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More Frugal Living Hacks & Frugality Tips are coming!! This is the first of many that make me the Frugal Mogul :) What are you doing to save more and what types of videos would you like to hear more of?! #frugal #fugal #frugality #frugalLiving
Same, bought one SUV for $30,000 brand new, and one 1 year old car for $17,000 and 6 months later we’re starting our frugal journey. Sucks, but it is what it is and I just decided to start doing Uber/GrubHub after work and put 100% of the money towards paying down the cars, budget for maintenance and we’ll just keep the cars for 10+ years to squeeze as much value out of them as possible. Lesson learned though, buy used, get a deal, and I like your strategy of selling for what you purchased for and possibly “upgrading” as time goes on. I’ll probably do that next time...in 10+ years haha great video and great tips. Honestly house hacking and paid off value vehicles alone can change your life and increase your savings rate by 30-50% alone, just doing those two things. Hope to get there soon!
@@greenbun If you bought $47,000 in depreciating assets with debt, the best strategy is to sell them immediately . . . TO ELIMINATE THE DEBT . . . and then to buy the cheapest car that you can find in good working condition . . . for cash. Hint: the total cost with any form of leasing or financing is MUCH more than the cash-price. Even more than the direct and indirect costs of the cars is the opportunity-cost = what that money saved/invested could grow and earn for the rest of your life . . . hint: the lifetime answer is . . . MILLIONS!
INHO the easy mode method is: 1. Home cook meals in bulk and by when there big deals/specials. 2. Don’t ever buy a new car... buy used reliable brand and have it checked by a mechanic. 3. Don’t ever buy new electronics, buy used... especially refurbished computers and phones, they sell for substantially less... a refurbished corporate grade laptop like a dell precision or apple MacBook Pro sells for as much as 50% lower or more and the performance difference is almost always negligible. 4. Cut cable and use a subscription service like netflix etc. 5. Buy clothes used from the thrift store or ebay, especially jeans (but not underwear.) 6. ALL MONEY SAVED from the above 5 things MUST BE INVESTED and keep an emergency fund so you won’t be tempted to tap into your investments. It’s it FIER but there was a Janitor that literally worked his whole life at a gas station, when he died elderly, it was discovered that he amassed $8 MILLION from his investments in stocks etc from the early 50s right up to about 2000...
I do everything you mentioned except the grocery hack of price matching. I have only 1 grocery store in my area and they do not price match or accept coupons. To shop somewhere else would require a 2 hour drive. So my groceries are expensive. However, I grow veggies in summer. I am on a no-buy for 2019 and have moved to a minimalist lifestyle so I can live within my means. Where I live, cost of living is low, but so are wages. I do all my own home maintenance, drive a second hand car and shop thrift shops for clothing (I have a minimalist wardrobe of 38 pieces). I only eat out once/month, have no cable or subscriptions. I live in a small 1bedroom/1 bathroom home - and use 100% of my space (I really don't care how the Jones live). I have been able to use the money I saved on my home to invest in rental properties to offset living costs.
ritalyn b awesome!! It sounds like you’re mastering Frugality & minimalism. Well done. Once you’ve optimized for spending less it’s time to focus on Earning More & Maximizing Returns.
At the restaurants near me in michigan, you're not allowed to order children's meals if you're an adult. They're usually for children under the age of 11 and the restaurant won't give an adult a child's meal. I used to order an appetizer instead of a big meal at a restaurant to save money but the appetizers are now the same price as a regular meal! But you don't get the additional things with them like potatoes or a Salad Etcetera so you're actually paying more if you want to have a full meal around an appetizer
How to retire by 30. Step One: Get a high income skill that pays according to your skills not per hour. Step Two: Cut your expenses and live below your means. Step Three: Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that. Step Four: Grow your knowledge so that you can do better in personal finance and investing.Step five:Get a Financial advisor( Lucy Maria Kossobviously) Step six: Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today."
I've actually been looking to invest aggressively in stocks, I live in San Francisco and I only have 95k to spend but I don't have any financial education for it and lack smart mentors. Btw, I've just googled Lucy Maria Koss WOW! she has good qualifications, I wrote her on her webpage and I'm waiting on her reply. I'm excited to get started and see how far i go in 5-10 years time. Thanks again
I certainly have learned a lot from you. I try to be frugal, but you have me beat. LOL. I do look at things a little differently, but still frugal. I LOVE the way you look at resale value of an item. I am different in that I resale almost nothing, but rather bless someone less fortunate than myself. I live in the States also, so it is a little different. One thing I do is look in my basket before I check out at a store. I ask myself "Do I really need that item?" I usually end up putting at least one thing (if not more, back). Another thing I ask when I buy or give anything is "How many hours do I have to work to pay for that item?" If you work a $10.00 an hour job and you give or buy something for $10.00, then you've just given up an hour of work. It puts it in to perspectives. If a friend asks to borrow $10.00, then you are going to work the next day and working that one hour for your friend. You really begin to think of where your money is going. It is just another way to look at frugal living. I am not a big proponent of reselling items and it is just because it is in my nature to give. "Give and it shall be given to you, pressed down and over flowing." I feel that is true in my minimalistic life.
You're spot on about cars. I want to add something to that. I usually go to Amazon and buy parts for either half or a quarter of the price that auto parts store charge. Then I take the part to a local mechanic that I trust and get the parts installed for a fraction of what dealers charge.
I do the same, thing. I shop eBay for all car parts. Also found a good mechanic that comes to your house and does the work for about 40% less than the average mechanic here.
I read this in the Tightwad Gazette - buy the same make and model of car every single time (we even found the same year with 100k fewer miles on it). Store your old car that no longer drives and use it for parts when possible. Obviously this is only going to work for a small number of people who have the ability to store an extra car and have mechanical skills and tools, but I thought I would share. Thanks for the info. New goal- buy a duplex! 😄
Cruises are super cheap week 1 and 2 of December. Also, when we travel, especially if it is in a offseason- tourist area, we rent vacation houses for 50-60% off, normally cheaper than a one-room hotel in area. Offseason shopping works for almost everything. Great tips, glad I ran across you!
We booked a relatively cheap cruise in November. The sea was very rough and we didn't enjoy ourselves at all. Always check the weather and it's effect on you. Sometimes there is a reason why the rate is cheap. Be informed beforehand.
Hello Mike! We are a big fan of your. As a young married couple (19&25), living in Calgary, Alberta, we actually practice frugal living (17-20k a year for 2 people) without knowing about it. We love seeing young people like you are smart with money and dont run after the consumerism society nowadays and we can relate a lot with you and your lifestyle. " It is not how much money you make, but how much money you keep."
Congratulations! I always thought of Calgary (and Alberta generally) as one of the most vibrant and prosperous parts of Canada. How are you surviving the local economic recession that has continued in Western (oil-focused) Canada since year 2014 to present?
Love the insights - I think what's also key here, is finding your "why". Why are you choosing to be frugal in these decisions you're making; why are you choosing to paint the wall yourself and not hire a local professional painter? For many, that "why" is to become financially independent, or build a foundation of income-producing assets, or at least build a financial "cushion" to remove some of the financial stress associated with a higher cost of living, and a dependability on next week's paycheque to maintain it. Once you find your "why", and set clear goals, it becomes easier to make these decisions and compare the options available (buying secondhand vs new, or buying that "want" or holding off)
OR if you do not want to share your space and possibly get a freak for a roommate, just downsize your house. If you really assess your needs and you said yourself, you really only use a smaller space, buy a smaller space or you, yourself rent a smaller space. I rent in south Texas a small cottage style house for $325.00 a month in the country. It is 1500 square feet, three bedrooms, one bath. It is perfect for me and my husband. It is on a very large corner lot in the country. Even for this area, that is no money for rent. I negotiated to fix the place up aesthetically (paint, put ceiling fans in) to spend no more than $1,000 a year bringing the rent to actually approximately $400.00 a month, but using that portion to fix the house my way. I don't ALWAYS spend $1000 a year more. The house is old (which I love the charm and history), but the roofing, electricity and plumbing are updated. I had that inspected BEFORE I agreed. My husband and I have no children so I love the freedom renting gives us. We could have bought a house 10X over, but chose not to. The people we rent from want us to buy this house from them eventually. They love us. I am not sure I will. As a renter myself, RENTING IS VERY HARD and very risk taking. I have ALWAYS been able to negotiate a great rent almost always lower than the asking price. Why do you think that is? Because MANY, MANY renters are a nightmare. When a Landlord gets a good renter, keeps the property up, improves it, pays on time, they don't want to lose it. You can even negotiate AFTER a six month lease for a lower price BECAUSE you are responsible. I have done that too. I would NEVER use the house hacking to rent my rooms out. At least, that would not be my motive to buy my house, have a large mortgage as you suggest depending on renters unless you have built in renters THAT YOU KNOW WILL NOT GIVE YOU A HEADACHE for the duration of your mortgage OR you are actually not DEPENDENT on that money to pay the mortgage. My brother built him a huge home on a huge piece of land and he has three manufactured homes behind it. He has renters. He is handy so you must think of that cost too if you are not. BUT he can, on his own, afford his huge 8 bedroom, 5 bath home. That is my take away. I AM A RENTER that CHOOSES to rent. Many people rent because they HAVE to rent.
I bought my Honda Civic for $24,000 five years ago; and its market value is around $11-13k. Civics keep their value more than similar cars which has been great. Going forward I'm selling it for cash (not trading in), using the $$ for the next investment, and leasing a small car - at least half of the lease payments being a business deduction is great, and allows me to build equity in real estate / other investments instead of a vehicle :) Not an optimal choice for everybody, and not the most frugal choice, but for me it's a great best-of-both-worlds scenario, as I do spend lots of time driving to surrounding towns and value my comfort as well as $$ :) What kills me is seeing so many financing SUVs/trucks for $50-60k because it's "safe and reliable", when there's many options for new vehicles at less than half the cost, that are just as "safe and reliable"!
Dominique Chénard very true! We can always improve & optimize. For instance I should have used a more click-baity thumbnail showing me spending only $24,000/year?! Middle class lifestyle on a poverty budget. Titled it: Frugal Living Exposed | Frugality Tips to Retire Early But the algo will kill me if I change it now.
I understand your feeling seeing these consumers buying (or NOT buying, but allowing for sooo much debt) a vehicle that costs the same as a house and having the monthly note to match. I know a guy that was paying.$900.00 a month for a really nice truck. THAT WAS JUST THE NOTE!!!! Not the insurance or gas. I just about fainted.
Random fact: I was actually going to name this channel the “Frugal Mogul” but decided against it. Mike Rosehart is still the protector of Money - FRUGAL!!
I gave up meat 2 years ago just to cut my grocery bill by $50 a month and I wish I'd done it 30 years ago cause it turns out I really like vegetables and I do not miss meat at all. I am all about the efficiency too. I drive people crazy with my favorite quote "I have a system."
I agree with the car situation. BUT AGAIN, you have to be handy and aware. If you are not handy, mechanics can take you for a ride. I do a mixture of what you do. My husband is not handy at all. The one car thing is a GREAT idea if it can be done with your family dynamics. Ours cannot. So ONE of our cars is 10 years old and has no car note....EVER. We do buy an older car cash and try to find low miles. That realistically can be challenging, but possible. If I was a city girl (I am not. Country living us cheaper in many ways and less crime), I'd utilize public transportation for sure. We do opt to buy a program car for our main vehicle saving at least HALF the down payment. While not as optimal as paying out right, our main car has been no more than 2 years old. Our payments are usually around $200.00 or less a month. We keep it until it is 10 years old usually, all paid off and then get another program. By the time we keep the car for 10 years, it has already been paid off for 6 or 7 years so we do have that period with lower insurance and no note so we save for the newer one. Sometimes we have even DONATED our cars to someone less fortunate. I love saving money, BUT the love of money does not rule me.
During the latter half of our path to FIRE (2014 - 2017) my wife and I were able to live comfortably (2 cars, 2 adults) in a major US city close to our jobs for ~$27,000 per year. This allowed us to have a 60% - 70% savings rate.
In the end, how much did you actually enjoy such frugal travelling? What about other options? E.g., My all-time favourite value for money in travel/vacations is in Caribbean cruise-vacations whereby you can spend as little as sub-$400 per week all-inclusive and visit 5 to 6 countries in one itinerary.
Brent Shuffler I enjoyed it much more then just a normal pre paid travel. It was such a great adventure and I met so many awesome people which would have not happened if I eould have just taken a bus or flight or stayed at a hotel. I basically paid like 600€ for 3 months of travel and had the most mindopening adventure of my life. I met the vice world champions in beatboxing in Vienna, I joined a roadtrip along the coast of croatia, once I had a whole apartment with a whirlpool and a gym all for myself for free and much much more. And all that with less money as I would have spend living at home.
If you want to know how I did it, there is a TedX talk of Tomislav Perko which explains it very good. Its called "Hoe to travel the world with almost no money". I actually visited Tomislav in croatia xD
Speaking of low-hanging fruit - my kids eat free snacks every other day. In Alberta, there are apple trees everywhere. In Edmonton, we literally grave a coffee at Tim Hortons, and between the speaker and the window, we jump out, grab apples off the tree, super ripe, and our kids have a free snack. We get our kids the free cookie, fruit, and deli meat from the grocery store when we are there. When it’s a nice day for a walk, we walk to sobeys for snack, where they don’t care if you are buying something or not - your kids get a free mandarin, banana, cookie, and deli. For free. All it cost was some good old fashion outside time.
Oh, also, if your neighbors have a fruit tree they always let drop and rot - offer to pick it clean for them. They will usually happily share. Especially in Alberta but we did this in Ontario as well.
I totally agree with you, Mike: I have never bought a new car . . . .and also never finance/borrow depreciating assets. Hint: the total cost with any form of leasing or financing is MUCH more than the cash-price.
Thanks again for sharing Mike! Hands down my favorite channel on UA-cam. Good practical tips in cost control for achieving the same high quality lifestyle. Regarding cars, what do you classify as low mileage for an 8-10 year car. Is that like under 100k mileage? For insurance, what deductibles do you end up going for? Values for 3rd party liability, deductibles for collision and comprehensive? and why those values?
@@MikeRosehart Thanks Mike. For home insurance. What are your thoughts on the earthquake coverage? Do you find it necessary? I'm quite appalled at a recent home insurance quote I got that included earthquake coverage which had a very high deductible(15% of value of the house) but almost increased the policy by 50%. ie. 60k deductible on a 600k home.
Wow. I don't subscribe to channels much (I'm quite selective), but I just subscribed. I watched 2 videos, and I love your channel! It's been hard for me to find videos specifically from a Canadian (I'm also Canadian). Sometimes the advice given from people in the States just doesn't apply here. So I really appreciate your channel! Just wanted you to know.
Contrary to popular belief, getting sucked into an MMORPG (Final Fantasy XIV, World of Warcraft, etc.) with your friends can be pretty cost effective. You spend around $12-$15 a month to play (the price of 2-3 drinks), and since you're "sucked" into the game, you prefer to play this with them instead of going out to bars, restaurants, theaters, sports games, etc. with them. Even better is getting into free games like League of Legends. I prefer to use my personal time working on businesses, music, trading, and other skills. I mainly play video games as a social outlet with my friends, which is why I brought this up.
I'm a huge fan of cutting my own hair as well. An easy $840 saved annually if you figure two cuts a month at $35 for a machine that costs less than that to buy. Also, if you spend 99% of your time in the city, electric cars really save on fuel and maintenance plus result in a cleaner society. Found my used Nissan Leaf for a good price and I've been very happy with it! I'm looking forward to that grocery shopping video Mike 😁
I shop at superstore too and use their credit card for my groceries and gas to get 3% cash back - with a family of 6 and 2 cars that adds up to a couple of thousand per year in points! For everything else we use a cash back card that gives us 2% in points to redeem on travel and it pays for a decent vacation every 2 years, just got back from a 3.5 week vacation in mexico for the 6 of us and it was completely on mastercards dime. Smart credit card use adds thousands of dollars of value to our lives with no effort at all, highly recommend.
Everything you said about cars is spot on. Cars keeps you poor, they are worst kind of investment one can make, infact investment is not the right word. I have learned a lesson after buying a new car.
I'm a bodybuilder so I need to eat a fair amount of food to say the least. I buy meat, and grains in bulk (Most grains last a long time so do your research on what lasts) batch cook, portion out everything in portion bags and then freeze. My grocery bill went from 160/week before this, to around 75-100 (depending on if I go fancy on the veggies instead of frozen) that gives me 6 meals a day for a week, so each meal is averaging between $2.3-$3
You deserve more views. Your content is overflowing with value. I’m 20 y/o M in Michigan. I’m determined to live a semi-FIRE lifestyle (I don’t mind work as long as it’s my choice). I’m starting an apprenticeship as an electrician on April 8th and I have a nice weekend job so I’m just building my cash reserves. I’m more into the anti-consumerism/environmental philosophy of living frugally so it makes it easier to be disciplined. I also just cut all meat out of my diet and I feel incredible. My journey is just starting but your videos help me keep on keeping on so thank you!
You are right in the choice of when and where to work. I enjoy my work and money is always secondary. I will probably never retire because I want to love what I do. I feel my husband is similar to feeling that way. I work part-time at a job I love. My husband was working full time at a job he started to hate. I told him to quit and we'd make it work. He took about 6 months off and found a lot less stressful job he likes. The money is not as good, but who cares. He lives a happier, stress free life. That is the "win".
Hi Mike, thank you for your frugality videos. I wished I get to watch them 20 years ago. I've managed to make plans based on numerous advice from your video so that I could retire and still live a very comfortable life, enjoying my coffee and travelling to different places in 7 years, since I start saving at the start of this year. Thank you!
I really appreciate your focus on value and getting prices down. My big take away is that we need to do much better in grocery planning. I get behind and eat out way to much. Thank you.
Buy a crockpot or slow cooker, whatever you want to call it. Dump a meal in that (chicken breasts, pork loin, or beans), when you get home, a cheap, hot, healthy meal. Throw some steam able veggies (about $1.00 to $2.00 a bag) or a potato in the microwave and you have you a cheap, healthy, hot meal.
Oh, another thing I do for almost all services, especially a personal business (again, I am in the states), offer to pay in cash and ask if they will give you a discount. Most of the time they will. Don't be afraid to ask.
Do you have that grocery hacking video up yet? That wo9uld be amazing to see you cut your costs down for food in real time. And Delissio spicy chicken pizzas are $4.44 at Walmart sometimes so we stock up and watch a movie as a family for less than $10. Thank you for sharing.
Great Video Mike! My wife and I also share the one car. We will soon buy an electric car so then we only pay about one third to power the car because we will mainly charge it with the rooftop solar. We will buy the electric car in the next 3 months with a novated lease. so the lease payments will also reduce my taxable income. I pay less tax and can choose to buy the car outright when the lease is up.
@@MikeRosehart A novated lease agreement is between you and an employer. Well, this is possible here in Australia. Maybe in Canada as well. You choose which vehicle and then the lease payment is deducted before you get the paycheck from your employer. There is more info about a novated lease here: www.toyotafleetmanagement.com.au/novated-lease/what-is-a-novated-lease
5 bedroom for $2000? Where the hell are you living lol I pay $1000+ for a one bedroom which I share with my son (I sleep in the living room) and it was literally the cheapest I could find
What about living in a reasonable cost of living area? My friend rents a 6 bedroom 5 bath house in the burbs in Toronto for 2800/month....I’ve also heard horror stories of 2000/month for 1 bedroom apartments in Toronto, so in the same market you’d be surprised. Vancouver same thing re: large houses. Just room share or separate the house into 2 areas. It’s about finding options.
YES! I'm so excited you're in Ontario so all your tips will be directly relevant to me also living in Ontario! You've earned a new follower!! I'm with Telus and will be switching to Public asap! I didn't know they used the same towers. I currently pay $61/month which is already a decent price compared to most (hence why I haven't tried too hard to switch) but I'm down for saving $26/month ($312/year!) for probably an hour's work! One frugal thing I did was switch internet providers. The old company didn't want me to leave so they offered me a massive discount so I'm only paying $50/month. I talked to one of our neighbours in the building and now we're sharing internet so we're only paying $25 per month! #winning
Hey Mike! Great vid, learned a few things from you. I just bought my first investment property right now to house hack so just going through all the reno work. You're probably within a 1 hour drive from me so we can do a collab video as soon as covid settles down a bit more.
LearningREADefined I’m not doing many videos anymore, mostly just my live streams due to all the work to edit etc, but if you want to do all the work 😂
@@MikeRosehart Haha of course I will Mike! Or just hire a high schooler to do it since they aren't in school anyway. The video views will already make up for the costs :p
Good day from Greece....yep the CRISIS COUNTRY....anyway because things are a bit better,I would like to tell you that I have a family of 4...my hubby finally became a retiree because he had worked from 16 years old and now we live on his pension...difficult ...but nit worrisome because I rule these waves....WE NEARLY got in big trouble with 2 banks because he went and took out 2 loans for consumers and then the crisis hit....nearly landed him in jail...I helped oikonomically because I got a gift from my late aunt and now we are debt free...I rule with a firm fist and I want to thank you for your insight..you can be sure that I will use any info...to help us along...THANKS SO MUCH!!!!!!!!!
AMAZING VIDEO! THANKS FOR THIS. BTW WHERE DO YOU FIND YOUR DEALS ON FLIGHTS AND ALL INCLUSIVE TRIPS? ALSO WHAT KIND OF MILEAGE DO YOU LOOK FOR IN CARS? THANKS
There are several good apps you can check out. I just do a google search and compare a few. Like kayak Among a few others. I consider low mileage to be 5-10k kilometres per year of age.
I'm surprised you didn't mention this, but going CAR FREE is also a great money saver. This definitely doesnt work for all locations/lifestyles/levels of ability, but if it is something you can do, it's an incredible life changer. I switched to bicycling for most trips and ride about 5000 miles a year - all of that money saved just got invested into my 2nd investment property. Going down to fewer cars per household (like you did) is also a fantastic idea.
Great video! I haven't made it to the end yet, but wanted to ask a quick question: Have you tracked your cost per mile on the cars you've owned? I find even with your methods mentioned, you're still going to be somewhere around $.20/mile. I just bought and 07 Corolla for cash. Original owner, garage kept, 23,400 miles. "Excellent condition" doesn't do it justice. My first two tanks of gas has been 35 MPGs. I think I could flip it for a few grand profit, but I plan on keeping it for quite some time. I work from home and my wife is a homemaker, so we don't need to drive much. Truthfully it could last us the rest of our lives 🤣. My goal is $.15/mile including gas, maintenance, repairs, and depreciation. The only part I disagree with you on is the house hacking with a family. It isn't worth saving a few hundred bucks a month IMHO. I really like your content. I've subscribed.
Gabe Lumby aww thanks. I’ve not done a ton of breaking it down per mile but I get about 35 MPG as well, and very little maintenance or depreciation costs. I like to cycle wherever I can - free and good exercise.
@@MikeRosehart I agree about biking saving money and being good for your health. We try to walk places as we have quite a bit close by (grocery store, gym, etc). I'm not much into biking, but would like to start. You should start tracking your cost per mile. You seem like you'd enjoy nerding out with a good Excel or Google sheet like me 😃. I mainly want to compare notes on if my method of buying a "nicer" used car for slightly more money is financially advantageous or not. I'm a self employed CPA, and I occasionally have a local client meeting. I don't think it is hugely important to drive a nice car, but I do think it is important for it to be in good shape and presentable. I'm more a fan of Toyota than Ford due to reliability. Both have widely accessable and cheap parts. You should check out Scotty Kilmer's UA-cam channel. He has a lot of good info on car maintenance for frugal folks if that is something you're interested in.
Awesome video Mike! Can you please do an extra video about how to buy a car and explain the financial stuff behind it. I dont quiet understand why financing is bad and why you should buy in cash.😃 Have a great day!
love it, same as you i 'rent hacked' used the smallest room and only paid a portion of the utilities from 17 years old. now i have a 800k home on half an acre and a rental property paying for itself. we need to sell one of our cars though for sure. great to see others are aware of their spending and not just mindlessly consuming. go you guys
I love the idea of meal hacking and eating off the kids menu. It’s not allowed here where we live unless ordering at a fast food restaurant. Sit down ones require you to be 12 or younger.
There are a lot of ways that I can and have cut back but I just cannot be sharing space with a bunch of random people. I have stopped buying random "stuff" a few years ago and have been selling off as much of that "stuff" that I can. Anything that was able to be returned to the store for the price I paid has been.
Sometimes you can buy things used for less than you can resell them for. In which case the thing just cost you a refundable deposit when you go to sell it later 👌
@@MikeRosehart Yes, I will keep this in mind when I'm considering purchases again. I used to be a major impulse shopper and then would end up selling (for far less than I paid) or donating the items as they just cluttered up my house. Total waste of money.
Our Walmarts will not price match food unless they're name brand prepackaged food that you can match up numbers. They don't do produce, which would be absolutely amazing if they did since we're trying to stay primarily plant-based. We've not found any other Market that price matches in our area in the states.
Our Wal-Mart does not like to price match and makes it very difficult. It must be THE EXACT thing also. But it is pretty easy to eat cheap especially if you are plant based, but even with meat as long as it is not beef. Chicken and pork are pretty reasonable.
Great video and wise advice to find ways to get value for money and true just a little planning can go along way for if you fail to plan you plan to fail.
@@MikeRosehart Hi Mike, at 3:18 of your video, you mentioned something about renting out a four-bedroom house (topic: house hacking). I am assuming that you were referring to a single-family house, so renting 3 out of 4 bedroom out may cause some rooming-house related issues.
New car costs more but if you can negotiate really well, you can get a new car for the price of a one year old car. I had my last car for 19 years and I plan to have my new car for 12 years. I really like the safety features in my new car and I got 0.9% financing. Could have gotten 0% if I did 3 year financing. I actually find it hard to negotiate really good price for used cars. I also tried to find used cars with low mileage but those cars usually cost more.
Octave Chan interesting counter points re deal hunting on a new vehicle. You do still unfortunately have to eat the depreciation over the 5-10 years you own it, but the longer you own it, the better that gets spread out.
@@MikeRosehart Yeah, I plan to pay cash if I ever need to buy used car. I was in a car accident (rear ended) and suddenly I needed a replacement car asap. Otherwise I would still be driving my 19 year old Honda Accord for another who knows how long. I didn't save up for another car because I was not expecting to get a different car so soon.
Mathew Scott you can do some googling on it. I typically build it myself by plotting the car new, 1 year old, 2 years old etc., I just go on used car sites to get prices. You can plot the average for each year the car is old. Basically gives you an idea of where the car model plateaus. It tends to follow past performance data. Takes me about 4-6 hours to do when I buy a car. I like to spend the week analyzing the car models anyway, so I just make it part of my criteria the same way someone would make gas mileage or repair costs or something else a criterium for decision.
Thanks Mike. Would love to see videos on optimizing the use of credit cards, a more in depth one about buying and selling used cars and one on reno materials (when to buy, where to buy etc..) Keep up the great work
Cody Leeser at Costco they’re expensive here. I buy the 6 packs price matched with 20% off. Get them pretty cheap but most people just pay full price over 1.25 each.
i car hack from a Lexus to chevy hhr..best decision ever...I want to house hack..right now i live in 4 bedroom house for $300 a month..i work and travel so i basically pay for someone where to sleep.
Mizzmiami 32 awesome! Welcome. Yeah the house Hack with kids needs to be family living in OR you duplex your home so it’s separated off like we have in our place. I’ve got a separate 3+den unit I rent to cover my mortgage.
We rent a room to international students via a local school. £350 a month average, which reduces our mortgage payment to £190. They are out most of the time, friendly and it's nice to be their UK family for a few weeks or months.
what about using credit cards like gram says spend what you would have spent with your debit card get the 3% points or cash back and use those points or cash back for travel to get free or discounted flight for vacation. just buy your gas or whatever get the discount pay the card off with your debit before the end of the month saving you from the intrest. get the same thing after getting your price match at the store and get the 3% or what ever on top if that from the card increasing credit score and giving you a small roi if you would on that money you were going to spend anyway.
I drive a 2006 car that still looks and drives great, I've owned it for about 6 years and the only maintenance it's had is oil changes and brakes. I could probably sell it for almost what I paid for it still.
You could, or retrofit your current house. You’d need a pretty big duplex. Maybe a 5 bed 3 bath with a lower or back 2 bed unit to offset the mortgage.
THEADZBRADZ I’ve been taking on new projects and businesses so I stay super busy! UA-cam is an example. Yesterday’s video on rent vs buy took me 35 hours to do lol
Steve Vos I don’t have any with them. I go direct and I get some pretty deep discounts for multi products. I haven’t found success with online insurance companies.
WHY would a person give this a thumbs down?! Excellent info! We live in rural Iowa so some of these are better for bigger community but so much cheaper to live in Midwest! We have Tmobile-$20/line with veterans discount and it INCLUDES basic Netflix n Tuesday freebies. I love stacking up deals like this! Now how to rent out extra rooms?!
@@MikeRosehart actually it's funny you say that. Lol we're talking about putting on outside steps then making upstairs into a lil apartment with just a kitchenette space. Do you start by getting info through department of housing to determine legalities etc?
Octave Chan I have no insurance at all here in Canada. Any drugs my family needs (myself or wife or daughters) I need to pay out of pocket. Any dental work we need done is again 0% covered. Any optometry with the eyes or glasses are 0% covered. Canada is really on good for free hospital visits - but many things aren’t covered. It’s $190/night to stay in the hospital over night and that isn’t covered when you’re sick, or giving birth or whatever else. That all said, in the last two years we’ve spent less than $500 and I’ve been able to negotiate in cash on things like medical drugs from the pharmacist etc.
@@MikeRosehart I was just talking about basic medical needs. Your family has cheap medicare for basic medical needs that covers doctor visits and surgeries. My friend is 60 and she is paying $1300 per month on medical insurance. With that she still has to pay when she visit a doctor and also have to pay deductible. In Jan 2019, I had to pay $449 per month for medical insurance that did not cover dental nor vision. That insurance has 2 free doctor visits per year and afterwards it requires me to pay $50 when I see my family doctor. The deductible was over $6000. I was self employed back then. Now I work for a company and my company paid for most of my medical premium. This is the plan I had www.premera.com/documents/045668_2019.pdf I am a Canadian working in US.
Octave Chan that’s one thing I love about Canada - the healthcare is more affordable. If you’re healthy tho it’s also affordable. I go to the doctor like once every 3 years and eye doctor once in my life. Dentist every 5 years. Preventative is the best - eat healthy, exercise; take good care of your teeth & eyes etc. Much cheaper/
I just had a elderly relative spend 2 weeks in the hospital (California). Serious Pneumonia and respiratory infection, (no surgery). Bill: (Medicare ~$250,000.°°‼️😱) (her share >$10,000).
What is your take on dividend stocks? I'm 18 right now, but in the future I'm thinking of living frugally and spending $2K every month on a bunch of different dividend stocks like "Campbell Soup Co" or "Coca-Cola Co" I'm thinking I could use the money my money makes to buy more stocks to make more money and, according to my calculations, I could have a passive stream of $5K/month in a little over 3 to 5 years. It's not a great idea to retire early off that, but it's a good start.
Blesson Kuriakose that’s good spending - Saving & Investing!! You definitely could do it. I like real estate personally since the returns are much higher.
That's living frugal to Max. Lol if I did that in my country I would probably get punched in the face 😂 Keep it up, your videos are awesome mate. Cheers
Ioane haha. Just make sure you cover their gas. Car pooling is good for the environment. Worst case, take an Uber. I do still own an economical car if car pooling & Uber aren’t an option :P
I love your videos . Kindly guide can someone in the capacity of a lifetime bachelor live for 1200 cad $ all inclusive of rent + food + amenities and bit of sensible entertainment ?
My family of four are able to live off of one income, and typically one paycheck from that income. We save 39% every month and have been able to save 56% frugality is an amazing thing
Hey Mike Rosehart we see your grind so we hit like before the watch!
Noel Bissoondial major respect ✊
Thank-you for the support! I work hard to deliver content every week for you. Mike Rosehart: The Protector of Money.
@@MikeRosehart thats what I told Antonio about you. Mike Rosehart is the protector of money.
Noel Bissoondial I love the branding. Lol.
Noel Bissoondial I’m gunna steal that one. Credits to you though.
@@MikeRosehart p ok koppppk0lpppppkppooppppp99p9p9ol99kl99oppopppp pooopooopppoppp opportunity Poo oppppplppooloopp to pppppopppopkooppopopopoool kpppopokopoopppoppppppopopooppoopppppo9 up pop Pop ppplpppppoppplpop9o9o99poppppppppppppp
More Frugal Living Hacks & Frugality Tips are coming!! This is the first of many that make me the Frugal Mogul :)
What are you doing to save more and what types of videos would you like to hear more of?!
#frugal #fugal #frugality #frugalLiving
Oh the cars... I bought a new one JUST before my frugal minimalism journey and regret it every day 🤦🏻♀️
:( you could always sell it and buy something that wont depreciate.
I would stick to the car until it was so expensive a used one is cheaper. It can last easily 10-15 years
Same, bought one SUV for $30,000 brand new, and one 1 year old car for $17,000 and 6 months later we’re starting our frugal journey. Sucks, but it is what it is and I just decided to start doing Uber/GrubHub after work and put 100% of the money towards paying down the cars, budget for maintenance and we’ll just keep the cars for 10+ years to squeeze as much value out of them as possible. Lesson learned though, buy used, get a deal, and I like your strategy of selling for what you purchased for and possibly “upgrading” as time goes on. I’ll probably do that next time...in 10+ years haha great video and great tips. Honestly house hacking and paid off value vehicles alone can change your life and increase your savings rate by 30-50% alone, just doing those two things. Hope to get there soon!
Nice!
@@greenbun If you bought $47,000 in depreciating assets with debt, the best strategy is to sell them immediately . . . TO ELIMINATE THE DEBT . . . and then to buy the cheapest car that you can find in good working condition . . . for cash. Hint: the total cost with any form of leasing or financing is MUCH more than the cash-price. Even more than the direct and indirect costs of the cars is the opportunity-cost = what that money saved/invested could grow and earn for the rest of your life . . . hint: the lifetime answer is . . . MILLIONS!
INHO the easy mode method is:
1. Home cook meals in bulk and by when there big deals/specials.
2. Don’t ever buy a new car... buy used reliable brand and have it checked by a mechanic.
3. Don’t ever buy new electronics, buy used... especially refurbished computers and phones, they sell for substantially less... a refurbished corporate grade laptop like a dell precision or apple MacBook Pro sells for as much as 50% lower or more and the performance difference is almost always negligible.
4. Cut cable and use a subscription service like netflix etc.
5. Buy clothes used from the thrift store or ebay, especially jeans (but not underwear.)
6. ALL MONEY SAVED from the above 5 things MUST BE INVESTED and keep an emergency fund so you won’t be tempted to tap into your investments.
It’s it FIER but there was a Janitor that literally worked his whole life at a gas station, when he died elderly, it was discovered that he amassed $8 MILLION from his investments in stocks etc from the early 50s right up to about 2000...
I do everything you mentioned except the grocery hack of price matching. I have only 1 grocery store in my area and they do not price match or accept coupons. To shop somewhere else would require a 2 hour drive. So my groceries are expensive. However, I grow veggies in summer.
I am on a no-buy for 2019 and have moved to a minimalist lifestyle so I can live within my means. Where I live, cost of living is low, but so are wages. I do all my own home maintenance, drive a second hand car and shop thrift shops for clothing (I have a minimalist wardrobe of 38 pieces). I only eat out once/month, have no cable or subscriptions.
I live in a small 1bedroom/1 bathroom home - and use 100% of my space (I really don't care how the Jones live). I have been able to use the money I saved on my home to invest in rental properties to offset living costs.
ritalyn b awesome!!
It sounds like you’re mastering Frugality & minimalism. Well done.
Once you’ve optimized for spending less it’s time to focus on Earning More & Maximizing Returns.
At the restaurants near me in michigan, you're not allowed to order children's meals if you're an adult. They're usually for children under the age of 11 and the restaurant won't give an adult a child's meal. I used to order an appetizer instead of a big meal at a restaurant to save money but the appetizers are now the same price as a regular meal! But you don't get the additional things with them like potatoes or a Salad Etcetera so you're actually paying more if you want to have a full meal around an appetizer
How to retire by 30. Step One: Get a high income skill that pays according to your skills not per hour. Step Two: Cut your expenses and live below your means. Step Three: Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that. Step Four: Grow your knowledge so that you can do better in personal finance and investing.Step five:Get a Financial advisor( Lucy Maria Kossobviously) Step six: Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today."
I've actually been looking to invest aggressively in stocks, I live in San Francisco and I only have 95k to spend but I don't have any financial education for it and lack smart mentors. Btw, I've just googled Lucy Maria Koss WOW! she has good qualifications, I wrote her on her webpage and I'm waiting on her reply. I'm excited to get started and see how far i go in 5-10 years time. Thanks again
Love your video ..I make 1000/month and currently live on 65%. I'm so blessed and grateful...life is good and God is great!!
Janelle Anderson thanks 🙏
That’s amazing!
I certainly have learned a lot from you. I try to be frugal, but you have me beat. LOL. I do look at things a little differently, but still frugal. I LOVE the way you look at resale value of an item. I am different in that I resale almost nothing, but rather bless someone less fortunate than myself. I live in the States also, so it is a little different. One thing I do is look in my basket before I check out at a store. I ask myself "Do I really need that item?" I usually end up putting at least one thing (if not more, back). Another thing I ask when I buy or give anything is "How many hours do I have to work to pay for that item?" If you work a $10.00 an hour job and you give or buy something for $10.00, then you've just given up an hour of work. It puts it in to perspectives. If a friend asks to borrow $10.00, then you are going to work the next day and working that one hour for your friend. You really begin to think of where your money is going. It is just another way to look at frugal living. I am not a big proponent of reselling items and it is just because it is in my nature to give. "Give and it shall be given to you, pressed down and over flowing." I feel that is true in my minimalistic life.
You're spot on about cars. I want to add something to that. I usually go to Amazon and buy parts for either half or a quarter of the price that auto parts store charge. Then I take the part to a local mechanic that I trust and get the parts installed for a fraction of what dealers charge.
Juan Hernandez Jr. it’ll save you thousands :)
I do the same, thing. I shop eBay for all car parts. Also found a good mechanic that comes to your house and does the work for about 40% less than the average mechanic here.
Rock Auto is also a great place to shop cheap parts. They ship to Canada too and you prepay duties etc. so no hassle with customs.
I read this in the Tightwad Gazette - buy the same make and model of car every single time (we even found the same year with 100k fewer miles on it). Store your old car that no longer drives and use it for parts when possible. Obviously this is only going to work for a small number of people who have the ability to store an extra car and have mechanical skills and tools, but I thought I would share. Thanks for the info. New goal- buy a duplex! 😄
Cruises are super cheap week 1 and 2 of December. Also, when we travel, especially if it is in a offseason- tourist area, we rent vacation houses for 50-60% off, normally cheaper than a one-room hotel in area. Offseason shopping works for almost everything. Great tips, glad I ran across you!
Love those!
Gotta travel when it’s cheap.
We booked a relatively cheap cruise in November. The sea was very rough and we didn't enjoy ourselves at all. Always check the weather and it's effect on you. Sometimes there is a reason why the rate is cheap. Be informed beforehand.
Hello Mike! We are a big fan of your. As a young married couple (19&25), living in Calgary, Alberta, we actually practice frugal living (17-20k a year for 2 people) without knowing about it.
We love seeing young people like you are smart with money and dont run after the consumerism society nowadays and we can relate a lot with you and your lifestyle.
" It is not how much money you make, but how much money you keep."
Congratulations! I always thought of Calgary (and Alberta generally) as one of the most vibrant and prosperous parts of Canada. How are you surviving the local economic recession that has continued in Western (oil-focused) Canada since year 2014 to present?
LOVE THAT QUOTE.
Love the insights - I think what's also key here, is finding your "why". Why are you choosing to be frugal in these decisions you're making; why are you choosing to paint the wall yourself and not hire a local professional painter? For many, that "why" is to become financially independent, or build a foundation of income-producing assets, or at least build a financial "cushion" to remove some of the financial stress associated with a higher cost of living, and a dependability on next week's paycheque to maintain it. Once you find your "why", and set clear goals, it becomes easier to make these decisions and compare the options available (buying secondhand vs new, or buying that "want" or holding off)
Dominique Chénard 💯 agree!
Love your outlook.
Eating out is a huge one to cut out! It has saved me so much money
Mike Leininger once and a while is ok, and with a promo or coupon if possible :)
My wife always order from the kid menu if possible. Some places won’t let you
OR if you do not want to share your space and possibly get a freak for a roommate, just downsize your house. If you really assess your needs and you said yourself, you really only use a smaller space, buy a smaller space or you, yourself rent a smaller space. I rent in south Texas a small cottage style house for $325.00 a month in the country. It is 1500 square feet, three bedrooms, one bath. It is perfect for me and my husband. It is on a very large corner lot in the country. Even for this area, that is no money for rent. I negotiated to fix the place up aesthetically (paint, put ceiling fans in) to spend no more than $1,000 a year bringing the rent to actually approximately $400.00 a month, but using that portion to fix the house my way. I don't ALWAYS spend $1000 a year more. The house is old (which I love the charm and history), but the roofing, electricity and plumbing are updated. I had that inspected BEFORE I agreed. My husband and I have no children so I love the freedom renting gives us. We could have bought a house 10X over, but chose not to. The people we rent from want us to buy this house from them eventually. They love us. I am not sure I will. As a renter myself, RENTING IS VERY HARD and very risk taking. I have ALWAYS been able to negotiate a great rent almost always lower than the asking price. Why do you think that is? Because MANY, MANY renters are a nightmare. When a Landlord gets a good renter, keeps the property up, improves it, pays on time, they don't want to lose it. You can even negotiate AFTER a six month lease for a lower price BECAUSE you are responsible. I have done that too. I would NEVER use the house hacking to rent my rooms out. At least, that would not be my motive to buy my house, have a large mortgage as you suggest depending on renters unless you have built in renters THAT YOU KNOW WILL NOT GIVE YOU A HEADACHE for the duration of your mortgage OR you are actually not DEPENDENT on that money to pay the mortgage. My brother built him a huge home on a huge piece of land and he has three manufactured homes behind it. He has renters. He is handy so you must think of that cost too if you are not. BUT he can, on his own, afford his huge 8 bedroom, 5 bath home. That is my take away. I AM A RENTER that CHOOSES to rent. Many people rent because they HAVE to rent.
I bought my Honda Civic for $24,000 five years ago; and its market value is around $11-13k. Civics keep their value more than similar cars which has been great. Going forward I'm selling it for cash (not trading in), using the $$ for the next investment, and leasing a small car - at least half of the lease payments being a business deduction is great, and allows me to build equity in real estate / other investments instead of a vehicle :) Not an optimal choice for everybody, and not the most frugal choice, but for me it's a great best-of-both-worlds scenario, as I do spend lots of time driving to surrounding towns and value my comfort as well as $$ :) What kills me is seeing so many financing SUVs/trucks for $50-60k because it's "safe and reliable", when there's many options for new vehicles at less than half the cost, that are just as "safe and reliable"!
Dominique Chénard so true!! Good points. A 7 year old car would have much less depreciation, near 0. Love the comments!
@@MikeRosehart True - like I said - not optimal, not the most frugal decision I've made - but better than financing a fancy car over 7-8 years ;P
Dominique Chénard very true! We can always improve & optimize.
For instance I should have used a more click-baity thumbnail showing me spending only $24,000/year?!
Middle class lifestyle on a poverty budget.
Titled it:
Frugal Living Exposed | Frugality Tips to Retire Early
But the algo will kill me if I change it now.
I understand your feeling seeing these consumers buying (or NOT buying, but allowing for sooo much debt) a vehicle that costs the same as a house and having the monthly note to match. I know a guy that was paying.$900.00 a month for a really nice truck. THAT WAS JUST THE NOTE!!!! Not the insurance or gas. I just about fainted.
This guys unbelievable for his age . I’m bringing up my son like this I’ve been doing it for years !
Tania Souter awesome! Thanks for the compliment, I was lucky to stumble on this early and stay dedicated.
Random fact: I was actually going to name this channel the “Frugal Mogul” but decided against it. Mike Rosehart is still the protector of Money - FRUGAL!!
I gave up meat 2 years ago just to cut my grocery bill by $50 a month and I wish I'd done it 30 years ago cause it turns out I really like vegetables and I do not miss meat at all.
I am all about the efficiency too. I drive people crazy with my favorite quote "I have a system."
Jo Norman haha ❤️
It's true. Eating meat is too expensive and less healthy. It's a win win to dump the meat.
I cut all meat, dairy, eggs, junk food and eating out. I save well over 150 a month. Plus no more medications since I eat so much more healthy.
@silverboomer same here. Ever since going vegan I have not been sick. And it’s waaayyy cheaper!
Bad move, vegetables are missing a myriad of nutrients you can only get from animal products
I agree with the car situation. BUT AGAIN, you have to be handy and aware. If you are not handy, mechanics can take you for a ride. I do a mixture of what you do. My husband is not handy at all. The one car thing is a GREAT idea if it can be done with your family dynamics. Ours cannot. So ONE of our cars is 10 years old and has no car note....EVER. We do buy an older car cash and try to find low miles. That realistically can be challenging, but possible. If I was a city girl (I am not. Country living us cheaper in many ways and less crime), I'd utilize public transportation for sure. We do opt to buy a program car for our main vehicle saving at least HALF the down payment. While not as optimal as paying out right, our main car has been no more than 2 years old. Our payments are usually around $200.00 or less a month. We keep it until it is 10 years old usually, all paid off and then get another program. By the time we keep the car for 10 years, it has already been paid off for 6 or 7 years so we do have that period with lower insurance and no note so we save for the newer one. Sometimes we have even DONATED our cars to someone less fortunate. I love saving money, BUT the love of money does not rule me.
Wow, you guys are very lucky. Here in Indonesia villages, 700 dollar earning a month can be considered rich.
During the latter half of our path to FIRE (2014 - 2017) my wife and I were able to live comfortably (2 cars, 2 adults) in a major US city close to our jobs for ~$27,000 per year. This allowed us to have a 60% - 70% savings rate.
Right on!
I used to travel really really frugally. I traveled 8 countries in Europe for 3 months and spend an average of 4,62€ per day
InZane Nexus that’s awesome! #frugal #frugalliving
In the end, how much did you actually enjoy such frugal travelling? What about other options? E.g., My all-time favourite value for money in travel/vacations is in Caribbean cruise-vacations whereby you can spend as little as sub-$400 per week all-inclusive and visit 5 to 6 countries in one itinerary.
Brent Shuffler I enjoyed it much more then just a normal pre paid travel. It was such a great adventure and I met so many awesome people which would have not happened if I eould have just taken a bus or flight or stayed at a hotel. I basically paid like 600€ for 3 months of travel and had the most mindopening adventure of my life. I met the vice world champions in beatboxing in Vienna, I joined a roadtrip along the coast of croatia, once I had a whole apartment with a whirlpool and a gym all for myself for free and much much more. And all that with less money as I would have spend living at home.
If you want to know how I did it, there is a TedX talk of Tomislav Perko which explains it very good. Its called "Hoe to travel the world with almost no money". I actually visited Tomislav in croatia xD
Speaking of low-hanging fruit - my kids eat free snacks every other day. In Alberta, there are apple trees everywhere. In Edmonton, we literally grave a coffee at Tim Hortons, and between the speaker and the window, we jump out, grab apples off the tree, super ripe, and our kids have a free snack. We get our kids the free cookie, fruit, and deli meat from the grocery store when we are there. When it’s a nice day for a walk, we walk to sobeys for snack, where they don’t care if you are buying something or not - your kids get a free mandarin, banana, cookie, and deli. For free. All it cost was some good old fashion outside time.
Oh, also, if your neighbors have a fruit tree they always let drop and rot - offer to pick it clean for them. They will usually happily share. Especially in Alberta but we did this in Ontario as well.
@@hollykbae5231 My parents had two fig trees in their backyard. People offered to pick them and they'd give them "free" fruit all the time.
I totally agree with you, Mike: I have never bought a new car . . . .and also never finance/borrow depreciating assets. Hint: the total cost with any form of leasing or financing is MUCH more than the cash-price.
❤️
Thanks again for sharing Mike! Hands down my favorite channel on UA-cam. Good practical tips in cost control for achieving the same high quality lifestyle.
Regarding cars, what do you classify as low mileage for an 8-10 year car. Is that like under 100k mileage? For insurance, what deductibles do you end up going for? Values for 3rd party liability, deductibles for collision and comprehensive? and why those values?
I go mad deductibles, minimal coverages except for liability - I get a better liability policy.
@@MikeRosehart Thanks Mike. For home insurance. What are your thoughts on the earthquake coverage? Do you find it necessary? I'm quite appalled at a recent home insurance quote I got that included earthquake coverage which had a very high deductible(15% of value of the house) but almost increased the policy by 50%. ie. 60k deductible on a 600k home.
JP 34 I like to under insure and high deductible - except major liability.
Wow. I don't subscribe to channels much (I'm quite selective), but I just subscribed. I watched 2 videos, and I love your channel!
It's been hard for me to find videos specifically from a Canadian (I'm also Canadian). Sometimes the advice given from people in the States just doesn't apply here. So I really appreciate your channel! Just wanted you to know.
CamishaLove this means so much - thanks!!! :)
I just found your channel. Great tips thanks
Would love to see the video on how you lower your grocery bill. Love your content. I find this video so helpful. Thank you!
Nikki Perdiz it’s coming!!! :)
Contrary to popular belief, getting sucked into an MMORPG (Final Fantasy XIV, World of Warcraft, etc.) with your friends can be pretty cost effective. You spend around $12-$15 a month to play (the price of 2-3 drinks), and since you're "sucked" into the game, you prefer to play this with them instead of going out to bars, restaurants, theaters, sports games, etc. with them.
Even better is getting into free games like League of Legends.
I prefer to use my personal time working on businesses, music, trading, and other skills. I mainly play video games as a social outlet with my friends, which is why I brought this up.
Chigozie Truth I’ve been sucked into World of Warcraft, League of Legends,
Age of Empires, Star Wars Galaxies lol
Chigozie Truth #FRUGAL !
Mike Rosehart lol very nice! Those are all very great games to be sucked into! I've played my fair share of League and Age.
Chigozie Truth :D
@@MikeRosehart shoutout to the age of empires love
I'm a huge fan of cutting my own hair as well. An easy $840 saved annually if you figure two cuts a month at $35 for a machine that costs less than that to buy. Also, if you spend 99% of your time in the city, electric cars really save on fuel and maintenance plus result in a cleaner society. Found my used Nissan Leaf for a good price and I've been very happy with it!
I'm looking forward to that grocery shopping video Mike 😁
blizzard762 it’s coming :)
Great tip. I’m very tempted to get a Tesla or Nissan Leaf. The automated driving seems so cool!
I shop at superstore too and use their credit card for my groceries and gas to get 3% cash back - with a family of 6 and 2 cars that adds up to a couple of thousand per year in points! For everything else we use a cash back card that gives us 2% in points to redeem on travel and it pays for a decent vacation every 2 years, just got back from a 3.5 week vacation in mexico for the 6 of us and it was completely on mastercards dime. Smart credit card use adds thousands of dollars of value to our lives with no effort at all, highly recommend.
Megan Evans 💯 agree!
Everything you said about cars is spot on. Cars keeps you poor, they are worst kind of investment one can make, infact investment is not the right word.
I have learned a lesson after buying a new car.
I'm a bodybuilder so I need to eat a fair amount of food to say the least. I buy meat, and grains in bulk (Most grains last a long time so do your research on what lasts) batch cook, portion out everything in portion bags and then freeze. My grocery bill went from 160/week before this, to around 75-100 (depending on if I go fancy on the veggies instead of frozen) that gives me 6 meals a day for a week, so each meal is averaging between $2.3-$3
Nice!!!
You deserve more views. Your content is overflowing with value.
I’m 20 y/o M in Michigan.
I’m determined to live a semi-FIRE lifestyle (I don’t mind work as long as it’s my choice).
I’m starting an apprenticeship as an electrician on April 8th and I have a nice weekend job so I’m just building my cash reserves.
I’m more into the anti-consumerism/environmental philosophy of living frugally so it makes it easier to be disciplined. I also just cut all meat out of my diet and I feel incredible.
My journey is just starting but your videos help me keep on keeping on so thank you!
You are right in the choice of when and where to work. I enjoy my work and money is always secondary. I will probably never retire because I want to love what I do. I feel my husband is similar to feeling that way. I work part-time at a job I love. My husband was working full time at a job he started to hate. I told him to quit and we'd make it work. He took about 6 months off and found a lot less stressful job he likes. The money is not as good, but who cares. He lives a happier, stress free life. That is the "win".
Hi Mike, thank you for your frugality videos. I wished I get to watch them 20 years ago. I've managed to make plans based on numerous advice from your video so that I could retire and still live a very comfortable life, enjoying my coffee and travelling to different places in 7 years, since I start saving at the start of this year. Thank you!
Ok got it...
Kids menu, now i know. I will check it everytime.😊...thanks
Love your hacks on saving more money definitely will try some to reach my saving goals. There complete genius bless.
Gemfeng doo it! And report back with your success
I really appreciate your focus on value and getting prices down. My big take away is that we need to do much better in grocery planning. I get behind and eat out way to much. Thank you.
William Burkhead there are ways to do it efficiently and on the cheap :)
Frugal meal planning :)
William Burkhead google for a coupon when you go out
Buy a crockpot or slow cooker, whatever you want to call it. Dump a meal in that (chicken breasts, pork loin, or beans), when you get home, a cheap, hot, healthy meal. Throw some steam able veggies (about $1.00 to $2.00 a bag) or a potato in the microwave and you have you a cheap, healthy, hot meal.
Oh, another thing I do for almost all services, especially a personal business (again, I am in the states), offer to pay in cash and ask if they will give you a discount. Most of the time they will. Don't be afraid to ask.
Do you have that grocery hacking video up yet? That wo9uld be amazing to see you cut your costs down for food in real time. And Delissio spicy chicken pizzas are $4.44 at Walmart sometimes so we stock up and watch a movie as a family for less than $10. Thank you for sharing.
❤️ - save a few bucks where you can - it goes a long way.
Wow I love the upgrades on your production. Incredible!!!
Great Video Mike! My wife and I also share the one car. We will soon buy an electric car so then we only pay about one third to power the car because we will mainly charge it with the rooftop solar. We will buy the electric car in the next 3 months with a novated lease. so the lease payments will also reduce my taxable income. I pay less tax and can choose to buy the car outright when the lease is up.
Roman Goeppert very cool!
I’m also looking at an electric vehicle.
novated lease?
@@MikeRosehart A novated lease agreement is between you and an employer. Well, this is possible here in Australia. Maybe in Canada as well. You choose which vehicle and then the lease payment is deducted before you get the paycheck from your employer. There is more info about a novated lease here: www.toyotafleetmanagement.com.au/novated-lease/what-is-a-novated-lease
5 bedroom for $2000? Where the hell are you living lol I pay $1000+ for a one bedroom which I share with my son (I sleep in the living room) and it was literally the cheapest I could find
What about living in a reasonable cost of living area?
My friend rents a 6 bedroom 5 bath house in the burbs in Toronto for 2800/month....I’ve also heard horror stories of 2000/month for 1 bedroom apartments in Toronto, so in the same market you’d be surprised.
Vancouver same thing re: large houses. Just room share or separate the house into 2 areas. It’s about finding options.
Sometimes spending more on rent would give the option to rent hack and pay net less.
YES! I'm so excited you're in Ontario so all your tips will be directly relevant to me also living in Ontario! You've earned a new follower!!
I'm with Telus and will be switching to Public asap! I didn't know they used the same towers. I currently pay $61/month which is already a decent price compared to most (hence why I haven't tried too hard to switch) but I'm down for saving $26/month ($312/year!) for probably an hour's work!
One frugal thing I did was switch internet providers. The old company didn't want me to leave so they offered me a massive discount so I'm only paying $50/month. I talked to one of our neighbours in the building and now we're sharing internet so we're only paying $25 per month! #winning
Hey Mike! Great vid, learned a few things from you. I just bought my first investment property right now to house hack so just going through all the reno work. You're probably within a 1 hour drive from me so we can do a collab video as soon as covid settles down a bit more.
LearningREADefined I’m not doing many videos anymore, mostly just my live streams due to all the work to edit etc, but if you want to do all the work 😂
@@MikeRosehart Haha of course I will Mike! Or just hire a high schooler to do it since they aren't in school anyway. The video views will already make up for the costs :p
Good day from Greece....yep the CRISIS COUNTRY....anyway because things are a bit better,I would like to tell you that I have a family of 4...my hubby finally became a retiree because he had worked from 16 years old and now we live on his pension...difficult ...but nit worrisome because I rule these waves....WE NEARLY got in big trouble with 2 banks because he went and took out 2 loans for consumers and then the crisis hit....nearly landed him in jail...I helped oikonomically because I got a gift from my late aunt and now we are debt free...I rule with a firm fist and I want to thank you for your insight..you can be sure that I will use any info...to help us along...THANKS SO MUCH!!!!!!!!!
Rodoula Doulos that’s awesome! Great come back story, and I’m glad you’re ruling with a frugal fist!!
You go girl!!!
Thank you for sharing this video. Lots of great money saving tips. I subbed.
Got a 13 ram and I enjoy my 01 accord more..saves gas and easy to work on
AMAZING VIDEO! THANKS FOR THIS. BTW WHERE DO YOU FIND YOUR DEALS ON FLIGHTS AND ALL INCLUSIVE TRIPS? ALSO WHAT KIND OF MILEAGE DO YOU LOOK FOR IN CARS? THANKS
There are several good apps you can check out. I just do a google search and compare a few. Like kayak Among a few others.
I consider low mileage to be 5-10k kilometres per year of age.
@@MikeRosehart Thanks for the tip! Btw whats the best tip you'd offer to sombody just starting out wholesaling real estate in Canada? Thanks again
Marry a flight attendant 😁
I'm surprised you didn't mention this, but going CAR FREE is also a great money saver. This definitely doesnt work for all locations/lifestyles/levels of ability, but if it is something you can do, it's an incredible life changer. I switched to bicycling for most trips and ride about 5000 miles a year - all of that money saved just got invested into my 2nd investment property. Going down to fewer cars per household (like you did) is also a fantastic idea.
Nice!! I love cycling
Great video! I haven't made it to the end yet, but wanted to ask a quick question:
Have you tracked your cost per mile on the cars you've owned? I find even with your methods mentioned, you're still going to be somewhere around $.20/mile.
I just bought and 07 Corolla for cash. Original owner, garage kept, 23,400 miles. "Excellent condition" doesn't do it justice. My first two tanks of gas has been 35 MPGs.
I think I could flip it for a few grand profit, but I plan on keeping it for quite some time. I work from home and my wife is a homemaker, so we don't need to drive much. Truthfully it could last us the rest of our lives 🤣.
My goal is $.15/mile including gas, maintenance, repairs, and depreciation.
The only part I disagree with you on is the house hacking with a family. It isn't worth saving a few hundred bucks a month IMHO.
I really like your content. I've subscribed.
Gabe Lumby aww thanks. I’ve not done a ton of breaking it down per mile but I get about 35 MPG as well, and very little maintenance or depreciation costs. I like to cycle wherever I can - free and good exercise.
@@MikeRosehart I agree about biking saving money and being good for your health. We try to walk places as we have quite a bit close by (grocery store, gym, etc). I'm not much into biking, but would like to start.
You should start tracking your cost per mile. You seem like you'd enjoy nerding out with a good Excel or Google sheet like me 😃.
I mainly want to compare notes on if my method of buying a "nicer" used car for slightly more money is financially advantageous or not. I'm a self employed CPA, and I occasionally have a local client meeting. I don't think it is hugely important to drive a nice car, but I do think it is important for it to be in good shape and presentable.
I'm more a fan of Toyota than Ford due to reliability. Both have widely accessable and cheap parts. You should check out Scotty Kilmer's UA-cam channel. He has a lot of good info on car maintenance for frugal folks if that is something you're interested in.
Awesome video Mike! Can you please do an extra video about how to buy a car and explain the financial stuff behind it. I dont quiet understand why financing is bad and why you should buy in cash.😃 Have a great day!
ThunderTiger0801 definitely! It warrants its own video.
ThunderTiger0801 I would argue you don’t want to waste leverage on depreciating assets that don’t service the debt for you.
Great tips Mike. Are you able to share who the online suit retailer is? Sounds like a good alternative to a tailor shop.
Allan Grace I believe it’s Alain deputit
Mike Rosehart Thank you!
love it, same as you i 'rent hacked' used the smallest room and only paid a portion of the utilities from 17 years old. now i have a 800k home on half an acre and a rental property paying for itself.
we need to sell one of our cars though for sure. great to see others are aware of their spending and not just mindlessly consuming. go you guys
Right on
I love the idea of meal hacking and eating off the kids menu. It’s not allowed here where we live unless ordering at a fast food restaurant. Sit down ones require you to be 12 or younger.
You can order an appetizer, ask for a half portion or a lunch portion at dinner. It never hurts to ask.
There are a lot of ways that I can and have cut back but I just cannot be sharing space with a bunch of random people. I have stopped buying random "stuff" a few years ago and have been selling off as much of that "stuff" that I can. Anything that was able to be returned to the store for the price I paid has been.
Sometimes you can buy things used for less than you can resell them for. In which case the thing just cost you a refundable deposit when you go to sell it later 👌
@@MikeRosehart Yes, I will keep this in mind when I'm considering purchases again. I used to be a major impulse shopper and then would end up selling (for far less than I paid) or donating the items as they just cluttered up my house. Total waste of money.
jovicrazed duplex living?
Our Walmarts will not price match food unless they're name brand prepackaged food that you can match up numbers. They don't do produce, which would be absolutely amazing if they did since we're trying to stay primarily plant-based. We've not found any other Market that price matches in our area in the states.
S Menzel I suppose our Walmart’s & Superstores are better that way.
Our Wal-Mart does not like to price match and makes it very difficult. It must be THE EXACT thing also. But it is pretty easy to eat cheap especially if you are plant based, but even with meat as long as it is not beef. Chicken and pork are pretty reasonable.
Great video Mike . Good tips on minimalism
Sheree Thomson thanks Sheree
Sheree Thomson I love minimalism
Great video and wise advice to find ways to get value for money and true just a little planning can go along way for if you fail to plan you plan to fail.
Thanks for sharing the knowledge..awesome tips!
Thanks for watching & commenting
I'm headed to sleep now, but want to see your video. I'm so stressed out iving on SS.😢
THANK YOU! Subscribed 🤟🏼😝
LikedBeforeWatching squad!!!!
TagerRoxx haha thanks TagerRoxx!!
You’re 1st!! Bonus points.
Thanks for the tips 😉📈
Brian Pfeiffer Frugality Exposed - lead by example.
Middle class lifestyle on a poverty budget.
Fellow Canadian, living in Toronto I have a great job but broke. Go figure, love the tips
Hi Mike,
In terms of house hacking, how to avoid your house to become a rooming house? Thanks for sharing.
Duplex or triplex?
@@MikeRosehart Hi Mike, at 3:18 of your video, you mentioned something about renting out a four-bedroom house (topic: house hacking). I am assuming that you were referring to a single-family house, so renting 3 out of 4 bedroom out may cause some rooming-house related issues.
New car costs more but if you can negotiate really well, you can get a new car for the price of a one year old car. I had my last car for 19 years and I plan to have my new car for 12 years. I really like the safety features in my new car and I got 0.9% financing. Could have gotten 0% if I did 3 year financing. I actually find it hard to negotiate really good price for used cars. I also tried to find used cars with low mileage but those cars usually cost more.
Octave Chan interesting counter points re deal hunting on a new vehicle.
You do still unfortunately have to eat the depreciation over the 5-10 years you own it, but the longer you own it, the better that gets spread out.
Octave Chan I buy in cash cars, so financing isn’t an issue.
@@MikeRosehart Yeah, I plan to pay cash if I ever need to buy used car. I was in a car accident (rear ended) and suddenly I needed a replacement car asap. Otherwise I would still be driving my 19 year old Honda Accord for another who knows how long. I didn't save up for another car because I was not expecting to get a different car so soon.
Octave Chan hopefully insurance covered it?
Great video. Any sources for finding the depreciation curve of a car?
Mathew Scott you can do some googling on it. I typically build it myself by plotting the car new, 1 year old, 2 years old etc., I just go on used car sites to get prices. You can plot the average for each year the car is old. Basically gives you an idea of where the car model plateaus. It tends to follow past performance data. Takes me about 4-6 hours to do when I buy a car. I like to spend the week analyzing the car models anyway, so I just make it part of my criteria the same way someone would make gas mileage or repair costs or something else a criterium for decision.
Thanks Mike. Would love to see videos on optimizing the use of credit cards, a more in depth one about buying and selling used cars and one on reno materials (when to buy, where to buy etc..) Keep up the great work
Mathew Scott sounds good! Will do
Thanks!
Great tips! We definitely do some of these.
A Merry Life, On A Budget awesome!
avocados cost between $1.60- $2.00 in VA. I'm jealous.
Cody Leeser at Costco they’re expensive here. I buy the 6 packs price matched with 20% off. Get them pretty cheap but most people just pay full price over 1.25 each.
Same in California😭
tiffany mcintyre depends where you shop. They’re similar prices at some of our stores too.
tiffany mcintyre ours come from California lol
Lol ok i will keep searching. Love them avocados
Great tips. Never would have thought of some of these. Thanks!
d's information thanks! Happy to share.
As always you offer fresh ideas.
Thanks Susana :)
i car hack from a Lexus to chevy hhr..best decision ever...I want to house hack..right now i live in 4 bedroom house for $300 a month..i work and travel so i basically pay for someone where to sleep.
I agree with you on everything except for renting your home and living with strangers with your small kids .. other than, I’m now a subscriber 😃
Mizzmiami 32 awesome! Welcome.
Yeah the house Hack with kids needs to be family living in OR you duplex your home so it’s separated off like we have in our place. I’ve got a separate 3+den unit I rent to cover my mortgage.
Mike Rosehart got it!! Thanks ❤️
NurturingTalents true lol
NurturingTalents A story for a different venue, but that’ll get here eventually...
We rent a room to international students via a local school. £350 a month average, which reduces our mortgage payment to £190. They are out most of the time, friendly and it's nice to be their UK family for a few weeks or months.
what about using credit cards like gram says spend what you would have spent with your debit card get the 3% points or cash back and use those points or cash back for travel to get free or discounted flight for vacation. just buy your gas or whatever get the discount pay the card off with your debit before the end of the month saving you from the intrest. get the same thing after getting your price match at the store and get the 3% or what ever on top if that from the card increasing credit score and giving you a small roi if you would on that money you were going to spend anyway.
Totally 👌
Nice tips man!
Thanks 🙏
Another great video 👌👌
F F thanks! :)
What is the website or app starting with a k you keep mentioning?
I drive a 2006 car that still looks and drives great, I've owned it for about 6 years and the only maintenance it's had is oil changes and brakes. I could probably sell it for almost what I paid for it still.
NoviceExpert well done!!
I have a nice home--should I sell it and buy a duplex? I am married with 5 kids :)
You could, or retrofit your current house.
You’d need a pretty big duplex. Maybe a 5 bed 3 bath with a lower or back 2 bed unit to offset the mortgage.
Thank you for the reply. How does someone find out more regarding your mentoring? I am in BC (Vancouver Island-not Vancouver:)
The Best Classical Music Instagram :)
I only do full time Mentorship opportunities at the moment.
What do you do with all your free time though having retired a few years ago so young?
THEADZBRADZ I’ve been taking on new projects and businesses so I stay super busy! UA-cam is an example. Yesterday’s video on rent vs buy took me 35 hours to do lol
Do you think online house insurance is a good move? Do you have any experience with Sonnet insurance?
Steve Vos I don’t have any with them. I go direct and I get some pretty deep discounts for multi products. I haven’t found success with online insurance companies.
Thanks for the quick response Mike. I really appreciate the Canadian perspective!
Steve Vos np, thanks!
What car insurance company do you use?
13:09 meal hack
Learning alot from your videos.
Liz Wood thanks Liz! I’m so happy you’re enjoying this.
WHY would a person give this a thumbs down?! Excellent info! We live in rural Iowa so some of these are better for bigger community but so much cheaper to live in Midwest! We have Tmobile-$20/line with veterans discount and it INCLUDES basic Netflix n Tuesday freebies. I love stacking up deals like this! Now how to rent out extra rooms?!
Angie Frahm thanks! There’s always an anti frugal follower. what if you made an extra suite and rented it out instead of a bedroom?
@@MikeRosehart actually it's funny you say that. Lol we're talking about putting on outside steps then making upstairs into a lil apartment with just a kitchenette space. Do you start by getting info through department of housing to determine legalities etc?
Angie Frahm you could do it without permits if you wanted, but yes check with your local bilaws
I love this! Best day of my life!
Franchard Lelo awww that means a lot!!
Are you selling a course or you just putting your stuff out there?
Nothing to sell at the moment
Great content! I hope this message reaches more people
Me too! Let’s share it together!
love it love it thank you 🙏
peps22 happy to share! Glad you found value. Subscribe & notification bell? Haha
Great video 🔥🔥🔥
In US, the medical costs really eat up your savings.
Octave Chan I have no insurance at all here in Canada. Any drugs my family needs (myself or wife or daughters) I need to pay out of pocket.
Any dental work we need done is again 0% covered.
Any optometry with the eyes or glasses are 0% covered.
Canada is really on good for free hospital visits - but many things aren’t covered. It’s $190/night to stay in the hospital over night and that isn’t covered when you’re sick, or giving birth or whatever else.
That all said, in the last two years we’ve spent less than $500 and I’ve been able to negotiate in cash on things like medical drugs from the pharmacist etc.
@@MikeRosehart I was just talking about basic medical needs. Your family has cheap medicare for basic medical needs that covers doctor visits and surgeries. My friend is 60 and she is paying $1300 per month on medical insurance. With that she still has to pay when she visit a doctor and also have to pay deductible. In Jan 2019, I had to pay $449 per month for medical insurance that did not cover dental nor vision. That insurance has 2 free doctor visits per year and afterwards it requires me to pay $50 when I see my family doctor. The deductible was over $6000. I was self employed back then. Now I work for a company and my company paid for most of my medical premium. This is the plan I had www.premera.com/documents/045668_2019.pdf I am a Canadian working in US.
Octave Chan that’s one thing I love about Canada - the healthcare is more affordable.
If you’re healthy tho it’s also affordable.
I go to the doctor like once every 3 years and eye doctor once in my life. Dentist every 5 years.
Preventative is the best - eat healthy, exercise; take good care of your teeth & eyes etc. Much cheaper/
I just had a elderly relative spend 2 weeks in the hospital (California). Serious Pneumonia and respiratory infection, (no surgery). Bill: (Medicare ~$250,000.°°‼️😱) (her share >$10,000).
@@BrMark-cu9ih OMG :O
What is your take on dividend stocks?
I'm 18 right now, but in the future I'm thinking of living frugally and spending $2K every month on a bunch of different dividend stocks like "Campbell Soup Co" or "Coca-Cola Co"
I'm thinking I could use the money my money makes to buy more stocks to make more money and, according to my calculations, I could have a passive stream of $5K/month in a little over 3 to 5 years.
It's not a great idea to retire early off that, but it's a good start.
Blesson Kuriakose that’s good spending - Saving & Investing!!
You definitely could do it. I like real estate personally since the returns are much higher.
Amazing ideas!!!
Reg Desousa aww thanks 🙏 glad you enjoyed them! More to come!
Thank you for a Canadian perspective
Sandra Judge happy to share ❤️
"I slip him $2 for gas" HAHAHAHAHADAHAHAHA Cheap but awesome. Lol
Ioane haha, depends on the distance but gotta make sure we don’t drain anyone else in our attempts to be frugal lol.
Ioane we have toonies in Canada so it’s easy to flip a toonie (2$ coin). :P
Ioane sometimes I splurge on a $5 bill haha
That's living frugal to Max. Lol if I did that in my country I would probably get punched in the face 😂 Keep it up, your videos are awesome mate. Cheers
Ioane haha. Just make sure you cover their gas. Car pooling is good for the environment. Worst case, take an Uber.
I do still own an economical car if car pooling & Uber aren’t an option :P
I love your videos . Kindly guide can someone in the capacity of a lifetime bachelor live for 1200 cad $ all inclusive of rent + food + amenities and bit of sensible entertainment ?
My family of four are able to live off of one income, and typically one paycheck from that income. We save 39% every month and have been able to save 56% frugality is an amazing thing
Justin Zegers awesome!