How To Start Living Below Your Means | Clever Girl Finance
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- Опубликовано: 20 май 2024
- With the right money mindset, budgeting methods, and financial planning, you can quickly begin to live within your means. In this video, learn how to create a financial plan to set yourself up for financial success and resist living above your means.
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Listen, y'all.
I had a physical breakdown when I FINALLY sorted through my finances l. Just for the minth of March, I spent 1800 on "bull shit" spending. I kidd you not.
I cried the entire day...then I began to write a goddamn budget. Could you imagine 1800 bucks invested?! Im disgusted, but now I'm intentional about becoming frugal.
Yep, I had a *very* similar wake up call recently
11@@Graveyarddaisies
Same😅😅😅
My mom died 6 months ago and my dad a year ago. I decided to sell off evrything and pay the debt I have left while building both my savings and emergency funds since I plan to move in a year.I start meal prep all meals, no shopping, use what I have and plan to live a stress and clutter free life. Thankyou for this awesome video
Write a helpful book about what you just said...Get Paid!
So very sorry for your loss(es) Love!
Very sorry to hear of your loss😢
So sorry for your loss ❤...praying for you 🙏❤
So sorry for your loss ❤️
I paid off my car two months ago and it feels like I got a raise 😅 I use the extra money towards paying down my last debt and saving. I do zero based budgeting and the cash envelope method and it’s a lifesaver. While I’m being responsible with my finances I make sure to set aside money for fun experiences like going to the movies, concert, day trip out of town ,etc. I wanna live my life too
Good job
Super✨✨
Great job! Congratulations!!!! And yes to fun money!
I paid off my car three months ago and it was a monkey off my back. I feel so free now and have a little extra money to play with and to save and to stock up.😂🎉😅😅😅
Great video! I have always been a saver and more frugal but it is easy to fall into a trap.
My biggest tips:
1. Before purchasing , walk away and give it a day.
2. Eat the kids meal! The portions and the price are less when eating out.
3. Keep a healthy snack in your car. I cut up veggies for the week, throw them in a little reusable baggie, and keep in a little cooler bag in my car. No stopping for fast food. And my waistline thanks me!
Yes! Heavy on the eat kids meal. I thought I was the only one that did this.
I do this because I also get full really quick & it’s waaaay less calories too. Win win in so many situations
Love these tips!
Waistline part 🔥❤️
Amazing tip 3. I already follow number 1. Thank you for sharing. ❤️❤️❤️
Great tips! Thanks!
People think I'm rich, I'm not I'm a GOODWILL shopper. I drive an older car, no car note. We can do this.
They call me el cheepo but I have no debts and I don’t need to borrow. I have articles from Goodwill that they keep begging me, yet they refuse to enter the secondhand store.
@@Jfwqs7212You are very smart. Big compliments to you.
I started living frugally since January. I also stop buying clothing. I shop inside my closet. I plan to assess my finances in June.
You are doing great!
I remember when I went to college in 94, my aunt lived in the city that I went to college in and I arranged to stay with her until my housing came through, I moved early because I worked at target and they agreed to transfer me to the new city…..this aunt was known to have really nice things and lived really well……after a while I noticed that she didn’t want me to answer her phone (cell wasn’t common yet) anyway she was being harassed by bill collectors…..I could tell she was MISERABLE but she was ALWAYS buying stuff….mid forties/single/child free……one day I casually asked her why she lived so far above her means….she didn’t understand what I meant……I eventually shared all of the financial knowledge that I had gained from ready books on budgeting and planning….i heard her on the phone telling someone that she had never heard the term “living above your means” and how smart I was ….etc… but she didn’t take my advice😂😅
Love this - thanks for sharing and empowering your aunt!
That is awesome that you helped her and not shamed her. Good news!
😂😂😂😂, that’s how the aunties are , they will not take the advice.
Aunty needs deliverance from the spirit of the WASTER...money not staying with her to prosper her as per God's will. You see every coin earned is being spent to zero that is why she does not understand the term "living beyond her means'😔
Reducing eating out, paying off Klarna, no shopping unless necessary for a particular item, paying off credit cards
What is Klarna?
Klarna is a buy now pay later platform.
You've got this!
Thanks. Never heard of it. Appreciate the response
Oh a fellow aussie!!! Yes for me it's afterpay good luck
I'm debt free. I live below my means. I eat out once a month. I use my food saver to help me to keep my food from getting freezer burned which helps me to save my own MOLLA!! 😊😊😊😅
Love that!
On my list when I move.
I don't go on holiday, or buy big ticket items, or go out to eat, or buy take aways. I just don't have enough money to get to the end of the month. Things like changing the light bulbs or brakes on my car have become a crisis. That's the reality. At the beginning of the year I did that thing where you save 1p more every day. After three months I have saved £42.77. Last month I had to borrow £10 from it. That's the reality.
That’s my reality too, are you able to earn more?
You need to figure out how to make more money I had to start a side hustle.
Its a start just be consistent. Would if you didn't save, then you couldn't borrow the 10 pounds
@@neryvargasgarcia9767 I did start a side hustle as a tutor but the work ran out. I'm just starting writing on line now. You never know that might help at some point in the future. I just think that idea of saving 10% of your income is unaffordable. That 10% is your crisis money and there are people who cannot afford to save this is my point.
@@Handbagqueen23 Well I've literally, today just put some writing online. You never know it might turn into something.
Yes, this advice works. I lived below my means, saved and invested while my kids were in school. After they graduated I splurged on everything I wanted. New "used" lexus, trips, and dining out.
I still save and invest @ 20% of my income. Set up the investing (savings) automatically each month so I don't miss it.
Thanks for sharing!
Hey
What kind of investements
@@Safa-gq6jm I have a pension through my job and a 403B tradition mutual funds account. I have a 3rd account with fidelity that I use to stash savings in a checking account that pays 4% and other investments in FXAIX, FDGX, ETFs, AAPL, LLY individuals stocks.
Paying everything cash helps a lot. You know what you have and what you can spend! I took a new job to pay my house debt and haven't seen the sun in 2 years, but used that and 1/3 of my normal salary for my payment (it was only 1/3 of my house, I already had the rest) and did the same for new construction and the interior of the house. Debt free in 2 years! WE CAN DO THIS!
No Spend Challenge. A tracker printed out on paper showing my progress towards my Fully Funded Emergency Fund. No longer own a credit card, debit card only.
Love it!
I have been credit card free for years and now have to build credit to get one to buy a house
@@ConstanceRamos-jf6buyou could get a secured credit card? Or a no annual fee one
I like the part where you say to write down where your mind was at, when making transactions. Because my impulse buys stem from sucky moments.
It's so helpful!
I am not the target for this vid, but still so helpful. I live below my means, in fact worked very hard to live so frugally that we paid off mortgage last year. But I realised while watching this that the strange “off” feeling I’ve sat with since going debt free comes from having a lack of a financial plan or goal. For so long the only goal, the only plan was paying off our mortgage ASAP. I don’t know now if it’s about focusing on retirement fund now or something else or several thing, but you’ve given me some food for thought (and a revelation!) thank you
So glad you found this video useful!
I'm selling some of my antique and vintage items this year. I'm friends with a person who attends estate sales.
I am using a budget plan, because my health costs exploded last year. Before I buy something I ask myself if I really need it. Thank you for your video!
It takes time to get the hang of it, cutting down your lifestyle. But its so worth it.
100%
Goodwill.. never sleep on them. Cuts your shopping budget in more than half! And cooking more!
💙
Yup and there are plenty of online thrift stores also that ship.
I just turn 52 29th of March and I don't have a saving emergency fund and I .in debit. My goal is to start budgeting and set up to pay off bills. I feel really stupid to be this age and no saving etc
Never too late
I'm literally in the same place as you, age and all
It’s a blessing that u know what to do now.
NO SHAME and you are NOT stupid. Create a plan, automate savings and focus on paying down debt. You can do this!
Ur 52 I'm only in my mid 20s n I'm already frustrated
Why do I find her voice very calming? Sorry I didn't really paying attention right now about the topic but her voice really calms my mind right now. Thank you
Haha so glad!
Thank you 🎉
Thank you SO MUCH for this high quality video ❤
Love this video, I relate to some of the signs I was living above my means before I started taking control of my finances. Focusing on sticking to a monthly budget particularly with my savings
I’m cooking again. No subscriptions. Coffee from my house every thing from my house and fully funding savings
Love this! You can do it!
Yea definitely working more towards the coffee from home more. Just sat down and planned our meals for the week! Less eating out
I’ve simply taken more time before buying things I thought I needed and watching my bills go out first.
Also started shopping weekly for essentials.
Also sell unwanted items online to pay towards my debts.
Thank you!🙏🏾🙏🏾🙏🏾
Thank you !! I needed this video
I’m so glad I found your channel! Thank you for all the free resources. I can’t wait to check them out and follow you for more. I’ll also check out your books. God bless!💗 I’m already looking at my budget and have a plan for the year ahead with a handle on how to pay off my debt!
Life goals clearly explained. Thank you.
I love this video, I do not have car or house mortgage all paid up, but I still need to curb my spending more.
Thanks for being here!
I've been living below my means for the last 20 years.
a question....
if living below your means in needed to survive.. maybe we need to change the colloquial definition of "means" and " good income"?
is there a way to change the paradigm of money? and do so more effectively?
Such a helpful page! Thank you for the work and resources you and your team provide!
🙌✨
Thanks so much!
This is my problem when I get stressed at work or had a long hard week at work I want to treat myself and end up shopping let’s say I have two bags of clothes that I’m donating because I didn’t even wear them 🤦🏾♀️🤦🏾♀️😩😩🤧
thank you! i needed this reminder. im currently working an extra job, yet my spending remains the same
You got this!
Love this ❤thank you!!
Thanks for being here!
Loved this video, very informative. I have been budgeting for over 2 years and started my channel to document and keep myself accountable. This has really helped me to stay consistent. I love the idea of checking the mindset when spending.
Love it! Will check out your channel!
@Clevergirlfinance thank you. I have mentioned you in my video as I love the idea of checking in with how you are feeling when you spend your money. This has made me become more mindful before I spend 🩷
Thank You
You're welcome
1:30 Wooooow. I feel so called out. But I make less than 30,000 a year and I honestly don't even know what to cut to be able to put aside money/pay off debt.
I have been there. It’s tough and at times I had to live check to check just to keep a roof over my kids heads. Eventually it got better and I am not in debt for much. I do have a car note. Some things are just expensive. I ditched our satellite and switched to streaming apps. I saved over 200 a month that way
Great delivery, great tips and ideas to live below your means. I'm glad I came across this video. I like the idea of buying new, preown items!!
Glad it was helpful!
These are excellent tips! I’ve watched many financial advice videos but this one takes the cake :)
Very helpful and essential information ❤ thank you 😊
Glad it was helpful!
Thank you for sharing this information.
Glad it was helpful!
Hi. It is an informative video. Thank you.👌
The dehumanizing feeling of being and feeling poor is so hard to overcome to stop overspending.
Great video!
This is the first time viewing your video; thank you for sharing. This was a great, simple, clear guideline. I subscribed
Glad it was helpful!
I am attempting to save for three months to afford to buy a used vehicle. My budget is $10,000.
You can do it!
I find paying bills automatically and using cash only for everything else, keeps me on track. I have a minimal high-quality wardrobe and I look after what I have properly.
Thanks for sharing!
All points are valid, love it
Thanks for tuning in!
This was an awesome video, Bola! Thank you so very much.🥰👏🏿
Thanks for being here!
Thanks for sharing another great Video.
Thanks for being here!
Great content, thank you very much
Thanks for being here!
Excellent video
Love from India ❤
Thanks for this great piece of advise, I have a small side hustle but earning too little
❤
Thank you so much , I've missed your videos
Thanks for being here!
What an awesome video. I am tracking my expenses so I can see where I am overspendibg
Well done!
Bola's insights on financial planning are a game-changer for anyone struggling to meet their economic objectives. Tailoring your budget to match your actual spending habits, rather than theoretical limits, can make all the difference in achieving financial stability. 💡
Thank you so much, this is very helpful!
Again, how can I purchase your books? Contacting you from Ghana
Amazon
I am building a home and I am about to get married. I have no emergency savings at the moment and I feel strained. I do have a good networth though in other assets and properties. However, I feel strained at the moment. Am I spending above my income or should I consider my building projects as investments?
A home is a necessity. If it’s paid off then no debt once it’s built. If it’s on notes just make sure they are affordable. I paid my first house off in 19 months instead of the 21 months I gave myself to do so. It was a huge strain for those months but it’s one less bill now. I’m currently working on remodeling as it was a already built home
This video was very informative. The first time I heard this concept of living below your means but within your needs was from Suze Orman. Just like you, she's a great financial inspiration. Thank you for sharing this knowledge with us 🙏
So glad it was helpful!
Yes 💯👍❤️ Some people earn less, but invest more. Its not always about how much you earn. More about how much you invest. Only save for emergency fund. And after that keep investing it.
Hi CGF team, you guys are doing an amazing job 👏
We appreciate you!
I’m good now…but I’d be a lot better off had I had this info when I was younger! 😂
Compound interest and time in the market are your FRIENDS…and seriously, investing doesn’t have to be scary at all. Low-cost index funds are your friends as well. Even if it’s just one share a month to start…set it (automatic withdrawal from your paycheck) and forget it! But definitely make sure you’re getting educated and growing in your financial knowledge.
Lastly: NEVER depend on someone else for money. The person who has the power to feed you also has the power to starve you. Women especially need to heed this!
Love this advice! Thanks for sharing!
I love your information! Will be purchasing some books 📚
Thank you so much!
Love the mug 😍 I wanna be a clever girl so I'm here to stay!
Cutting back on my spending
Liked and sharing❣️
Thanks so much!
Love from Kenya
Thanks for being here!
It’s not that cheap at the thrift store anymore
True - but some good deals can still be found!
True. I first check Facebook free/trade local groups. Has helped me when I needed something and didn't have to spend besides the gas to pick up
This video needs to be sent to the Federal Government! Live below your means with our money.
Agree?
😊You're beautiful! Thanks for the advice.
Right now im tuned on sqving mode because im a spend thrift!😅
I was focused on sabing for a new car and now that I have reached the goal I don't want to get the car because it will deplinish my savings.
Credit cards with amortization to figure out how long this is going to take
This is good but it on,y app,it’s to people earning a livable wage. That’s a problem in the U.S.
Can I get your book "Choosing to prosper" on Amazon?
Yes you can!
All these techniques Will Work but what is not stated is that making and growing money is also about the company you keep. ALL Company (even Family)...Haters of any kind will not make you Greater they will challenge every step of your Progress and when you start making money you will likely find yourself in their mist. Sometimes surrounded on All Sides. Many people use these methods and Never make it. Exclusion is REAL... Watch who you Work With and Work For, say your Prayers and ask for Guidance (even on who to help and what help to give them, if any). There are times when you are doing the Right Things with the WRONG people...If you are ENGAGE with the wrong people none of this will WORK.
100% - Your circle of influence does matter and makes a huge difference! I have a dedicated video on this topic!
New subscriber here. 🌷
1000th like! 😁😁
Yay!
Praying down debts.
Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
Could you kindly elaborate on the advisor's background and qualifications?
Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Live below your means while working on making more money.
Agreed!
“do you have a good income and find yourself living paycheck to paycheck?”
no. i make minimum wage but im tryna not feel like i make minimum wage wage 😅😅
Once you start living frugal, cut back on your spending you no longer want to spend unnecessarily.
I can’t go any lower.. I only make $18 hr 😩
What can you do to increase your income?
Phone games are a huge trap for this. Imagine buying a gem pack or whatever for 20 dollars. Would you rather buy that silly little pack? Or a WHOLE GAME for the same price?
They can be a slippery slope! Thanks for stopping by!
I MUST SAY THAT I DOWNSIZED TO JUST THE BASICS..NO TV..I WAS FEELING VERY OVERWHELMED, I LIVE VERY SIMPLE AND NO CLUTTER IT HELPS TO CALM THE MIND OF EVERYDAY STRESSORS
Door Dash and Uber eats 😢
A slippery slope! Created a fixed budget for that.
My salary is so low that living below my means would mean being homeless
Can you explore ways to earn more?
I am a 23 year old student and am trying to get out of a shopping addiction. I am 34 000€ into dept because of school and am still spending money as if it was unlimited 🥲 thank god I have a very financially responsible partner and don’t want to be a burden for him later one, so I’m trying to learn now! Thank you for this video, it was very helpful 🙏🏾
⏳ Video Timestamps ⏳
(🎬) 0:00 - Intro: Are you living paycheck to paycheck despite a good income? This video is for you!
(🤯) 0:59 - Signs You're Living Above Your Means: No emergency fund, credit card debt, low savings rate, impulsive big purchases, unplanned vacations.
(🔎) 1:56 - Step 1: Assess Your Finances: Review bank statements, track expenses, compare income to spending.
(📊) 2:52 - Step 2: Create a Budget: Categorize expenses (essentials, goals, etc.), explore budgeting methods (cash envelopes, zero-based, etc.).
(🎯) 3:42 - Step 3: Create a Financial Plan: Outline short-term and long-term goals, including debt payoff, savings, and investments.
(✂) 6:03 - Step 4: Curb Your Spending: Use a spending journal to track expenses and identify areas to cut back.
(🛍) 7:25 - Step 5: Consider Living Frugally: Explore pre-owned options, use coupons, find ways to save without sacrificing quality.
(💪) 8:51 - Step 6: Improve Your Money Mindset: Think positively about finances, focus on progress, and learn from past mistakes.
(🤑) 9:51 - Step 7: Make Extra Money: Ask for a raise, find a side hustle, sell unused items to boost income.
(📚) 11:16 - Step 8: Utilize Financial Resources: Leverage courses, communities, and tools (like Clever Girl Finance) to stay motivated.
✅ Benefits:
✔ Practical steps to gain control of your finances.
✔ Encouragement to develop a positive money mindset.
✔ Introduction to various budgeting methods and resources.
❌ Cons:
✖ Video is quite long and could be more concise.
✖ Some viewers may find the tone overly promotional.
🌟 Key Takeaways 🌟
1⃣ Awareness is key: Track your spending to understand where your money goes.
2⃣ Budgeting is essential: Find a method that works for you and stick to it.
3⃣ Planning for the future: Set financial goals and create a plan to achieve them.
4⃣ Frugal living can be empowering: Find ways to save without sacrificing quality of life.
5⃣ Positive mindset matters: Believe in your ability to reach your financial goals.
📝 Summary:
This video provides a comprehensive guide to living below your means, offering practical steps, budgeting tips, and resources to help you gain control of your finances. While the video could be more concise and less promotional, the information presented is valuable for anyone looking to improve their financial well-being.
👍 Verdict: Like (despite the cons, the content is helpful and informative).
🤍🤍🤍 Insightful