How We Saved $50,000 | Practical Money Saving Tips For Your 20s
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- Опубліковано 13 лип 2024
- // how we saved $50,000 as a married couple! in this video, I share practical money-saving tips for your 20s. these are the practical and realistic ways we saved money, budgeted, and managed our finances to save money within our marriage. I hope this gives you advice for saving money in your 20s and as a married couple! #savingmoney #personalfinance
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Resources Mentioned:
Steph & Den-bit.ly/3hX4g2r
Ashlynne Eaton- bit.ly/3ruIh61
YNAB- bit.ly/2BOW3ux
Budget Template (Aidan created this, available to download!)- bit.ly/3ely87m
Other Items Mentioned (may be affiliate links):
My Gold Coin Necklace I’m Wearing- bit.ly/3jgZVIJ
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Instagram | @michellereed / michellereed
My Podcast | But, What's Next? apple.co/3drvN75
Tik Tok | @michellereedyt vm.tiktok.com/ZMd4hqeqY/
Business Inquiries | thisissmileyandshell@gmail.com
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PO Box Address
Michelle Gauthier
2825 OAK LAWN AVE
PO Box #190733
DALLAS, TX 75219
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Let me know what other videos you'd like to see from me! Whether that be more week in my life vlog-style videos, week in my life in Dallas videos, Dallas videos, or lifestyle vlogs in Dallas. Or any puppy videos or golden retriever puppy vlogs. Let me know if you'd like to see more finance videos on budgeting, saving, and being financially independent in your 20s! Or more videos of me trying new things for a week, whether that be new skills or habits. Or videos on getting married, planning a wedding, or getting married young! I also make simple living, minimalism, and slow living videos as well!
Step one to saving $50k: make more than $50k/year 🙃🙃🙃
Most important step to make and save this kinda money 😂🥲
Only if you are trying to save it very quickly. But it definitely does help to make more
I think your statement is one of the most important because when you don't generate you can not save!!! I think may of us need to focus on making money first!!! I really can't wait to meet someone who can save money they did not make. Your quote: (Step one to saving $50k: make more than $50k/year 🙃🙃🙃)
Another great tip I’ve hard is that married couple should try to live only off the lowest income of the two. This way if one of them lost their income they are safe, and it really pushes you to live realistically and save more.
My hubby is a PhD student so we can’t practically only live off of his income, but I budget everything with the mindset of only having PhD salary, and I’ve successfully cut off half of my expenses. It’s amazing!
I really love this tip! thank you for sharing Rebecca :)
@@michellereedg LOL I just watched to the place where you already gave this tip! Sorry! Oops lol
*video idea*
I would love to see a video about yours and Aidens budget. A breakdown of your monthly costs, what is a good amount to spend on groceries for two people, etc. thank you so much for all your content! You inspire me so much!
I would love this too!
I really appreciated the disclaimer. I have tons of student loans because my family couldn’t support myself or fiancé through college. It would’ve upset me to keep watching and I am so so glad you thought of it and put that in the beginning of the video 💛
I love the finance videos, such an underrated topic!
I'm glad you enjoy them! felt like it had been awhile :)
I love your finance videos! Thank you, I’ve been thinking about re-budgeting and needed some inspiration! ☺️
Great tips. Thank you Michelle. :)
thanks for this, Michelle!
Hey Michelle! Thanks so much mentioning our channel - we loved your video on this topic 😊 (also - I (Steph!) have watched your channel for a while now, so this was so fun to see!)
Love these!
For learning about credit cards, The Points Guy is my favorite! Very reliable and promotes responsible spending!
thank you Mara!
So excited for this! About to get married and we definitely want to buy a house soon!
something thats helped me is reward myself for saving!!! treat yourself occasionally to something youve been wanting once you reach certain goals because it makes it more fun and rewarding
I’m early but so happy to see more finance content :) also trying to save and love seeing this perspective.
thanks so much Meaghan! I hope it's helpful :)
Every time you said cash I thought you were talking about your dog LOL
Okayyy I love the tip of checking Zillow so that it keeps you motivated and mind you about what you’re saving for and so that’ll impact the smaller seemingly insignificant decisions that you make day to day that might add up or whatever!
We’ve been a one income family for 6 years and I’m about to go back to work, can’t wait to save save save
Love this video! I appreciate the clips you included why we’re giving examples, it helps bring the idea to life. Thank you!!
Love the finance video! Side note: your hair looks really good - I love the darker color you look so elegant and mature.
How to save $50k:
- Have no debt
- Have two high incomes
- Work from home in a cheap state
Got it 👍🏼
You guys should do a video about budgeting as a couple with fluctuating income! My husband and I both own our own businesses, and budgeting when each month is different can be a challenge. Would love to know what you guys do!
Hi Michelle! I really love your finance videos and got a lot from this one. Thank you for sharing! I have a random question having nothing to do with saving lol But I was wondering is your hair naturally light brown? What do you tell your hairstylist when you get your hair colored? It’s beautiful 😍
love it Michelle
I have student loans but I feel like these tips are helpful because you could incorporate the payments with savings. Specially if you’re planning on loan forgiveness you gotta know how to budget to stay consistent
This is such a helpful and practical video! Might be one of my favorite videos of yours, and I love all of your videos! I loved your note on “being relatable” because so many content creators try to be relevant and it doesn’t always come off that way. You always do a wonderful job. Happy for you and Aiden for reaching this goal!
emma that means so much! thank you so much. appreciate it lots
My favorite videos you do! There’s so much wisdom in how y’all handle what God has blessed you with. My husband and I started Dave Ramsey’s plan a few months ago, so this video is super encouraging to me while we are on baby step #2 (which feels like forever)!
I definitely appreciated these tips! Love the practical living and finance videos
thank you so much Rachel!
Loved this! You seem so mature. I’m currently on my debt free journey and all these things you mentioned is what I really try to live by everyday ❤️
#3 is so, so important to recognize in these type of videos. In college, grad school, and just thereafter, my husband and I lived very tight and had nearly no room to save (I'm talking maybe $10/paycheck). Our budget goals looked very different back then and I am so grateful that we are in a different place now (~6 years later) to save much more than that. We also haven't fallen victim to lifestyle inflation, but still enjoy our life so much.
that's crazy! and glad to hear about not falling into lifestyle inflation- definitely easy to do so
Dave Ramsey has helped my grown kids with debt issues. Thanks for suggesting his book.
I don’t have any articles to leave about credit cards. However, credit cards are fine if you pay it off before you have to pay interest. I like Discover because I can use all of my cash back money right on Amazon like as a separate balance similar to a gift card. So I find it helpful because I order household essentials with money I got from cash back. It’s a separate balance similar to how you have various bank accounts, it helps to see it. In my opinion you should look into Discover, and you should look into a travel credit card so you guys can earn points to visit Aiden’s family.
Love your finance videos!! I really appreciate your verses at the end of your videos
Everyone always says you need a savings goal and you don’t really need that. I don’t have a savings goal I just save for the sake of “savings”,
I save towards a rainy day and for retirement so I can shave off a few years of employment and retire 2-3 years earlier than the average person.
I save about 60-70% of my income.
These are awesome tips!! I’m 22 almost 23 and I am learning the importance of how to be financially responsible with $$! I definitely will include some of the tips you mentioned into my life :)
thank you for watching Nayeli!
Thank you for making this video! I love your finance videos they are so so so helpful!! :)))
thanks so much Katarina! 💕
This is so beyond helpful, my fiancé and I are getting married and moving across the country in about a year from now and I’ve definitely needed tips for saving money because it’s been so stressful to figure everything out
it is so stressful! prepping for a marriage alone can be a lot, but also prepping for a move, so much work. I hope this is helpful!
Sitting on expensive purchases! Giving a few weeks/months to reconsider instead of impulse buying
💛💛💛
Loved this video! Lifestyle inflation is so real and tricky like you said!
Such good tips!!
Wise advice! Making good choices now sets you up well for the future.
thank you Anne!
I just wanted to say that your hair looks wonderful! I love your natural color :)
Thank you for these tips! I graduate nursing school in December and I’m working part time as a barista so it’s hard to save, but I’m trying to set up my mindset for saving when I start my career (where I’ll be tempted to spend because the income is significantly more than I make now) so I can pay off my car, student loans and eventually get my own place. This is so helpful! :)
Thank you for being so open about finances! Its nice to learn new tips on how to save since Ill be moving to Germany in September 😅
congrats on the move! is there a reason you're moving? sounds so fun
@@michellereedg Thank you! I studied International Business and German here in Ireland, so I will be moving to the South of Germany to work as an English Language Assistant in a high school! A different career path than expected but I am so excited 🤣
This video is so helpful for me as someone about to graduate college and go into a new life stage. Thanks so much Michelle, defiantly took my notes. :)
Totally unrelated: your makeup & hair is just stunning! 🤍💕
I appreciate your foray into finance content more however I think content that’s principle based or like a listacle isn’t as helpful as real numbers and real process. Things like “we used to pay $XX for our rent in NYC and we now pay $XX” for this is way more tangible
good to know Ivie! this was meant more for principles we use that can be applied for others rather than exact numbers for our case alone. I can definitely share more tangible numbers in future videos!
Love this! Also there are a lot of great first time home buyer programs out there. (Just bought my first home!) ☺️
What color did you ask for when you got your nails done? Is it dip or gel? I love them!
I love that you’re helping people understand how easy it is to save up and be conscious of finances Michelle!! I’m a realtor in Dallas with the #1 team in the area, I would love to help you and Aidan find your future home if you’re not already working exclusively with an agent :)
hi Bri! shoot me an email- thisissmileyandshell@gmail.com :)
Just got married last week! So happy to watch married content and learn from you 💕
congrats Amanda! how's married life been? 💕
@@michellereedg We had about 5 days together before my husband flew across the country! I'll be moving out to Washington State with him in about a month. He is in the Army, and it has made me much more patient with life and more dependent on God for things to fall into place. HE is so faithful 💕
Awesome video, Michelle!
thanks always Ervin!
You’re welcome, Michelle!
The social spending is such a real temptation! I’m 25 and just moved back to the city and so many of my friends wanted to meet up and go out. I spent so much money moving (and I recently bought a car in cash) that I suggested meeting for walks or inviting them over for dinner, which helped me save so much! I also use ThredUP/thrift stores, Rakuten for cash back, and sign up for rewards programs at most grocery stores. If I do go out with friends, I drive myself instead of taking an Uber and just order a sparkling water with lime instead of $10 cocktails. It sounds lame, but if your friends truly care about you then they will understand. Good luck saving everyone!
How much is the average salary in the United States? In Spain we earn 16-20k a year 🤔
About $31k
Please do more financial style videos!!!!
Love finance videos!
me too, thanks for watching Nolwazi!
Love this sort of content - I’m from Australia so I’m never early enough that you’ll see my comments, but I appreciate your advice on this. I’m in my 30s but still find your perspective extremely valid and helpful :)
The thing that have helped me the most is to be really conscious about my spendings. I try to spend in things that really make me happy, like food or books (in my case), and not buying things just because other people have them or because it's a trend. Living in consumerist society is too easy to fall into buying lots of things without even thinking if you need or even like them.
hi michelle! in your opinion what are the pros of renting an apartment? i want to do that after graduation and my dad is telling me no, that that is the biggest waste of money. i see it as since i dont know where i will be in 2 years that its the logical thing to do
totally depends on your personal preference! my sister is living at home right now. so while she doesn't have her own space, she's saving more $$$ and also gets to be my parents' roommates and they're pretty cool haha :) it's also nice to have your own space though and may be easier to set better routines for yourself.
owning property also comes with a lot of taxes / fees that aren't necessarily contributing to a mortgage, so I wouldn't say buying is 100% a better option than renting all the time. we love our apt building and the community it gives us which is also an important part of life, beyond just saving money. do what's best for you for all realms of your life!
@@michellereedg thank you! i truly feel i would be better at living on my own in a city that i want to be in, and if mistakes happen, then i will learn from them. p.s. your apartment is gorgeous 💜
How do you break up your bank accounts? Do you just open multiple savings accounts?
Wow you explained tithing in a way that I can understand for the first time
Hola, que tal?, Los mejores y más cordiales Saludos desde puente piedra, lima, Perú, ojalá que puedas venir en algún momento a mi país y que disfrutes mucho de todo por aquí, con la familia y los amigos, felicidades por tus vídeos...
I see Cash didn't make it in the thumbnail!
hahaha I figured he makes the cut for all the others... he can give us the spotlight :-)
Me who have no relationship with money 🤣🤣
haha, everyone's different!
Michelle might also be able to step up her financial savings if she got rid of that ladder behind her couch that appeared only to hold her multitude of towels.
tbh Aidan hates that ladder too
I mean.. with you being an influencer I don't find that hard..😕Also it is kinda tone deaf to make a video about saving that amount of money( even though the tips are helpful) when your yearly income far exceeds that. its just that no matter how much I love a UA-camr when they are making a video like that it is really making me feel weird like they are kinda bragging idk.
Michelle, didn't you say you were not in favour of videos showcasing how much youtubers earn? this is not very far off from that. Hypocrite.
I feel like there was a much more kind way to say this. This video isn’t specific to her being a UA-camr, it’s general tips for saving money that anyone can put into practice. She’s not showing off or saying I make so much money, I’m better than everyone. It’s a super helpful video, especially if you don’t know what approach you should take towards saving money. There’s nothing wrong with criticism if it’s constructive, but calling her a hypocrite definitely isn’t that.
Your videos are amazing just like you! Thank you so much for sharing! Can’t wait to watch 🤍
thanks always Maria!
This is great advice! I'm just starting my first real job and these tips are great to know!
congrats on starting your job! what are you most looking forward to? :)
@@michellereedg I guess paying off the loan and starting investments. I'm excited to venture into it all.