dollar bill she puts it in an envelope and puts the envelope away. She doesn’t make a lot of money but with that 5 dollar savings plan, she always has money for birthdays and Christmas for her grandkids and any emergency that crops up.
I was thinking about you the other day and I couldnt remember your youtube channel and you stopped showing up in my algorithm. Seeing this video got me u realistically excited to be able to binge your content again 🤗
Awesome idea and great advice! I have 2 separate savings, one for myself and one for myself and my spouse. I'm also in the habit of transferring money into both accounts every pay period and am at the point that if I didn't do it, I'd feel the same as if I didn't do my normal routine like brushing my teeth, or taking a shower every day. Habits are very powerful and effective! I wish you much success!
Back in the old days before I got married, my dad told me to open an account in my name - in those days the guys had an account and then there was a joint account - mums stayed home and got an allowance. I did open the account and put some of the allowance money in it every week - I called it my ‘run-away’ account! It paid for a weekend away on my own once a year…. my sanity! 😂 btw I had a decent allowance and a good hubby who supported the ‘run-away’ times.
My grandmother was an accountant. I have seen my father fill his accounting sheets my whole life. I grew up with everything I needed but my mother was always in the red, I remember small fights my parents had over this. When I first moved out to study, I lived with 570€ and that's it. I paid my rent with it (230€, the cheapest flat in town, it wasn't great but it was my own and it was cheap), my electricity, internet... And food. One week worth of food was like 15€. Thats very little, it was already little back then before the inflation, I cooked a lot and didn't eat enough (I didn't even realize it, and I drank tea to cut the hunger when it wasn't time to eat). Tea was one of the few luxuries I indulged in, I didn't even go out because one beer was half my week's budget for food. I don't know how I did it, but I managed to put like 10, 20, 50€ in every month. That made my emergency fund grow, and even allowed me to carpool home or to other towns to visit friends occasionnally (carpooling was also cheaper). I was often hungry, but knowing I was safe in case of emergencies was really worth it in my mind. Now I actually have a work and a liveable wage, but I still need to know I am making my savings account grow. I feel so unsafe for the months to come whenever I have to take from my savings account. I just started the enveloppe method, I am hoping it will help me towards building emergency funds for each thing I need. I have a decent emergency fund now, but I would like to be able to cover stuff there is to come without touching it (like the vet bill and every once in a while spending).
i refer to this as the 'oh sh*t' fund, useful for those times you say similar to "oh sh*t, that nail punctured the sidewall of my tire, and now i need to buy 2 or 4 new tires!" or "oh shit, the fridge died and our food is spoiling!" or "oh shit, the furnace died and we're freezing to death in a chicago winter"
Let's you get real tires and not used ones. Poor lady I worked with couldn't afford anything more than a single used tire with a month warranty. She blew a tire on the highway about every other week.
Something that has worked for me is setting up an account for every bill you have and making your paycheck (for me its all of it) go into that account. You don't make any purchases with the account except for bills and then you do a side hustle (or in my case have a roommate) to earn cash for non-necessities
You know, this is so stupidly simple it's brilliant. And I've done it for years. But I'm realizing that you can do this with TIME too , to build the habit. The habit is what I need. To carve out time to do things I need to do. Instead of $20, it's 2 minutes. 2 minutes to do something I've been postponing. Subscribing because this was a pivotal moment. Thanks!
I'm gonna try this $20 rule. Handling money is extremely difficult for me, in part because I tend to do impulse purchases, which are only exacerbated by my ADD. Putting $20 in a savings account instead of spending it on dumb carp (!) I don't need seems like a good start.
This is a big thing. Moving it to a new amount where you don't have debit card access shows you down and gives you time for your brain to go "eh we don't really need it"
I have ADHD too, and my savings goes into an account that takes 2 business days to get access to, no exceptions. Slows down the impulse purchases with that money, at least.
My son has ADHD and we went to doctor after the doctor after doctor .finally found the doctor I liked back in 2000. the doctor said instead of giving him medicine we were giving him a half a cup of black coffee in the morning before schoo.l till this day he drinks a half a cup of coffee and doesn't have a problem.
Can vouch for this tip. ‘Taxing’ myself when I get paid and putting that money into a savings account has been the single biggest game changer when it came to my finances.
It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.
Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
@@ThomasChai05How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
My wife and I discovered that giving ourselves our each no questions asked allowance each month let us have guilt free fun within our budget and we could still put money away. And we'd look forward to that allowance each month (in a separate account) and would sometimes save it up and take a trip or buy something big. It helped us so much early on. Then as we made more money we could increase that allowance, or decrease it if necessary.
As someone who has taught personal finance, I approve this message. Also, how spot on was the fortnite joke, getting points just like a paycheck every 2 weeks! Absolute legend.
Love the advice AND the delivery! I started doing something I saw on Pinterest and that is starting in January, I save every $5 bill that crosses my path for Christmas money (8 grandkids!) Every now and then I'll cash them in and get a few big bills but I don't touch them ( just makes it easier to count out when shopping season starts...)
I started something like this recently with an Apple savings account. It’s so satisfying watching it grow from 0! And they’ve got little graphs tracking the growth and it just makes me want to keep putting money in. I didn’t really have a system though, and I like the sound of this one. Thanks for the great video!
I use the slot adicted gambler strategy. Its easy. A adictet gambler deposits daily 50 in the machine and loose it. And makes in a short time a 5 figure loss. But if you deposit often 50 in a saving account like a adicted gambler do, you save in record time 5 figure money.
Do we all have the same RUclips Algorithm? Because I very recently started looking into savings ideas and BAM! Wheezy drops a video on it. Happens often.
I remember watching a similar video from you when I was in middle school and realized just now that the tip I used for years was from you! Now that I have a lil extra, I've used this and opened specific accounts named for specific expenses I know will come up and are easier with long-term savings. $20 to the Christmas gift fund, the vet bill fund, etc. Always there for the just-in-case and the specificity helps me to not panic too much about taking from savings. You a real one.
I do this. But it's my household petty cash. I use it for rainy day emergencies, like plumbing, car repairs and what not. And I count it and look at it and it makes me feel secure.
It's hard for me not to save, so I have been using this method to feel no guilt about spending on somewhat dumb purchases. It's my unnecessary spending fund.
Took your advice & we'll see how it goes. Also realized some of my hobbies (trading cards, toy collecting etc.) that I really wasn't enjoying anymore needed to take a hike so their is extra savings. Luckily I don't have much debt but I have been thinking about my future as of late. Thanks for the encouragement & the laughs :)
Check out Rocket Money for free: RocketMoney.com/wheezywaiter #rocketmoney #personalfinance
Man, I'm thinking about this too long. It'll come to me as I do these weights.
What if you cant get a job because the people of your nation betrayed you and brought in millions of people and gave them everything, leaving nothing left for their own countrymen?
I make my own lunch and save between 20 & 30 bucks a week. Every month I put 80-90 bucks in a separate savings account. After 52 weeks. I saved about 1050 bucks. I've been doing it for 10 years. I have over 10,000 bucks sitting in that account for a "rainy" day.
7/11/24...I am retired/single lady in Central FL....I have my own mfg home on a lot that I own + a nice private fenced backyard...+ a puppy.
I was trying to find a good way to start a "special savings account" so I started putting my EXTRA COLA $$ each month in a savings account @ my credit union. And I did it all 12 months of last year + this year.
Amazing how I don't even miss the $$ but it is quickly adding up.
I hope to add next year's extra COLA $$ also.
Just saying, it's NEVER too late to save $$ or to LEARN a new trick!!!
@@stonepiggywell that was uncalled for.
When I was broke in my twenties, I did the zero out method. Every Friday I would take the last 3 digits of my checking account and move that into a savings. So if I had $168.24 I would move $8.24. I didn’t miss it and it grows fairly quickly and next thing I knew I had a little $1,000 emergency fund
$1,000 is the new $100 now 😅.
That's a great idea!!!
@@dral22😂
I love this ! It’s not overwhelming.
I’m 23 years old and I’m currently doing a Roth IRA in Robinhood where I have a recurring investment daily of about seven dollars where I have one dollar per ETF and then I have my own individual trading account where I invest and what the individual account does is it allows me to exit anytime so I’m trying to save up for a car. I don’t have to wait until I’m 59 years old to get out or I don’t have to wait five years as well cause Robin Hood you need to wait five years and also when you’re 59 years old and I have that recurring investment set for $5.02 six dollars Into three ETFs with two dollars going into the S&P 500 and then the other four goes into high growth ETF so like QQQ and SMH and then SCHG as well I will update if I remember, but I will try to set this up for about three years where I’m investing every single trading day
I followed your advice and opened a savings account every time i got paid & put $20 into it. I now have 26 savings accounts with $20 in them. I may have misunderstood.
ummmmmmm nope. that's right.
You would have $22.50 if you had opened high-yield savings accounts.
😂😂😂
Punctuation is so helpful.
I am so glad I heard him say that too. 😆
I drove the same truck for 22 years I act like I had a car payment of 350 bucks a month. Invested that for the 22 years. That worked for me. I get to retire before I hit 47.
That's a good idea I had a $534 car payment I paid consistently for over 2 years then I bought a old truck and quit paying that ridiculous car payment I think I'm going to try this.
beast
Me jealous 😢
You are a smart cookie! I will share that with my one and only 23 year old son.....thanks!
I no longer remember when I bought my previous car. When I paid off the money I owed, I just banked that amount each month; it was already in my budget. I don't remember how many years I just banked the money. However, when old faithful finally had to be replaced, I had sufficient money to buy my new car. I've had this car for 13 years and anticipate having it for many more. Diane, using Joe's tablet.
Another trick is ditch a bad habit, add up what you were spending on that and put it in the account. Mine was weed. Found out I was saving 150 bucks a month just ditching that. Also ditched the snacks from convenience stores, 150 saved. In a blink I suddenly had 300 bucks a month extra. I don’t savings account it though, it goes to the debt as I’m fortunate enough to have about 3 months of expenses covered in another account. I’m sure I could bump that up if I wanted to but inching out of credit card debt is the goal and slowly but surely it’s worked. One completely paid off now just chipping away at the other card. 5 grand to go. After that I’m in pretty good shape.
Yes. Bad habits are costly! I am great at saving money. However, after my divorce I had this vice; where once, twice a week, I found myself at a bar, having brews, lunch or dinner and playing conservatively on a keno machine. I never really felt it, because I am pretty conservative on spending otherwise. Then I looked back at what I was spending; it was easily $100 or more a week. That’s a grocery bill. Long story short, I stopped going to the bar and started investing/saving more with it. It’s insane how a habit can be so sneaky expensive!!!
@@P1983sche yeah they are. Nothing wrong with spending money on things you enjoy but moderation is key to really most things in life. Maybe just smoke weed, go to the bar, go to the theater, whatever it is like one Saturday a month instead of every single week.
I recently did this with my nightly wine💀
I grow my own weed
Good for you! Small steps get you to the goal. 👍🏻
If $20 is too much, start with $10 or $5! 😊 The point is building a habit of putting money aside. 👍
Yeap I did $5 at first, because I needed all to pay bill
I got a rise at work I could higher my saving to $10 now I am at $20 every week. But yes I use it, when I am to short. I stopped used my credit cards. now with my saving account i have my own little safety net and now I change my credit cards to a other bank for a personal Loan, payment my debt off with only 13% and hopefully debt free in four years. But it only works when you make enough money and stop spending money on things you don’t need
Good luck to everyone trying to get out of debt
I'm in my 60s, and when I was young, credit unions and some banks offered "Christmas Club accounts"---where you put a set amount away every month, so by the time November rolled around, you'd have that money to spend on Christmas gifts. I used to do that at my credit union. For years now, I've used an online bank account to have an "emergency savings" account as Wheezy mentioned. When I mentioned it to my best friend, she started one to put aside money for her state property taxes for the year, so it wasn't such a shock or hardship when the bill came.
I put $50 per check, I’m almost at $500 and I’m very excited about it lol
bump it up to 70
Great job!
Good!🎉
Now put it into a high yield savings account or purchase a cd
Good for you!👏👏
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.
@@Dantursi1 Who is this person guiding you and how can i reach he/she?
I'm very cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Annette Christine Conte" I've worked with her for some time and highly recommend her. Check if she meets your criteria.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My aha moment with this was the concept of "separating the money out from the rest of the debt money." I've tried this in the past, but my impulsive need for SOMETHING nice outside of GRINDING was high. I should say, I am the queen of living in poverty (great job/low pay/not going to change that - love what I do) so my idea of something nice was like a day of shopping in Goodwill with a $40 limit. But . . . whose to say I can't be saving for an $80 day at garage sales (which is where I was when someone gave me FREE a good sewing machine which allows me to play with making a bit of coin doing repairs for people and doing some designing for me).
This is amazing! I just recently tried to help a coworker and friend of mine who is crazy bad with money by giving him financial advice. One thing I noticed about his finances is that he had no emergency savings, let alone any savings at all. He said he couldn't afford to save, so I challenged him to open a brand new account in a bank different from the one he currently uses and to put $20 in it every time he got paid; the same thing you just said. He took my advice and now has a couple thousand dollars in this account and he says he doesn't even miss the money. I feel so good that I was able to help him.
A decade of so ago you made a video on the AlwaysWheezy channel about this exact topic and it potentially changed my life. I was in my early 20s with no savings and always thought if I couldn't save 15%-20% why save anything. I started putting just a little money out of every check into a savings account. When crypto was peak popular in 2020/2021 I had extra cash in that savings to fun invest, and I picked something that ended up doing well. I cashed that out and used the money to go back to college and now I'm about a year from finishing my bachelors degree. Sooo thanks for the advice!
Good for you !!
ThatS ossum 🎉
Dang! Im happy for you😊
Wow that’s amazing, such a full circle moment that you found this guy again now
Nice video. I used to waste a lot of money; my solution: Got me a fire proof safe where I put money every month. Easy to go and take the money to spend? Not really, every time I deposit or take out money, I have to get a ladder so I can reach it, remove all the stuff that I put in from of it, bring it down, to put in the money, update my list, then go back to the ladder to get that heavy thing back in, cover it and climb down. You can bet that I rarely use that money. I am finally saving a lot more than I planned. Sounds crazy but it works.
I’m so glad you’re still around, I watched you so much when I was young and I’m glad you popped up on my feed again ❤
I will never stop admiring how well you balance discipline with self-compassion and understanding. Thanks for sharing your wisdom in such a relateable way.
I agree. Wheezy has a way of teaching without being self-righteousness.
I appreciate the goal setting while showing the struggles. I watched the 30,000 step video before this one. Better than t.v.!
Thanks, Wheezy!
That’s how I started saving. It really feels amazing once you actually start
Within 5 minutes of listening to you, I could tell you had restaurant experience, I did it for 20 years.
It took me a few years to learn how to manage cash in hand everyday.
Mid-20's male here. Work at a restaurant. Crazy how much this could actually help me over time. Appreciate the advice!
I started taking savings seriously in my mid-thirties. You could literally be a decade ahead of me by just starting now.
Another way to do it is the 10% tax rule. Every paycheque, transfer 10% of it to the savings account. When you do that right off the top, you don't even think about it being gone, because you didn't remove it. It's a savings tax. Gotta pay the tax.
my company pays us with a Money Network Paycard, a couple of years ago the MN app added budgeting features such as purchase tracking and a "piggy bank". you can have up to 3 customizable piggybanks that automatically transfer your specified amount when your paycheck is over your specified threshold. the nice part is that it's only a subdivision of your account, but it also won't automatically move cash if you overdraw so if you do need to access it, it's easy to transfer without any fees. if a skimmer gets your card number from a gas pump, they can only access what's available to the card, and I actually had this happen once... they got $700, but not the other $8k in the piggy banks. there's also a "card lock" feature, so if you catch something like that early enough, you can prevent further activity.
for me, I like the automatic transfer. reason being that I don't have to think about it, don't need to remember to do it, don't need to make the decision to do that or use it for something else. instead it's the other way around, I have to make the decision to take it out of the piggy bank.
@@waywardmind - I do a slight tweak to this: I have an auto transfer set to move $10 every day into savings. It adds up without me noticing it, but I never have a huge amount taken out at one time.
@@smileychesssame, I wish so much I’d started in my 20s!
I did something similar when I started work. Paid on a Friday, Saturday go and physically put $5 in a savings account which was a separate institution to my regular checking account. The temptation with those first paypackets was to buy a brand new pair of Levi jeans, instead of cheap, unbranded ones from the market, or 2 LPs instead of just one. Yes, start a good habit and stick to it.
I feel ya on the lps😂
I really appreciate this video. I've already learned to save, my problem was allowing myself to use it when I needed it because I was afraid of the balance going down.
Your "it'll build right back up" statement was awesome.
Thanks for sharing this!
"I have a spinny chair. My dream."
This is precisely the content I'm here for. The spinny chairs.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@mariaguerrero08who is your advisor please, if you don't mind me asking?
‘Izella Annette Anderson’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I’m old now but simple savings plans like this when you’re young (even not that young) will make a giant difference when you’re older.
Budgeting is an amazing next step. Actually knowing the comings and goings of your money.
i took this "idiot" advice and it working. i think his secret to success was starting very low $20. once the habit sets it you good as gold
I started with $5 per day doing auto deposit into savings. Make your own coffee. Then I went to $10 a day. Pack your own lunch. Then I went to $15. Don't buy junk food groceries you don't need. Never buy any single-serving microwave food. Don't buy $1.89 vending machine soda. Buy 2 liters of generic for $1.49. Don't upgrade anything "because it would be nice" if the old one or way still works. Don't buy because "you deserve it", only buy when you can afford it. If you do this 75-80 % of the time, you will have more money in savings than if you do this 0 to 50% of the time. Soon the unexpected car repair or dental bill won't break your checking account. Basically, become your thrifty grandma for a while.
I think I might start transferring money in- everytime I pass on a tempting purchase!
@@gforcewindswinds291 Getting "saying no to an urge" to feel like victory is an important inflection point. Congratulations!
I’m doing the same but instead, i invest that $5 everyday. I just need to be consistent
I do the inverse; my wage goes straight to a savings account, and every time I get paid (at the end of the month) I manually transfer 1000€ to my checking account and live the next month off that. I live in Finland
Oh that’s a great set up too!
Ok, well thats why it works for you. Us and uk is not like our countries here in the north, im from Denmark
I do similar with mine. 1000 to cover rent and bills, everything else I put some into savings and the rest into 5 for weekly expenses and getting to/from work. Having online banking with saving pots you can control realllyyy helps you with money management
Why don't you set up your direct deposit with 1000 to go to your checking and the remainder to go to your savings? Most employers let you do this. I would take it one step further and make it difficult to see how much is in savings. Only because whenever I see something I want but don't need, I always have in the back of my mind, "why not? I have the money"
I do this, too.
Our emergency fund is labeled Banana Stand. There's always money in the banana stand.
I love this!!!’
😂😂😂 love that show
That’s fantastic
omg Im stealing this 😆
"There were $250,000 lining the walls of the banana stand..... CASH Michael."
Great advice, there is just one thing I don't agree with. When it comes to saving, do yourself a favor and automate it. It removes the decision-making process which is the main problem for most people. It's just too easy to justify not sending money to the saving account because you "need" it for something else. It works even better if you automate it and then literaly forget about it.
This is the first time watching your channel. You are hilarious thanks for sharing 😂
Great concept! I actually teach this in my literacy class, especially to those folks that say they don’t make enough. Taught my sons years ago and they still do it but at a higher amount. Great practice for teaching kids and young adults to develop great habits ❤
genuinely helpful! i never learned financial literacy and it’s still a terrifying thing to me so this seemingly small step is something i’ve never thought of and, as i said before, is genuinely helpful! thanks wheeze!
Check out 2cents, I went from someone who threw up at the thought of not being able to pay rent to fully managing my household finances, escaping financial abuse and now looking at opening my own business!
This is exactly Singapore's retirement/pension system. Everyone has an account in our "Central Provident Fund" or CPF. And everytime we get paid a portion of it goes into that savings account. It is then broken up into different sub-accounts. We can't withdraw it for personal use until we hit 55. But the money is used for other things. One for healthcare, which we call "Medisave" which we use to offset costs like dental and other healthcare costs, and one Ordinary Account (OA) which is primarily used to buy housing and then one Special Account (SA) which we can't use for healthcare nor housing and that also means it also has a higher interest than the OA. The SA then becomes our Retirement Account and when we hit 55, we have the option to start drawing from that account or just choose to let it sit and roll interest.
I like this idea and it's why Singapore is so successful. What percentage of your salary goes into the CPF fund? What percent is use for each subaccount?
I love watching finance videos. And I'd like to say this is one of the best ones that I've seen. Your advice applies to everyone and I could literally send this video to anyone and it would help them build a good financial habit of saving
FINALLY‼️ Someone that understands about saving manually rather than by automatic deposits.
I MANUALLY transfer 33% to 41% ($1,100 to $1,400) of my biweekly pay into my HYSA and it’s such an AMAZING feeling each time.😁 And on 2 occasions through the year I get to transfer 74% ($2,500). 🤑
I agree on both auto and manual. Getting that dopamine hit from adding it manually continues to rewire your brain brain to really be tickled about putting the money away.
And the automatic is just extra help saving more
We opened a separate account to save for travel, and we deposit to it regularly. It was definitely helpful to have that money separate from living expenses and incomes, so we can watch it grow. Best idea ever.
Throw your change into a jar. Then $1s, $5s. It's the habit of holding onto money that counts.
I’ve learned that my adhd affects me in many ways, one of which is poor future planning. The future to me is tomorrow. And everything after tomorrow is basically non-existent. So saving for the future is a very abstract thought. I’m the kind of person that needs someone else to manage my money or just try my best and fail every now and then.
Banks used to have Christmas Club accounts or Vacation Club accounts. Minimal amount of money. $5 or $20 a week for the year…..and at the end of the term you would have that money saved.
I paused this video just to say I wish there was someone like you to explain all the other important adult things that I should have figured out by now...financially speaking that is.
EDIT: I wasn't expecting any responses...guess I forgot that's how comments work lol. I should have been more specific - while this video was great, I'm good with a savings plan in a general sense. It's the extraneous financial world of things like investing and retirement plans that I was referring to. How great would it be to watch a series of videos with someone like Wheezy dropping knowledge and empowering us to become financial gurus?
I’ll just do it then
When you say "should have figured it out by now" that usually means it's something your parents should have taught you. It might not be their fault they didn't (my mum had no time management skills, how could she have taught me?) - but that is why other people know this stuff and you don't
Shouldn’t SCHOOL teach this to teenagers?
@@CelestialPopCollectiveOfficial I think they do; it's just not retained...probably.
@@Kimariyan I think they are starting, but they never did-- at least not here in the US. Great! My kids can teach me how to adult.
This is good advice, I’m gonna try this, I need helpful tips for saving money, cash is king!
Crazy to see how the channel has changed over the years. Just saw this video pop up today. Good to see you again
Love your humor and approach to simple yet important things. Great video, bro, without sounding all douche-y like those other YTers
There was a time in my life when I genuinely couldn't save anything - but the habit of attempting to save even if I had to take it back out later was so helpful once I started making more money. I remember the first time I could pay for a car repair without going into debt was truly liberating. This is just to say that this is really sound advice even for folks scraping by.
Yup, as life goes on, u get in a habit of not shopping for fun. I got onto the habit of not spending. When a veterinary emergency rolls around, or car repair, I have it covered...no biggie. So, I'm financially secure, no worries, feels great!
If you save $20 every paycheck and get you paid every 2 weeks, you’ll save $520 per year. This is a great habit for those that are still in their teens or early 20s. For everyone else, like Weezy says here, try to bump up your biweekly saving to $40, $50, or $100. Or do $20 per week instead of every two weeks.
I did exactly this for 63 years and became an accidental millionaire. Now, my health is failing and can’t enjoy the fruits 🍇 of my labor because I’m in my death bed 🛌 and forgot to live after being consumed by work my entire life.
I have direct deposit and have it set to put $50 in my savings. I also have a Roth IRA that I put some money into each month as well. I have had to dip into it at times. For me, I like having the money be put in automatically so I don’t have to worry about it.
I manually put coins into a piggy bank and jar.
Nha, I'm 32, and I never saved. But thoughts like "it's fun when you're 20 but you need to save more." Are the kind of thoughts that made me not start in the first place.
Start small. Commit to a small amount. Even if you're 80. It's about creating a life style, not a high number.
@@looppooper2306 what do you have to show for it though? Lots of memories? What about when you want to get married, start a family, buy a home? If you’re 32 still thinking about having fun and living in the moment, you 40, 50, 60, and 70 year old self will hate your 32 year old self.
Saving a small amount every week or two will not prevent you from living a fun lifestyle. NOT saving will prevent you from having a better future.
@@winterspriteyour Roth, which stock are you invested in?
My cat has medical needs that once a year cost about $1200 and it always catches me off guard. I get paid 24 times a year. I set up an auto transfer to my savings anytime I get paid more than $200. I now always have that emergency vet money, at least 1200 a year. It's a great system.
Love this! I have a similar system for all my annual, bi-annual, or really just any non-monthly expenses. I'm effectively "paying monthly" for each of these things by sending smaller sums to savings, and then I pull out the full amount back out when it's actually due later on.
I have a set amount put into my savings automatically and prefer it to manually. I also have $100 that goes into a Roth IRA each month and some money goes into my 401K (last year I took a loan out through my 401K for a surgery since my health insurance wouldn’t cover it even though it was considered medically necessary). At least by doing the loan that way, the interest will go back to me.
Have you considered pet insurance?
The cat needs to go
@@DiponDasgupta he doesn't qualify, but yeah it's a great idea for most people! It's a dental thing no pet insurance covers. Thank you for the thought though
you're a gift, Im 24 and like I needed to hear that. Not like I acknowlledged it long time ago, just needed to trully believe that will help me. Its nothing obvious but sometimes you've gotta hear that simple things, to look at the right direction, am I right? bless wheezy (ly your content)
I wish I would've learned this in my 20s but I finally figured it out and a weird version of the "envelope" trick worked and now I'm not stressing from paycheck to paycheck. Yay learning!
Cute video. Simple and non intimidating way to save. Thanks
I saved $10 a week back in the 80s it was called a Christmas club and helped me pay for my 4 kids Christmas presents. I only made $5.25 an hour back then.
My mom did the same back in the day!
I remember those days😶
Wow $5.25 was pretty good considering the minimum wage was little over $3 back then
I did similar in saving. 1. I put in loose change in a jar at the end of each day. At a time when $20 was a lot, I was saving over a hundred dollars each month.
2. When I would get a raise, instead of creating debt to match the raise, I would increase that amount into investments (maximizing company match for 401k and stock).
Just wanted to leave a comment thanking you for your content. Been a subscriber for a few years now. I appreciate your level headed approach to things and also your honesty. Thanks for the laughs as well. Keep it up
Over all the years, your videos still bring so much joy and laughter. Thank you for the advice and hope your day goes well :)
So smart. I watched a financial planner on television counsel people with debt who were recently laid off. She had them calculate how much savings they would have if they had saved $20 each payday on their previous job. The numbers were always in the 1000’s. 😅
Your delivery is hilarious. I love this video. I will start saving the $20. I am paying down debt right now and really going no buy anything until I do but $20 should not make a difference and the next step is to build the emergency fund so I would love to start practising doing that earlier. It almost makes me feel I am there because paying off is agonizingly slow!.
This is simple genius. The delivery is the best. Instant subscribe you beautiful hunk.
My favorite part, "Yeah so you're just saving money, good advice idiot"! It simple really, but some of us need reminders to just do it. Just do it!
Love the encouragement.
This follows pretty closely with a lot of advice I hear about forming good habits! Gotta make sure to start small, and ATTAINABLE. Do something that is relatively easy and painless, so you can do it every time. That reminds me, I was about to go to bed without stretching, which is the habit I've been trying to form, (stretching at the minimum, and maybe doing some planks, every night before I turn in). Thanks for the reminder, Wheezy!
I have a friend that whenever she gets a 5 dollar bill she puts it in an envelope and puts the envelope away. She doesn’t make a lot of money but with that 5 dollar savings plan, she always has money for birthdays and Christmas for her grandkids and any emergency that crops up.
I was thinking about you the other day and I couldnt remember your youtube channel and you stopped showing up in my algorithm. Seeing this video got me u realistically excited to be able to binge your content again 🤗
Awesome video, very entertaining, and good advice !! Thank you for posting, continued blessings, and warm regards.
This is also called the "Pay yourself first" approach, where you pay your future self some money before you pay the bills from your salary.
Awesome idea and great advice! I have 2 separate savings, one for myself and one for myself and my spouse. I'm also in the habit of transferring money into both accounts every pay period and am at the point that if I didn't do it, I'd feel the same as if I didn't do my normal routine like brushing my teeth, or taking a shower every day. Habits are very powerful and effective! I wish you much success!
Back in the old days before I got married, my dad told me to open an account in my name - in those days the guys had an account and then there was a joint account - mums stayed home and got an allowance. I did open the account and put some of the allowance money in it every week - I called it my ‘run-away’ account! It paid for a weekend away on my own once a year…. my sanity! 😂 btw I had a decent allowance and a good hubby who supported the ‘run-away’ times.
My grandmother was an accountant. I have seen my father fill his accounting sheets my whole life. I grew up with everything I needed but my mother was always in the red, I remember small fights my parents had over this. When I first moved out to study, I lived with 570€ and that's it. I paid my rent with it (230€, the cheapest flat in town, it wasn't great but it was my own and it was cheap), my electricity, internet... And food. One week worth of food was like 15€. Thats very little, it was already little back then before the inflation, I cooked a lot and didn't eat enough (I didn't even realize it, and I drank tea to cut the hunger when it wasn't time to eat). Tea was one of the few luxuries I indulged in, I didn't even go out because one beer was half my week's budget for food. I don't know how I did it, but I managed to put like 10, 20, 50€ in every month. That made my emergency fund grow, and even allowed me to carpool home or to other towns to visit friends occasionnally (carpooling was also cheaper). I was often hungry, but knowing I was safe in case of emergencies was really worth it in my mind. Now I actually have a work and a liveable wage, but I still need to know I am making my savings account grow. I feel so unsafe for the months to come whenever I have to take from my savings account. I just started the enveloppe method, I am hoping it will help me towards building emergency funds for each thing I need. I have a decent emergency fund now, but I would like to be able to cover stuff there is to come without touching it (like the vet bill and every once in a while spending).
"If you're still paying for what not - don't do that, you probably don't need that" I've never felt so called out. lmao.
DON’T JUDGE ME, WHEEZY!!! 😅😅😅
😂😂😂 Busted!!!!!😅😅
I have a small savings for someone my age (37), but I’m always looking for new and different ways to save. I like the $20 rule! Thanks for sharing :)
i refer to this as the 'oh sh*t' fund, useful for those times you say similar to "oh sh*t, that nail punctured the sidewall of my tire, and now i need to buy 2 or 4 new tires!" or "oh shit, the fridge died and our food is spoiling!" or "oh shit, the furnace died and we're freezing to death in a chicago winter"
Let's you get real tires and not used ones. Poor lady I worked with couldn't afford anything more than a single used tire with a month warranty. She blew a tire on the highway about every other week.
Glad I’m not the only person that refers to it as the “Oh sh*t” fund 😂
Something that has worked for me is setting up an account for every bill you have and making your paycheck (for me its all of it) go into that account. You don't make any purchases with the account except for bills and then you do a side hustle (or in my case have a roommate) to earn cash for non-necessities
Savings are nice. What's not nice is having to dip into them to buy stuff. But then again, that's why they're there. But still.
I struggle with that as well lol.
Just found your channel and I love your humor. Very enjoyable!
You know, this is so stupidly simple it's brilliant. And I've done it for years. But I'm realizing that you can do this with TIME too , to build the habit. The habit is what I need. To carve out time to do things I need to do. Instead of $20, it's 2 minutes. 2 minutes to do something I've been postponing. Subscribing because this was a pivotal moment. Thanks!
Loved the humour in this video. Also good advice. I've never understood why they don't teach this type of thing in schools.
Finally...someone that acts like me talking sense...thanks...was refreshing to listen to.
I'm gonna try this $20 rule. Handling money is extremely difficult for me, in part because I tend to do impulse purchases, which are only exacerbated by my ADD. Putting $20 in a savings account instead of spending it on dumb carp (!) I don't need seems like a good start.
This is a big thing. Moving it to a new amount where you don't have debit card access shows you down and gives you time for your brain to go "eh we don't really need it"
I have ADHD too, and my savings goes into an account that takes 2 business days to get access to, no exceptions. Slows down the impulse purchases with that money, at least.
My son has ADHD and we went to doctor after the doctor after doctor .finally found the doctor I liked back in 2000. the doctor said instead of giving him medicine we were giving him a half a cup of black coffee in the morning before schoo.l till this day he drinks a half a cup of coffee and doesn't have a problem.
Love your humour...through out. Gave me a good laugh, so have subscribed.
Can vouch for this tip. ‘Taxing’ myself when I get paid and putting that money into a savings account has been the single biggest game changer when it came to my finances.
A LOT of good points here. Thank you for the video.
It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.
Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
@@ThomasChai05How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
*Izella Annette Anderson* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for the info . Found her website and it really impressive
I like your delivery. you seem authentic and being yourself. Keep it going...
My wife and I discovered that giving ourselves our each no questions asked allowance each month let us have guilt free fun within our budget and we could still put money away. And we'd look forward to that allowance each month (in a separate account) and would sometimes save it up and take a trip or buy something big. It helped us so much early on. Then as we made more money we could increase that allowance, or decrease it if necessary.
This is a great idea 💡. I started this and thought I was a genius. Wish I would have started earlier. Now I have one for my grandson.
As someone who has taught personal finance, I approve this message. Also, how spot on was the fortnite joke, getting points just like a paycheck every 2 weeks! Absolute legend.
Don't pay for whatnot, that is top tier financial advice right there!
I just did it while watching this video, super fast and feels good, thanks!
Woohoo! Laser drone activated!
You: “I’m kind of an idiot”
Me: immediately subscribes
Love the advice AND the delivery! I started doing something I saw on Pinterest and that is starting in January, I save every $5 bill that crosses my path for Christmas money (8 grandkids!) Every now and then I'll cash them in and get a few big bills but I don't touch them ( just makes it easier to count out when shopping season starts...)
I started something like this recently with an Apple savings account. It’s so satisfying watching it grow from 0! And they’ve got little graphs tracking the growth and it just makes me want to keep putting money in. I didn’t really have a system though, and I like the sound of this one. Thanks for the great video!
I tried it and it works. Putting extra in when I can gives me a mental boost. It's better than buying stuff.
I use the slot adicted gambler strategy. Its easy. A adictet gambler deposits daily 50 in the machine and loose it. And makes in a short time a 5 figure loss. But if you deposit often 50 in a saving account like a adicted gambler do, you save in record time 5 figure money.
Do we all have the same RUclips Algorithm? Because I very recently started looking into savings ideas and BAM! Wheezy drops a video on it.
Happens often.
I remember watching a similar video from you when I was in middle school and realized just now that the tip I used for years was from you! Now that I have a lil extra, I've used this and opened specific accounts named for specific expenses I know will come up and are easier with long-term savings. $20 to the Christmas gift fund, the vet bill fund, etc. Always there for the just-in-case and the specificity helps me to not panic too much about taking from savings. You a real one.
I love how entertaining your video is ! Great work !
I do this. But it's my household petty cash. I use it for rainy day emergencies, like plumbing, car repairs and what not. And I count it and look at it and it makes me feel secure.
It's hard for me not to save, so I have been using this method to feel no guilt about spending on somewhat dumb purchases. It's my unnecessary spending fund.
Love the vault name, going to try this even though I’m in my sixties…just got my first SS check so it is a great time to start.
This is really good advice. Little bits add up. ❤😊
ABSOLUTELY AGREE on somw financial advice being mathematically great but not mentally/emotionally great.
Thank you! I am the type of person who needs a video like this 💵! Much appreciated!
Took your advice & we'll see how it goes. Also realized some of my hobbies (trading cards, toy collecting etc.) that I really wasn't enjoying anymore needed to take a hike so their is extra savings. Luckily I don't have much debt but I have been thinking about my future as of late. Thanks for the encouragement & the laughs :)