I agree. Schools don't do enough. There should be a life 101 class. Budgeting, cooking, grocery shopping. Parents need to step up a little more. And of course kids need to listen (lol)! Great information from your channel!
@e san while I agree with your statement, many of us grew up in homes where our parents knew nothing about finances so they could not pass that along. My parents taught me to be self-sufficient in many things, but we were extremely poor. We always had more month than money and we lived very frugally. My parents knew nothing about investing, taxation, retirement, etc..... However, I can cook, clean, do laundry, make hospital corners, grocery shop, change a car tire, change car oil, paint my home, lay flooring, change taps, landscape my yard, grow a garden and so much more because of my family. What I could have used an education in were things like: filing taxes, how to use credit, getting a mortgage, basic retirement planning, etc.
This is a great point! I also think there are many teachers who don't know about these things too, so that is an added difficulty with the school example.
My mother was an Okinawan survivor of wwii. She spoke broken English and only went up to 3rd grade in Japan. Hence, no help in education, but plenty of common sense. I had to get information from public school, tv, and library; Next, in the work world. Home economics in jr high helped me in American manners, cooking, and hygiene. Wish budgeting, finance and investment would be taught.
I recently read a book called the Millionaire Next Door... and you are practically what the book describes! A teacher, frugal lifestyle, affordable cars, bought a house you can afford, paying off your mortgage is a priority, living below your means, parents who taught about money, again, a TEACHER... yup you pretty much have all the trait's the researchers found in America's millionaires. Well done!!!
It would be great to have schools teach life skills like this. We try to be as transparent with our son as possible to teach this. Food and grocery shopping seems to be a good stepping stone as it's something he can directly relate to. Great video!
Hi Sarah thank you for some great tips. We have been very mindful of our spending and we don't eat out as much as we used to. That saves a lot of money right there.
I’ve binge watched several of your solo and collaboration videos, I’m in. Subscribed w/ notifications now. Kindly speak more about finding/ choosing a high yield savings account
I'm so happy to hear you have been enjoying the videos, Aminah! I really need to make a video addressing details with a high-yield savings accounts, but until I do, here is a link with some different options: www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
I am looking for resources (youtube channels, books??)to learn about investing. I need to start at the very basics. My husband and I are dept free and budget but neither of us understand much about investments and different ways to maximize our savings.
Mr. Money mustache - he talks about investing and retiring early. FIRE- financial independence retire early. His UA-cam and website is full of great content. Do it as young as you can. We left things to late and we are in our 40's and 50's.
Hi Sarah, I think we have similar sensibilities when it comes to minimalism and saving money. I'm so glad you did another financial video and specifically that you mentioned the high yield savings account! After your last financial video where you first mentioned a High Yield savings account I was completely floored that I had NEVER heard of one before! I knew about IRAs and CDs and bonds etc but had never heard of a high yield savings account. I immediately signed up for one and have been doing something similar as you, I have an emergency home fund and a college savings account for my daughter that I transfer money into every month. After just a few months I am blown away by how much more interest I'm bringing in compared to my old basic savings account. I just have to thank you for talking about it because it obviously isn't as well known as it should be! Now I have started telling anyone who will listen about them and so few of them knew it was an option! Its perfect for people with a small chunk of change that they want to grow at a pleasant rate but are daunted by other investment options. Again, thank you so much!
I am so happy to hear this, Karly! I don't think I will ever stop singing the praises of high yield savings accounts for this very reason...I'm thrilled that you are already seeing the benefits! :)
You’re channel is great! Channels like yours help support me go through my minimalist lifestyle when everyone else around me thinks I’m crazy or weird for doing what I do.
*YES automatic transfers are BOMB. By setting up 5% 401k matching AND automating $500 to my Roth IRA each month I'm able to put 15% of my pre-tax income towards retirement without any thought!*
I really enjoy your channel. You give a lot of practical encouraging advice. One way to make an extra income is to teach English online. It is great because you work as much or little as you want. I was able to pay off $11,000 in medical bills.
do you care to share which high yeild savings acct you use. I am curently shopping them to find one that is at or over 2% and will allow me to set up multiple accounts in the same acount as you have discussed
I hate automatic transfers. I prefer to do it all myself. All my pay is going towards a house deposit and my partners pay covers our bills, our splurge and our holiday fund 😊 I split it up into the different accounts when he gets paid (which is monthly
Great savings tips! I'm a new UA-camr and I'm focusing on savings as well. Your channel is so motivating and helpful during my journey. Thanks for sharing!
How we can manage to give gifts to people? We have big family every day there is some one's birthday or invitations lol .Please make a video about those tips
Great question! Perhaps there can be gifts that are more related to an activity or experience, or maybe there can be conversations about if people want to reduce gifts between different section of the families. For example, when I was growing up, my parents made an agreement with my dad's brother and his wife that they would not give gifts to the children of the other family, since each family already had enough going on and there were already plenty of toys!
I think you would get a lot of value from listening to the ChooseFI podcast. They give tons of actionable tips that not only save money, but many with a minimalist mindset. Thanks for your quality content!
Sometimes you also need to evaluate if the property you decide on is actually the right investment. I still regret my first buy - I also went way under my mortgage offer and opted for something 80k below my max. In the long term, this property was okay but when I sold it to move on, it had appreciated some 100k less than properties that were a bit more costly that I had discounted because of price. It was location location location. Move my place, and it would have been worth much more. Its something you need to consider if not buying your forever as any gain will make your next move easier.
That is a great point! We made sure our condo is in a very good area, and it is actually one of the best properties in our particular association, thanks to a very private backyard and view of the nearby lake!
Abundantly Minimal I’m in the Midwest too bought my house that was built in 97 ... 12 years ago for 80,000 3 br 1 bath ranch. It’s just me here though.
I find it so funny when people set their house budget based on what they're approved for. I feel like it's probably a lot more conservative to look at the type of house you need for your family and set your budget based on that. We were approved for 150k+ and we ended up purchasing a house less than 80k. YNAB has helped us a ton figure out how much we need to keep in our checking.
That is a great point, Emily! I know I would have been uncomfortable with paying the full amount we were approved for, but I know people who used that as their budget too. Thanks!
Can you go step by step how you identified, chose and set up these ways you put in place to have money automatically transferred to saviings accounts investment accounts ect?
Topics are so complicated n from my perspective is daunting. I understand you are not an expert but that is why you in particular are empowered to make such topics understandable. Never being taught these or other life skills and married at fifteen n a single parent by nineteen what you do know and more importantly how you can explain these things is a blessing. As your parents taught you a foundational understanding of finance n moving on to saving and investing for retirement is the answer to my prayers.
Great question! I really should have a dedicated video about it by now but I don't. I should work on a blog post, but in the meantime, here is a helpful article: www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
Limited in money n to gather what cash I can glean from liquidating my merger "assets" what is the best way to sell items. Or if you don't know is there a site that simplifies how one can sell on line?
Hi Sarah. Yes, another helpful video. 💙 how minimalism helps with finances. 💙 A Merry Life channel & her journey. Good going putting the extra 💵 to your mortgage. Building on your good financial foundations. (Puns intended 😆). TFS.
We have our bills paid automatically too. Our credit card is the only one we can’t automate so I make sure to remember to pay it on time. I have never tried ebates though... you are making me curious :)
Hi Sarah, I have enjoyed watching your videos since you first started your channel. Thank you for the good content. How are you able to see your interest over the life of your mortgage decrease with additional $ toward principal?
Hi April! The loan has an amortization calculator that shows how much interest would be paid over the life of the loan, and then it calculates how much is saved based upon adding extra principle. So far, we have saved over $10,000 of interest by making extra payments!
My income comes from Social Security. Pretty much as soon as the money comes in....it goes right out to pay the bills. I wouldn't be able to get groceries without foodstamps. After everything, I generally have $100 or less in my account each month . " Paycheck to paycheck " .
Education is key! Love that your parents got you involved early. Were you involved in the family finances or your individual finances? I’m hoping my son will take Dave Ramsey’s high school course online (in a couple years).
Abundantly Minimal - That is awesome! I want to get my son more involved, just not sure what to share and what not to share until he’s older. Here is a link to Dave Ramsey’s stuff for kids. www.daveramsey.com/store/education Have a fabulous day!
I agree. Schools don't do enough. There should be a life 101 class. Budgeting, cooking, grocery shopping. Parents need to step up a little more. And of course kids need to listen (lol)! Great information from your channel!
I think it is definitely something that can be improved from all areas, both schooling and parenting. Thanks for sharing!
@e san while I agree with your statement, many of us grew up in homes where our parents knew nothing about finances so they could not pass that along.
My parents taught me to be self-sufficient in many things, but we were extremely poor. We always had more month than money and we lived very frugally. My parents knew nothing about investing, taxation, retirement, etc.....
However, I can cook, clean, do laundry, make hospital corners, grocery shop, change a car tire, change car oil, paint my home, lay flooring, change taps, landscape my yard, grow a garden and so much more because of my family.
What I could have used an education in were things like: filing taxes, how to use credit, getting a mortgage, basic retirement planning, etc.
This is a great point! I also think there are many teachers who don't know about these things too, so that is an added difficulty with the school example.
My mother was an Okinawan survivor of wwii. She spoke broken English and only went up to 3rd grade in Japan. Hence, no help in education, but plenty of common sense. I had to get information from public school, tv, and library; Next, in the work world. Home economics in jr high helped me in American manners, cooking, and hygiene. Wish budgeting, finance and investment would be taught.
I recently read a book called the Millionaire Next Door... and you are practically what the book describes! A teacher, frugal lifestyle, affordable cars, bought a house you can afford, paying off your mortgage is a priority, living below your means, parents who taught about money, again, a TEACHER... yup you pretty much have all the trait's the researchers found in America's millionaires. Well done!!!
Thank you so much! That is really cool to hear!
Never thought to include the kids in our finances.. Excellent idea!!!!
My parents get all of the credit for that one! I'm very appreciative that they did include us though!
It would be great to have schools teach life skills like this. We try to be as transparent with our son as possible to teach this. Food and grocery shopping seems to be a good stepping stone as it's something he can directly relate to. Great video!
Thank you, Wendy! It is great you are getting your son involved!
Love every tip! We all need to be more intentional about what we spend.
Also, great work on your channel lately! You've done so well!!
Thank you so much! You have been doing such a great job with your debt pay-off, so I had to give you a shout-out! :)
Abundantly Minimal I appreciated it so much!
Hi Sarah thank you for some great tips. We have been very mindful of our spending and we don't eat out as much as we used to. That saves a lot of money right there.
That is a huge way to reduce spending! Nice work!
I’ve binge watched several of your solo and collaboration videos, I’m in. Subscribed w/ notifications now. Kindly speak more about finding/ choosing a high yield savings account
I'm so happy to hear you have been enjoying the videos, Aminah! I really need to make a video addressing details with a high-yield savings accounts, but until I do, here is a link with some different options: www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
So great to spend this way when you are young. You’ll have so many options open in the future. Congrats!
Thank you, Kathleen!
I am looking for resources (youtube channels, books??)to learn about investing. I need to start at the very basics. My husband and I are dept free and budget but neither of us understand much about investments and different ways to maximize our savings.
Great question, Sherri! We really found Unshakeable by Tony Robbins to be helpful with investing: amzn.to/2Z63ULt
Thank you! I will check that out. I very much enjoy all of your videos.
Mr. Money mustache - he talks about investing and retiring early. FIRE- financial independence retire early. His UA-cam and website is full of great content. Do it as young as you can. We left things to late and we are in our 40's and 50's.
@@nikkihark5882 Thank you!
Hi Sarah, I think we have similar sensibilities when it comes to minimalism and saving money. I'm so glad you did another financial video and specifically that you mentioned the high yield savings account! After your last financial video where you first mentioned a High Yield savings account I was completely floored that I had NEVER heard of one before! I knew about IRAs and CDs and bonds etc but had never heard of a high yield savings account. I immediately signed up for one and have been doing something similar as you, I have an emergency home fund and a college savings account for my daughter that I transfer money into every month. After just a few months I am blown away by how much more interest I'm bringing in compared to my old basic savings account. I just have to thank you for talking about it because it obviously isn't as well known as it should be! Now I have started telling anyone who will listen about them and so few of them knew it was an option! Its perfect for people with a small chunk of change that they want to grow at a pleasant rate but are daunted by other investment options. Again, thank you so much!
I am so happy to hear this, Karly! I don't think I will ever stop singing the praises of high yield savings accounts for this very reason...I'm thrilled that you are already seeing the benefits! :)
I quit college and bought a house instead. I save money everyday since I paid it off.
That's awesome!
You’re channel is great! Channels like yours help support me go through my minimalist lifestyle when everyone else around me thinks I’m crazy or weird for doing what I do.
Thank you so much, Ivan! Even if other people think minimalism is strange, this is a safe and welcoming place! :)
I am attempting to be more frugal. It's an ongoing learning process. Thank you! ;-)
That's awesome! It definitely can take time, but it will be very worth it! :)
Thank you for mentioning that there is more than one way and that everybody has to find their own :-) Love your videos!
Thank you, Miranda! I'm glad to hear that!
*YES automatic transfers are BOMB. By setting up 5% 401k matching AND automating $500 to my Roth IRA each month I'm able to put 15% of my pre-tax income towards retirement without any thought!*
Yes! That is awesome, Sean!
I had to replay your video again for my husband because I was so excited about my shoutout lol. :)
Yay!!! I had to give you a shout out, you are killing it with debt pay-off!
Love money-saving vids. We r all about saving.
Thank you, Trudy Ann!
Props for not buying the most expensive house you could, I made that mistake!
Thanks! The lenders certainly make it easier to purchase more than one can afford!
@@AbundantlyMinimal yep they sure do!
I really enjoy your channel. You give a lot of practical encouraging advice. One way to make an extra income is to teach English online. It is great because you work as much or little as you want. I was able to pay off $11,000 in medical bills.
Thanks, Audrey! I'm friends with Nancy Taylor and have heard it is a great opportunity!
@@AbundantlyMinimalthat's great! I was just thinking if you new anyone who needed an extra income I would love to help them out.
do you care to share which high yeild savings acct you use. I am curently shopping them to find one that is at or over 2% and will allow me to set up multiple accounts in the same acount as you have discussed
I hate automatic transfers. I prefer to do it all myself. All my pay is going towards a house deposit and my partners pay covers our bills, our splurge and our holiday fund 😊 I split it up into the different accounts when he gets paid (which is monthly
It sounds like you have a great system set-up, so keep doing you! :)
Great savings tips! I'm a new UA-camr and I'm focusing on savings as well. Your channel is so motivating and helpful during my journey. Thanks for sharing!
I'm so happy to hear that, Dani!
Thankyou Sara. You rock!!!
How we can manage to give gifts to people? We have big family every day there is some one's birthday or invitations lol .Please make a video about those tips
Great question! Perhaps there can be gifts that are more related to an activity or experience, or maybe there can be conversations about if people want to reduce gifts between different section of the families. For example, when I was growing up, my parents made an agreement with my dad's brother and his wife that they would not give gifts to the children of the other family, since each family already had enough going on and there were already plenty of toys!
I think you would get a lot of value from listening to the ChooseFI podcast. They give tons of actionable tips that not only save money, but many with a minimalist mindset. Thanks for your quality content!
Thanks, Emily! I do enjoy talking and learning about finance, so I appreciate the recommendation!
Their fcb group is great too. And Mr. Money Moustache of course.
Sometimes you also need to evaluate if the property you decide on is actually the right investment. I still regret my first buy - I also went way under my mortgage offer and opted for something 80k below my max. In the long term, this property was okay but when I sold it to move on, it had appreciated some 100k less than properties that were a bit more costly that I had discounted because of price. It was location location location. Move my place, and it would have been worth much more. Its something you need to consider if not buying your forever as any gain will make your next move easier.
That is a great point! We made sure our condo is in a very good area, and it is actually one of the best properties in our particular association, thanks to a very private backyard and view of the nearby lake!
Oh wow! You can purchase a house for $160K? Can hardly find a small studio for $300K here (NYC). 😅
Gosh, that is such a huge difference! Granted, we are in the midwest, so a little less crowded than NYC!
Abundantly Minimal I’m in the Midwest too bought my house that was built in 97 ... 12 years ago for 80,000 3 br 1 bath ranch. It’s just me here though.
That's awesome! I love hearing from people from the midwest!
normaj39ami That’s a great deal! We live in the south so we are lucky to have cheaper housing!
A Merry Life, On A Budget I’m about a 40 minute drive to Chicago.
I find it so funny when people set their house budget based on what they're approved for. I feel like it's probably a lot more conservative to look at the type of house you need for your family and set your budget based on that. We were approved for 150k+ and we ended up purchasing a house less than 80k.
YNAB has helped us a ton figure out how much we need to keep in our checking.
That is a great point, Emily! I know I would have been uncomfortable with paying the full amount we were approved for, but I know people who used that as their budget too. Thanks!
Can you go step by step how you identified, chose and set up these ways you put in place to have money automatically transferred to saviings accounts investment accounts ect?
This is a great question, Susana! I might do this in an upcoming financial video!
You are so gracious thankyou so much.
Topics are so complicated n from my perspective is daunting. I understand you are not an expert but that is why you in particular are empowered to make such topics understandable. Never being taught these or other life skills and married at fifteen n a single parent by nineteen what you do know and more importantly how you can explain these things is a blessing. As your parents taught you a foundational understanding of finance n moving on to saving and investing for retirement is the answer to my prayers.
You mentioned a high-yield savings account. Do you have a link for a video on that?
Great question! I really should have a dedicated video about it by now but I don't. I should work on a blog post, but in the meantime, here is a helpful article: www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
Read the fine print. The Susquehanna bank pays 3% but only on deposits of $100,000. We like Ally Bank at 2.2%. No minimum, fully liquid, insured.
I guess I didn't think of 3% as high-yield. :)
Yes CA.pground girl I too am very interested in that. Thankyou for asking.
Limited in money n to gather what cash I can glean from liquidating my merger "assets" what is the best way to sell items. Or if you don't know is there a site that simplifies how one can sell on line?
L0L sorry for errors in texts eye sight gives me a little trouble.
Great question, Susana! I think there are some videos on UA-cam about how to sell online, such as on Ebay, which could be helpful!
Hi Sarah. Yes, another helpful video. 💙 how minimalism helps with finances. 💙 A Merry Life channel & her journey. Good going putting the extra 💵 to your mortgage. Building on your good financial foundations. (Puns intended 😆). TFS.
Thank you, Sandra! I love the puns! :)
So funny to scroll down the comments and see you Sandra! Minimalism and finance can go together so beautifully!
Thank you so much for sharing :D
You are so welcome! :)
We have our bills paid automatically too. Our credit card is the only one we can’t automate so I make sure to remember to pay it on time. I have never tried ebates though... you are making me curious :)
I was the same with Ebates until I actually tried it...after using it, it honestly feels like free money haha
Hi Sarah, I have enjoyed watching your videos since you first started your channel. Thank you for the good content. How are you able to see your interest over the life of your mortgage decrease with additional $ toward principal?
Hi April! The loan has an amortization calculator that shows how much interest would be paid over the life of the loan, and then it calculates how much is saved based upon adding extra principle. So far, we have saved over $10,000 of interest by making extra payments!
Thank you, Sarah 👍😘
You are welcome, Hennessy! :)
Please discus the cash back credit care?
My income comes from Social Security. Pretty much as soon as the money comes in....it goes right out to pay the bills. I wouldn't be able to get groceries without foodstamps. After everything, I generally have $100 or less in my account each month . " Paycheck to paycheck " .
How do you feel about Wealthfront? Seems pretty legit and the cash account is 2.32%.
Wealthfront looks like a great option!
You mentioned an additional site to check out Did you mean Mary, merry, married?
Your new subscriber here 😂😘
Welcome to the channel, Titin! :)
Education is key! Love that your parents got you involved early. Were you involved in the family finances or your individual finances? I’m hoping my son will take Dave Ramsey’s high school course online (in a couple years).
I was involved in both! I didn’t know Dave Ramsey had a course for youth!
Abundantly Minimal - That is awesome! I want to get my son more involved, just not sure what to share and what not to share until he’s older. Here is a link to Dave Ramsey’s stuff for kids. www.daveramsey.com/store/education Have a fabulous day!
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