12 Things I Don’t Do Or Buy To Save Money
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- Опубліковано 28 чер 2024
- Prior to 2019, my wife and I were not the best with money. I'm not saying we were terrible, but we definitely made multiple mistakes and racked up a sizable amount of debt. $45,000 worth, spread across student loans, a car note, and a few dump credit card purchases.
Luckily though, we also buckled down and got our lives together in 2019. We wrote a real budget, made some huge lifestyle changes, and paid off all of our debt in 1 year.
Now I know I'm making this sound easy, but a ton of work and effort went into this in order to make this happen. So today, I want to share some of the main things that we use to waste money on, that we don't anymore.
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Timestamps:
0:00 Intro
2:01 Eating out
2:53 Fast fashion
4:21 The "second" grocery trip
5:33 All organic, all of the time
5:59 One time purchases
6:39 Purchases on credit cards
7:12 Unnecessary subscriptions
8:33 Anything paid in monthly installments
9:11 Being disorganized
9:51 Living up to others expectations
10:52 Buying out of boredom or habit
11:25 Haircuts
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// A B O U T
I'm Ron Banks, a minimalist + creative writer sharing my knowledge and inspiration on living a meaningful life with less.
Ronald L. Banks is my journey through lifestyle habits + personal growth. Follow my journey and learn how you can live your meaningful life.
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Which part of this conversation resonated with you the most? Also what other things would you like for me to share in future videos?
I really struggle with overspending, so it resonated a lot with me when you talked about the monthly installments and window shopping as a form of entertainment. I would love a video with suggestions of things/habits you replaced window shopping with and would love a how-to for budgeting. With all my monthly payments, I find it really confusing to budget @.@
The second grocery trip
I am guilty of buying things when I am bored
I would love to see a future video of how you budget for the holidays . Thanksgiving , Christmas etc..
A video on your meal prep and what are your go to meals ..
Eating out!!! We do that too much.
You have one of the most comforting broadcast voices I’ve ever heard.
Thank you!
So true, your voice could be another income stream!
Indeed 👍
Ronald, you sound steady and sure. And I know this is also something you have learned and honed. And that is a skill I have such admiration for. I love this channel-it’s honest and different from other channels that tout minimalism. Many thanks, and gratitude to you.
He does. Such clear communication too .
The thing I love the most is that a lot of your tips are not only money saving but sustainable as well! Really goes to show that sustainability could be beneficial for you and your finances!
I totally agree. I needet 1 min. to subscribe.
For me the biggest things I had to cut out was subscriptions and eating out! Those two are the worst because you never realize how much you are spending until you truly crunch the numbers. Great work Ronald!
Exactly! We didn’t think much about how much we were spending on eating out until we got serious about managing our money. My mind was blown when I saw the real numbers.
@@RonaldLBanks I know! I evaluate my spending monthly and when I first started, I was blown away and almost embarrassed at how much I spent. Definitely something everyone needs to do!
I cut eating out. I cut my phone bill in half, I cut my internet bill and I saved a ton of money
@@leadnsteel1428 Wow that’s amazing! If you don’t mind me asking, how did you cut your phone and internet bill by so much?
For me, the trick to avoiding take out is to have a few recipes that can be made in 15-20 minutes from pantry staples. That way, it’s actually easier to cook than to go pick something up.
I have been on my minimalist journey for about 2 years now and have watched so many videos, read too many books and listened to as many podcasts, Ted talks and more. Your perspective is refreshing and I appreciate your candid approach and sharing. Thank you!!
Thank you Zoe! I’m very happy my content is resonating with you!!
Your videos remind me that this is a lifestyle. A few years ago I did a lot of decluttering but didn’t change my habits. You need to practice this everyday for it to work. Thank you!
Congrats Ronald, I see that you have more than 100,000 subscribers. I started on this journey with you at 2,000 subscribers. I have cut off so many spending habits from my life:
1. I no longer buy shoes or clothes- I use the shoes and clothes I have.
2. I no longer go to the beauty salon- I do my own hair and nails.
3. I no longer eat out or buy fast food. I meal prep and cook my own meals.
4. I food shop once a month- the pandemic taught me this.
5. I have learned from UA-cam how to fix my toilet, change my air filter on my car, fix my garage door and change my heating system furnace filter.
6. I no longer buy paper towels, I use my old tshirts.
7. I do not subscribe to any service.
8. I do not use expensive air freshener or perfumes- I have learned how make my own fragrance oil.
9. I do not buy expensive soaps or body wash- I use good old cheap ivory soap.
10. I do not buy bottled water, I drink my water straight from the tap. I am still alive🤣
11. I have learned how to say no to hosting expensive guests and throwing entertainment events. I get all my entertainment on UA-cam.
12. I no longer care about how people feel about my lifestyle. I am a minimalist and I am happy.
13. I no longer buy gifts, I offer my service to my loved ones. I cooked for an entire week for my sister for her birthday. She bought what her family likes; and I made them dinner for a week. My sister said that this was the best gift that she got.
14. I do all my laundry and cooking during off peak hours in order to safe on electricity- electricity is cheaper during off peak hours.
15. I spend 12 minutes in the shower to safe on water.
16. I have never financed a car; I buy used cars from retired elderly folks. I now drive a 2007 Toyota Prius- it has 134, 000 miles and runs like new.
Unplug any appliances that have an off indicator light (if you can't program it manually like the cable box) I also turn off my electric hot water heater via the breaker box since I only need hot water for doing dishes & bathing and also the stove breaker(don't need the clock blinking) I also filled the empty space my fridge & freezer with water filled bottles to keep it cool thus not running all today(it's just me so the fridge stays empty) and learned to live on beans(high in protein and fiber) and rice.
@@maureen8745 Great tips. I have an energy saver power strip on all of my appliances- once I turn it off; the current stops running. The strips are so convenient. They are sold on ebay and amazon. I got them on sale on my electric company's website.
Fantastic!
@@ajbee4790 Thank You.
I love number 13.
I'd advise against paying for everything in cash. With credit cards you get purchase protection, cash back, sign up bonuses, extended warranties, and more. You just need to pay off the balance in full every month and not use more than 30 percent of your total available credit.
yeah not using a credit card makes no sense. plus, it could hurt you when you have no credit history and go to buy a home... i don't understand that one at all
I’m a young minimalist thanks to you!!!
Awesome! I’m excited for you and your journey Michael. If you have any questions don’t hesitate to ask!
Simplifying my beauty routine was a big money savers for me. I found a few essential skincare products, a cleanser, a moisturizer, and a suntan lotion, all found at the drug store, that I choose to invest in because I know they work, and avoid the latest new thing because it usually is just marketing and doesn't do much else.
I just found your channel! So good to hear frugal living discussed in a positive way. I went from blowing $120k a year and not saving to being happier on about 20k (living in Thailand helps) and have savings now! Starbucks and dining out is ow a treat--that I actually appreciate and enjoy. I ate out and had Starbucks every day and took it for granted. For me, practicing planning meals for a week is what I suck at. I'm so used to deciding what to eat from the menu in front of me. I never cooked. Not buying paper products is something I forgot I spend unnecessarily on--thank you.
Bro, you just saved me $30 dollars on a yearly app I only used once, lol. Thanks for the reminder. 🤜🏽🤛🏽
**Side note: I think it's a good idea to schedule a reminder for the subscriptions you do need that will help you put aside for those non-negotiable fees such as car registration. (I know it's not a subscription but same difference, LOL.
One really great tip my girlfriend does for reducing the amount of fast fashion. She has a one in one out system. If she buys something new she has to get rid of something from her closet either donate to charity or sell it online. It makes you really think about what you want and then you have to decide if you want it more than everything else she already has. It works really well.
I'm from Chicago! I love that you went and saw The Bean it's a classic haah
I grew up in Illinois, about an hour outside of Chicago so I visited The Bean, Shed Aquarium, The Field Museum and the Art Institute often.
I was already moving toward going back to my natural and graying hair but covid helped me let my hair grow out as well as going back to my natural finger nails which has saved a lot of $. You may have discussed it in a previous video, but with the holiday season coming up quickly, I'd love your perspective on creative and low cost gift giving. I usually make a lot of gifts but seem to be stumped this year.
Your editing is so clean and professional :)
Thank you so much!!
"Window shopping is just temptation..." Got me good. When I take breaks at work I go through my email promos as a passtime 🙃
I hope you appreciate how blessed you are to be married to someone who has the same values as you in terms of minimalism. There is a real struggle when both partners aren't on the same page in that regard...you know, like when one is mindful of the clutter in the home and the other one just keeps buying and holding on to stuff. Yikes.
Hi Ronald, I recently discovered your channel and I absolutely love it. You are so calming to listen to and you share great knowledge. I’ve binge watched many of your videos because they are just that good. I started my minimalist journey back in 2016 after graduating high school and now many years later I have been able to learn about simple living, enjoying my home instead of bars, malls and restaurants, saying no, and saving money. This February at the age of 22 I was able to purchase a home with my husband and I am so grateful for how far this journey has taken me. Minimalism hasn’t made life less enjoyable for me. I feel more free because I have no credit card debt, just a car and home loan and it’s easy for me to manage. I never thought I could be so low maintenance, even my husband said the same thing.. 😂 This lifestyle made me learn that I don’t need to impress others, just myself and all life is to me is becoming the absolute best version of myself and helping uplift others too. Anyway I rambled a bit, wishing you and your family a blessed week. ☺️☮️
This is absolutely amazing! I am so happy and excited for you both! Next step… paying off the car and house! 🙌🏾 Keep growing.
1. Eating Out
2. Fast Fashion
3. Second grocery trip
4. All organic, all the time (buying organic food)
5. One time purchases (like paper towels)
6. Purchases on credit cards
7. Monthly Subscriptions
8. Anything paid in monthly installments
9. Being organized
10.
11. Buying out of boredom or habit
Still watch the video
I’ve been cutting my own hair for quite some time. It usually takes a couple of days to make sure everything is even - lots of looking in the mirror and scrutinizing the hell of of it - but I get so many compliments and astonishment when I tell people I did it myself. I still treat myself to a trip to my talented hairdresser every couple of years, but avoiding a $90 tab + tip every six to eight weeks has been a game changer for my bank account.
Thats awsome
I bought "The Perfect Bob" template. It turns out evenly everytime. Takes just a few minutes. My friend clippers the hair off following the template. I like it much better than the crea clip. I didn't get anything for this testimonial other than my hair looks good. Lol
I use a credit card and write down each purchase on a paper so I know what I'm spending and pay it off each month. I don't have subscriptions on anything.
I always enjoy your videos, and this one is no exception!
P.S. As a (single) lady, I adore and respect the ways you mention and honor your wife in the videos! Whether she’s there or not. Hopefully my future Mr. Minimalist will cherish me the same.
I’ve been practicing minimalism for a while now, but I appreciated these reminders that you offer on this video. Thanks for being you, Ronald
I’m glad you enjoyed this! Thank you for watching!!
Paper towels and toilet tissues: love it.
Credit cards use as debit cards. Spend based only on your budget and pay immediately. Benefit from the points.
Everything else, i totally agree with
I think this is so good for new couples to do it has so many good benefits. It is "team-building", establishes good spending habits, cuts down on financial stress in the important early years, and gives self-confidence to the couple. It encourages thoughtful decisions and cuts down on impulse decisions. I think that it is okay to spend money to go out to eat, but it should be a conscious decision and a "treat', not just a habit. I like to eat restaurant food that is "special" in that it is something that they do better than me.
Straight up, never thought about cloth/reusable napkins. Society has instilled paper towels as a primary use case. Taking that one from you and going to implement it. Better for saving a small amount of cash, and also better for the environment.
I love our cloth napkins! Ours came from garage sales and thrift stores, so we have really nice linen and cotton ones. Honestly, they seem sort of fancy (better than paper McDonald's napkins LOL), and I just toss them in the laundry with the dish cloths or even a regular load if they don't have tomato products on them.
For blowing your nose try buying cotton jersey knit, cut to size. Or use old t-shirts. No need to hem. Just wash when dirty. I also don't buy toilet paper. I installed a sprayer hose on my toilet for $35 like what we used in Asia. So much cleaner and savings of $200 a year on TP.
My number one is eating out. I have been learning to shop from my shelves & fridge and only purchase food when I plan it out for the week! It’s tough but Im already saving so much money. Great video!
Ronald, this was SO GOOD. I have watched many financial help videos, but I have never heard anything explained as succinctly and eloquently as you are able to break these things down. I love how this video really got right to the crux of the matter with excess spending. As a plant based health foodie, I VERY much related to the grocery store temptations! 😂So true! Thank you so much for this helpful video. Btw, you and your wife have such a beautiful energy together!
I used to pay all my purchases with credit card because it was easier for me just to pay at the end of the month what I had expended, but you are right, you loose the track of what you are expending. I am planning to change that.
I like this! When it comes to subscriptions (that I value) I choose to buy gift cards and email them to myself online. This way, I pay it all up front and don’t have to worry about small $5-$20 charges coming out of my account seemingly randomly/when I forget the date.
It’s me fool proofing my life for myself, but it works.
Clever!
That’s genius!! Thanks for sharing!
Ronald, your presence here on UA-cam is so encouraging.
Your content has been useful in my life and I appreciate you sharing the improvements you’ve made within your life.
Bro, may you and your wife continue to prosper in health as well as financially.✊🏿
Always great content, so well thought through and clearly delivered. You and Joshua Becker are my favourite content producers for living more mindfully away from the stampeding masses.
Congrats on paying off that kind of debt... takes courage and commitment. Some great goals to reach for in here..... as I’m guilty of a few of them. 😳
Thank you! Definitely took commitment, that’s for sure! I’m glad you enjoyed this video!
The second (and sometimes third) grocery store trip is what gets me!
I feel that! I use to make second trips all the time!
Thank you Ronald! Great video content as always. You and your wife are an inspiration. The best is yet to come for you two.
Fantastic advice. Its not frugal living - it's common sense living. If only common sense was common! Very professionally done video. You are a born presenter.
I never add my credit card info to the app store... I'm terrified (to irrational levels) that I will accidentally install an app that costs money and turns out to be a subscription 🙈
I only use paper towels for greasy stuff. Otherwise, I use a facecloth. Different colors for each type of use. Beige for napkins or white for washing dishes and counters (so they can be bleached). Bathroom washcloths match the towel set.
Etc.
I loved this video and the thoughts mentioned in it. I wish you and your wife all the happiness in your lives together!
Great video! I like the tip about paper towel. I used to use it all the time and I would burn through rolls like crazy. A year ago I bought a 12 pack of plain cotton dish towels. They sit in a stack by my stove. Now I use them for everything from grabbing hot pans from the oven to wiping up spills and cleaning counters. After one gets dirty I just chuck it in my washing machine and they get cleaned whenever I do laundry next. If they get really stained and gross looking I can just bleach them. Once they get destroyed, which won't be for a while, I can buy another set because the 12 pack was $15. I still keep paper towel around for some stuff but a roll lasts me more than a month now, not a week like before.
Hey Mr. Banks. Thank you for making such honest videos. From decluttering to finances you have given, and continue to give expert advice that has lifted some weight off my shoulders. It really puts things into perspective when someone else gives you the same advice you choose to live by without having to ask for it. Everyone can give great advice, choosing to make a conscious effort to live by it is a different story, but that’s life. Anyways, hope you have a great day! You will be at a million subscribers in no time!
I would love to practice minimalism and also learn practical tips on saving money, so this vlog and your other vlogs were a real treat to my curious mind. Your content is valuable and it seems you put alot of thought into making them. Thank you 🙂
I’m really happy that you’re enjoying my content Jazelle! Thank you! If you ever have questions don’t hesitate to ask. Would love to help you out in your future as much as I can!
Your vibe is so chill and your videos are super digestible! One of the only UA-camrs that I can actually get through the whole video without skipping or clicking off hahaha! There were many practical tips in this and it's inspiring to hear yall were able to pay off your debt in 1 year once you decided to get serious about it!!
I am so inspired by your relationship with your wife and your shared goals. Thanks for the content.
The only spending cash part is true I noticed in general I spend less when I can see the money infront of me compared to on a card
Thank you for making videos! I just recently found your channel and you're so calming to listen to. You're also really encouraging and kind in the way you explain things. I hope your channel keeps growing!
Eating out mostly when going to town for groceries. Sometimes we pack a lunch but for us it's nice to go to our favorite restaurant. Thanks Ron
I love this. We can make mistakes, that's who we are. But we have to own it, admit it and keep moving forward, perhaps more cautiously.
Great video! Especially loved the bit about scalp care and disorganization.
Such a great video! I could relate to being tempted to buy extra at grocery stores for sure. Thank you for sharing!
Thank you for keeping it easy and honest! Feels accessible to achieve something. One of the things I did recently was cutting out takeout coffee. I invested in a solid little coffee machine, watched a bunch of UA-cam videos and now brew great coffee and don‘t feel the need to buy any coffee anywhere else. The other thing I‘m working on is planning meals, making a grocery list and using up what I have. I waste a lot of money with random grocery shopping and forgetting what‘s in my fridge.
I'm going to reorganize my wardrobe and only buy clothes that can be used in several ways. Thanks for the tips!
Hi Ronald , your statement about decluttering helping with misplacing things is so valid ! And it’s the way I got my husband over the line with minimalism 😀. He just got sick of looking for things .
Thanks for your wisdom and encouragement.
I already was a minimalist,before I even knew
Some more great advice, thanks Ron!
I’m glad you enjoyed this Connor! Thank you!
thank you for this!! really appreciate how you elaborated and explained every point -- you really are speaking from experience! also really happy for you and your wife :)
Thank you so much! I’m glad you enjoyed this as well.
Wow thanks for this video - I appreciate how humble you are and the genuine honesty you put in practice while giving out these advices. So good!
Window shopping resonated with me the most. Something I often do ( for Something to do) and your right it always ends up with me spending when I didn't want to but I'm learning xxx
I love your tip. I'm already implementing a lot of them, but they are good reminders. I really appreciate that you keep reminding me that no one is perfect and there is no point in trying.
Excellent video! Great suggestions.
I finally am taking a break from all social media and now will apply ALL your tips from ALL your videos. You are awsum and these videos help soooo much. Never stop 😭💗💗💗💗💗
Awesome! I’m glad my content is helping you!
The quality on this video is huge man, absolutely loved this and looking forward to more from you
I appreciate that! I’m happy you found value in this! Thank you! 🙌🏾
I needed to hear the nuggets of wisdom about eating out. I’ve been beating myself up, but I’m doing sooo much better now. I’m proud of myself to almost have it cut out 100%.
Wow! That’s amazing! I’m really excited for you! I’m sure it was challenging at first but you did it!! 🙌🏾 Let keep growing!
First time on this channel, love the audio quality and the tone of this guy's voice, makes it so nice to listen to
Well spoken, very good advice. Thank you.
Great video, thanks!
Great tips, thanks.!
Well done. Well spoken. A good piece. Thanks!
You have such a great energy. Appreciated.
This is a great video. I want to make a similar one.
Do it! You make great content and would love to see one from you regarding this subject 👍
I’ve seen your videos Oliur. You make great content and I believe your audience will find value is this topic coming from you!
I stopped getting manicures and pedicures at the nail shop. And limit eating out. Absolutely no coffee shops.
I really loved this video! Thanks for the tips!
I love your Date Night with your Wife when you talk Shop about Finances. Alot of Folks/Couples don't
The part that resonated with me the most was the grocery shopping! I work at a grocery store, which means my trips to the grocery store are unavoidable. Learning to say no or bringing less money aka, not my credit card with me, really helps.
Great vid mate. I do most of these already but still valued. Good to know I’m on the right path.
Great stuff! The "decluttering" idea resonated with me.
Love your guides!
Detailed and well thought out. Thanks. Earned a sub.
Beautiful couple!! Absolutely amazing paying off all your debt in one yr!!
AHhHHHH! Thanks for this video! One of my main if not top goal this year was to be debt-free by the end of 2022. Thanks for giving me this boost, because I always find myself trying to make excuses for actions and spending, and all that ever gets me is digging myself deeper in debt.
Have to stop making a excuses. That’ll definitely hold you back. If you put your mind to it, I’m sure you’ll pay off everything sooner than you thought you could. Let’s get after it my friend!
Excellent advice! Thanks 👍
Great video and great message. You do a great job of communicating. Thank you for this.
Thank you DeWayne! I’m glad you enjoyed this!
Nice job on the video and the advice!
Loved this!
I love your idea about not going cold turkey on dining out. I used to eat out 2-3 times a day!! I wish I had all that money now…
Dining out has been the hardest behavior for me to break, especially because I don’t cook.
But now, I only eat out about once a week, sometimes even less. I track my expenses so it’s become like a game to see if I can “beat my score” from last month, by spending less on dining out than I did the month before, and to stay under budget. Last month I didn’t do so great (because I was in the middle of moving) but this month, I have my current lowest expense yet, and hoping I can beat it next month!!
Ronald is great, and I’m so glad to see how much his channel has grown. I started following around the 2K mark, and so happy to see him taking off!! Great content, all the way around!!
Great video. Nicely done.
Why was this so relaxing to watch…. Subscribed!
Many people have been telling me that me voice is soothing and relaxing! I’m glad you are receiving that same energy! Welcome to the community! Im glad you decided to subscribe!
Good stuff. What resonates with me the most from your examples is the second grocery trip. Although my wife and I meal plan, we tend to go lean when at the store to not overbuy (keeping the bill down) only to then need a few extras later on (and make the overall cost more expensive).
Great video Ron!!
thanks a lot for these tips!
Loved this video!
I stopped buying paper towels too and have been using kitchen/tea towels! I also need to go through my subscriptions again, I did cull some this year but maybe there are others I could do without. Thank you for sharing your journey! It’s encouraging and helpful ❤️
Amazing video! You’re good man. Thanks
Dude you have 155k subs and 18k views on this video! That's amazing!!! So pumped for your success! Keep it up!
Ron! Glad I found you. Feeling inspired. I just unfollowed like 15 stores and businesses on instagram that were being nothing but temptations.
Great suggestions!
Thank you! I’m glad you enjoyed this!
Great flow in the video! Hi from Greece!
Glad you enjoyed it my friend!
This is so great. Thank you. ❤