I hate grocery shopping and I usually wait until I’m starving ( I’m also lazy) however I’ve been spending a fortune on Skip the Dishes lately, groceries and take out. . I’m waiting for my inheritance, hoping to get it this month. I need a financial planner when I do because I know I’ll spend it quickly if I don’t. I lost $1600 on crypto in the last eight months so I’m not going down that road again.
Start ordering online, and do pick up. I hate being in the stores because I lack control with impulse buys so even though I may get marked up food or I'm paying for that service I'm still spending way less. I also keep my spending money as cash since it's easy to tap the place order on places like Amazon.
My mom was looking to buy herself an ugly $26 dollar purse on Amazon, so asked her how many purses do you already own?, she said 8, so I asked do you really think you NEED another purse and also you make $12 an hour and so now you’re going to work 2 hours to buy something you already have 8 of?? I finally shed some light on her frivolous purchases.
This might be a weird tip, but for a few months earlier this year (fell off the wagon a bit), I actually made myself write down any non-standard purchases I made so I could see what I was buying outside of planned expenses. It helped me think more about when and how I spend.
A good tip is to name your savings accounts. I have one named "New car" and the other one "Cushion for retiring before 65". It is motivating to see the account growing and knowing exactly what the money is for. It is also very reassuring to know I have the freedom to buy a new car if I choose to or if my 2007 Honda decides to die on me. Thanks Nicole for your very useful and fun videos.
Could you have one saving account and use a columnar to separate your funds by category? I do have several accounts. With two of my saving accounts, I also use a columnar to separate what I’m saving for. Just a thought.
@@LillyAnnHouston a lot of people need to actually see the words. My husband and I have 5 checking accounts at our local bank and 2 savings accounts. He has an issue spending money on a debit card and would move his savings over to cover non essential costs. Since we named his savings account 'jeep' he leaves the money in there alone now.
When I bought my house in 1981, the interest rate was 12.5%. I got my loan from the seller since I didn't qualify for a bank loan. I was smoking 3 packs a day and I gave that up the day I closed to make the budgeting easier. I never took a puff since.
Yes, asking yourself “how many hours would I have to work to buy it” has always been a good strategy for me. I even ask myself this question as if I were making minimum wage. It’s sobering.
The small paid-off home is worth far more than the expensive house you lose to foreclosure. No matter what the economy does if you own your home outright you are far more likely to survive well. Lessons Learned From The Great Depression long ago.
I put a spin on ‘how many hours do I have to work’… I actually have dissected my expenses (fixed, variable average rounded high, savings, investments, etc.) to how much everything “costs” per day. So, not only knowing how much I have to work to buy something, I also know how much I have to work to cover my cost to live. It’s a very sobering, eye-opening perspective on personal finances.
Just an added note about your sponsor, Mint mobile is actually very good. I was using the walmart service because it was the cheapest i could find. Until Mint came on the scene. Literally $15 a month in USA per month. Bonkers. Has great coverage because it rents service from all various tower brands. You can just use your current phone, easy. The swap is easy as well. Never had to talk to customer service even once. In this day in age, $15 for cell is practically free.
I've had Mint Mobile for 2-3 years... Pretty much since they started the company. I have had zero issues with them. The only thing is to get your service at $15 per mth you have to buy the full-year all up front. If you need a new phone you have to pay for that up front as well. I used to have Freedom Pop, which was a completely free service, you just bought your cell phone upfront in full. There were no income limits with Freedom Pop which I miss, but $15 is still great. In the states, there are government programs that offer free cell phones, service, & internet for low-income families
I bring my own teabags to Starbucks and always tip one dollar for the hot water service. Tea can cost 5$ in the Bay Area. Sometimes I tip 2$ and still save.
Cute and intelligent. You truly are a breath of fresh air Nicole. I can’t wait for your videos to come out. No nonsense or fluff. Yet so fun to watch. Sending love from the states. Also, I hope time has made you able to enjoy your home more. Hugs and kisses to your son ❤.
My trick is to save 500.00 from my paycheck every month before doing anything else. I don't think about it, I don't do the math first on my expenses. I simply transfer 500.00 to my saving and forget I have it. Then what is left is what I have to pay my bills, shop and have fun. After watching your videos, I think I squeeze a little more each month. Maybe up it 50.00 per month by using your advise on saving on expenses.
This is a great tip for people who really have no problems to begin with. Step one: make enough to save $500 a month. It took me months to save $600 and one event wiped me out completely.
Yes, the vague savings thing NEVER worked for me but when I buy stocks and ETFs I feel like I'm going shopping and am motivated to invest. After bills I invest most of my money and keep some in a high yield brockerage account. My debit card for my investing account is about to expire and I'm not renewing it.
We are retired and on a fixed income of Pension and Social Security. I do a Direct Deposit to two different savings accounts each month. The money goes directly there before the balance goes to my checking account. Painless! We pay ourselves first!! 👍🥰
I kinda started making my budget feel like a video game stat sheet. Made crunching the numbers more fun especially when something "levelled up" or an "achievement unlocked". It made accomplishing the thing I worked hard to do more fun. I too started looking at my purchases with how long did I work to get the money to buy this, so I'm glad I am not alone in doing that. Definitely less inclined to buy something when I calculate "I need to work 8 hours to buy this thing....mmmmm...I'd rather keep that money actually." Whenever I think of keeping the dollar I remember Mr. Burns saying that, lol.
Yes! When I track each line item in the budget it feels good to keep it “in the green” and if I go over I’m like NOOOOO lol. We made a debt payoff thermometer 🌡️ tracker and put it in the living room so we can celebrate each milestone! ✨
I'm really struggling with both, complete lack of income and impulse spending. What i need is someone like Nicole in my social circle (triangle) to set a good example and ideally to slap me everytime i try to spend 😅.
Love your videos! Years ago my husband set up an auto transfer of money every two weeks from our checking to savings account. The savings account has no card attached, so the money sits there earning a higher interest.
you should check the rates every few months as banks do stuff like introducing a new type of account that pays more . they don't always give you the best rate. also if you have enough for a CD the rates can be higher.
I just wanted to say I love you in a non-creepy way and I live for your videos every Sunday. The fact that this one popped up on a Tuesday totally made my day. You are so fun to watch and listen to, and honestly I’m the most technologically challenged person when it comes to TVs but I figured out how to stream your videos to my partner’s roku and we watch your new ones every Sunday while drinking our morning coffee lol. Thanks for all you do & share with us!
Dont knock dog insurance. (im a veteran) and the company of my dog is a life saver. after a dog ER visit i took the plunge. getting her yearly exams and dental has improver her quality of life (dog vet says she he has more real teeth in her mouth that other dog her age! and for chihuahua its a pretty big achievement but thats me. i love her company and comfort more than having people around me. having her healthy encourages me to stay active for weight control/diabetes/depression. pretty good return on investment (sounds weird saying that) not just in her, but my medial/mental health as well. 🐶💟 not meant to be a rant, loved the dog and gorilla
Spending is a hard thing to get under control for a lot of people, especially when we're bombarded daily with messages to buy stuff to be happy. Using shame/beating yourself up over it (over anything, really) tends to be counterproductive and make things worse, and also you deserve better than to be called 'pathetic'
@@samk5396I’ve noticed in myself that the more advertising I am exposed to, the more quickly my need vs. want evaluation mindset weakens. Therefore, I eschew as much advertising as possible and watch videos like this as an antidote to consumerism. This technique has really helped me.
I work in education and have a special summer savings account through a local credit union earning 6%. If you’re new to education in the US highly recommend. A portion of my paycheck goes to this account every month and matures at the end of 12 months. It’s a way to have money during summer when you’re not getting a paycheck.
Love your videos. Hope both you and Levi are well. (Levi is extremely cute 🥰). When I get my income coming in I immediately assign it to the different sub accounts I use - working on the 60/20/10/10 rule. I play a nerdy game each pay where I check out the total cash @ bank of each sub bank account and I use my discretionary account to top up (round up) each account to an even amount. Sometimes it's only a smaller amount, sometimes it's a far larger amount. I then try to even up every account (this fortnight I evened out all sub accounts except one). Also I add an extra $100 to what I call my emergency The Vault" fund every time I go inti my online account via my phone banking app (this increases my awareness of what I am considering spending on or investing in. My house is paid off, so I am saving for a camper and for more savings to invest. Love your channel!
1:47 Along-the-lines of ‘shop with your time’ not only do I equate that to my hourly rate to pay for that items *initial* cost, I also add in its *ongoing* cost. For example, if you buy a car or anything else that required upkeep (pets, a new hair style, decoration, printer) I consider the ongoing cost also, to know how much really of my time is being ‘robbed’ by buying that item and it ongoing obligations. The minimalistic approach (or intentional spender) penny drops a little faster when your calculates are more realistic! 😮 It can all still be done on the back of a napkin. 😜 Ps - I like that ‘pay for it twice’ concept; I’m gonna pinch that one! Thanks 🙏
Here is a different perspective on how much you earn per hour. This may help to reduce your discretionary spending. Instead of basing how much you earn per hour based on 40 hours per week, base it on the total number of hours you live in a week. This happens to be 168 hours (=24*7). So, let’s say you earn $20 per hour gross. In a 40 hour week your weekly gross earnings would be $800. In Ontario, after deductions (Fed+Prov taxes, CPP, EI) your net pay would be $591. So, net hourly pay is $14.78 (OUCH!) If you base your net pay on the 168 hours in a week, than your net pay is $591/168=$3.52 per hour. So, take the test yourself. Just take your weekly net pay and divide by 168. If you are paid every two weeks than divide your net pay by 336 (24*14).
A big thing I've done is I've opened up another bank account That's relatively far away and don't have my debit card and I have my employer take 10% of my paycheck and put it in that account. So if I really need the money I have to drive over an hour away to get it out
I've used the "how many hours" method for years - it definitely helps with perspective. Also, and i know this doesn't work for everyone, but setting a budget that tracks EVERY expense and then tracking to make sure you're sticking to it. This is the only way I'm able to make sure we have enough money to pay annual expenses (like car registration and school fees) and because I'm saving those up over time it's a matter of adding some other savings categories to the budget and tracking those, too. We've been in time where my partner had no income and we had to eat into savings to pay bills and eat; my budget tracking made sure I knew exactly how much was gone from each category over time, so I could build back up once the income came back. After living through that situation three times (and having to call the bank to pause our mortgage payments) I am VERY mindful of where our money goes, even though we don't have an 'income problem' right now - once burned twice shy!
The "How many hours" trick is GENIUS! I don't have a problem saving, I've never have. It's a game to me and the game is usually more fun than anything I want! My goal right now is to pay down our mortgage, and I'm hoping to reach that goal in 3 years. The son of a friend of mine got his first job and is saving some of his paycheck, but he usually spends most of it on meaningless items like candy and video games. I told my friend that it's most likely because he isn't working toward a goal like buying a car or saving for an apartment.
I don't need a "why" for my savings because I'm just wired in such a way that having a ton saved up makes me feel relaxed and safe. Saving feels nicer than buying nice things a lot of the time. We call it "safety junkie" Also I started doing the "shop with your time" a year ago and it's fun.
Definately a lot of wisdom for such a young one!! Your videos always give me something to think about. Even a good laugh (hence the moment of the two dogs🤣) needless to say we have our bank round up to the dollar with any purchase made on the debit card and deposit to savings and for the occasions we use cash I stash all the change in a jar or something.
Nice to meet you, I wish we had Y-Tube and videos just like yours to watch 30 years ago and not following what our family or friends were doing. Now for the last 10 years, I'm trying to save up for a better retirement. Better late than never as they say....
I had a mortgage that allowed me to pay extra money into it on top of the regular monthly payment. The mistake the mortgage lenders made was to not put a limit on the number of payments I could make or to stipulate a minimum payment amount. Result: every week I looked at my bank account and decided how much extra money I could put into my mortgage for that week. Some weeks it was a small amount and other weeks it was a larger amount, but it all adds up. I paid off a twenty year mortgage in seven years.
How much in interest did you save? We got our house last year when interest rates were at 6% 💀 so we’re definitely interested in paying it off early if there’s not a good opp to refinance to a lower rate.
@@schuylergeery-zink1923 I don't know the total amount I saved, but putting my spare cash into my mortgage was objectively one of the best investment decisions I ever made. This is because I figured that my guaranteed return on investment (ROI) was the interest rate I was paying on my mortgage PLUS any income taxes I would have paid on that money if I had earned it from an investment instead of saving it as an interest payment. So for example, putting extra money into a 6% mortgage gives you a guaranteed ROI of 6% (which is already very good). But if you had put that same extra money into an investment that paid you a 6% return you would have had to pay income tax on those profits. If your marginal tax rate is 25% then you would need to get 8% before taxes to get 6% after taxes. But because saving interest on your mortgage doesn't count as "income" you don't have to pay any income taxes on it. Therefore putting extra money into your 6% mortgage is equivalent to having an investment that gives you a guaranteed risk-free return of 8%, which is insanely good.
Top tip I read that works for me - the day I get paid I transfer my savings chunk immediately into my savings account before spending anything. Its more effective saving up front vs saving whats left at the end of the month
When you shop with your time, you should also consider how much time you get out of it. Not just the likely lifespan of the product, but also the amount of hours you're likely be using it. Especially when it comes to entertainment stuff: hours worked for vs hours of enjoyment
Great thoughts on finances - you may want to read Dave Ramsey's books, he touches on many of these same things. Also, Suze Orman talked about what your first memories of things were, and how it may affect your money personality. One was a young girl who accidentally broke a cherished platter, and the family never let her live it down, that she broke an heirloom. As an adult, she never wanted to take control of the finances - as if she would "break" them.
I do no spend weeks or month. So basically every time I have the urge to impulse buy something and don't, I put that money 50/50 towards debt and savings. It's amazing how much little things add up. I never imagine a $3 drink every once in a while would add up to much. Or saying no to cute sheets on Amazon but at the end of one month I had saved almost $200. For me who is on long term disability it blew my mind. So motivations to see my savings going up and my debt going down. Can't wait until all my money can just go towards savings. Sometimes I will use my impulse money and put it towards something I have my eye on. IE cute sheets. So instead of throwing out $50 for them I use all the mini purchases I don't indulge in and save it and when I reach $50 I buy them. It is crazy rewarding. I never feel deprived because I have made it a fun challenge and it is so gratifying to reach that goal and feel the accomplishment of sticking to it. I also love that purchase even more because I really had to work for it. It is a very intentional and mindful purchase not a quick dopamine fix.
I agree !!!!! Nicole would get thru to them for sure because she's been poor and also because she's down to earth and right to the point. I came across your video not long ago and I love them Nicole !!! Thanks.
I really like the milestones and rewards idea! I cant think of anything i fancy for £250to treat myself to ( translating for UK here). Which i find quite amusing! I do the other ones, but thank you for the reminders!
I pay myself first. My bills and expenses come after that, and that is after 401k deductions. More and more I made my money work for me and not the other way around.
All 6 tips are useful! Thank you 🙏 Right now I’m not making enough money on a monthly basis. I’m a video editor but there’s not enough work for me here in Dominican Republic, so I’m thinking I should start flipping items on Facebook market place. I’ll let you know how it goes.
5:50 I save first before I spend then spend what doesn't affect my savings. So number 3 is weird to me. Why save what I want to spend when I already saved first
I was faithful to my car insurance company. About 40 years but moved south a few years ago and insurance kept going up. And I was living in a rural area with one tenth the population. Found an insurance company for my motorcycles first for half of what I was paying. Next the cars were coming due and the same company saved me two thirds on my car and truck! Awesome!! Next month I will be switching up my homeowners insurance. If the same company can provide for my home with the same coverage and a fifty percent savings I will be ecstatic!! Can't wait to hear the quote!! And the topper of all this is my previous insurance man never lifted a finger to counter offer or help with looking for savings. I already told him the house insurance will most likely be changed in the winter and all he could say was just let him know as I did with the others ...... a few weeks before the policy runs out!! Just crazy!! I had no claims for about 20 years too.....it wasn't like I was a big risk or anything!! Maybe it was a fourty year waste being loyal . Should have looked around sooner!!
In Australia, Insurance companies simply do not care if they lose you. As you said, they do nothing and don't even ask you why you are moving your policy - they are making SO much money. Here it used to be if you didn't have any car claims or accidents you were rewarded with a lower premium next year, now if you question why your premium has skyrocketed when you've never claimed, they tell us that we pay for all those who do claim... pardon😳.
When your insurance companies hike your rates, call them first and see if there's a way to lower your bill (without lowering your coverage). Sometimes it works and you can stay with that company but also, when you do have to switch to save, your old company will get the message. My car insurance company hiked my rates and wouldn't budge but my home owner's insurance company (who now has my car insurance business) will often find a way to save me money. It's worth the phone call.
Nicole why can’t we get Mint mobile here in Canada. I live in Newfoundland and have Telus and my husband and myself pay 176.00 a month. Have been with them for years. Before Telus was Rogers. Seems we’re getting ripped off in Canada.
"Gamifying" your savings is a great tip. One weird thing I do, is my savings 'goals' are fairly random amounts from movies/tv shows/novels. So for example, 'the amount they each make from the drug deal in Trainspotting' (£4,000), 'the total amount that Walter White has in his life savings before becoming a drug dealer' ($6,000 - I've never noticed before the 'drug dealy-ness' of these, but I'm not dealing drugs, I promise). It just helps me to 'gamify' it, because I can think to myself, 'Well, I've now got more than Walter White had, and apart from the cancer, that guy was doing alright'.
Excellent idea to 'gamify' your savings....also, just think of all the people and entities (greedy or not) out there that WANT YOUR money, and if you're resisting an idea to waste your money on one of the scams you highlight in some of your other vids, imagine disappointing the venal minion out there waiting for the money (YOUR money) that they expect...kinda simpleminded, but it worked for me, LoL...
I've been doing my own variation of your "buy it twice" idea. As I've mentioned in a past comment, I do often pay for instrument purchases monthly through Zzounds (it's actually the cheapest way to do it, as you only pay a small fee- then after that it's no interest and they don't jack the prices up for profit). Anyway, when I make a purchase, whatever my monthly payment is, I again pay that same amount to my savings account. Granted, one can argue that I have enough in savings to make the next gear purchase in cash, BUT, if I do that, my savings account is wiped out and I'm starting over. By repeating the process, savings just continues to get bigger. One shouldn't blow off putting some money back- especially when they're poor like me. Your refrigerator, your car, etc. doesn't care where you are financially when they decide to break down!
I divert about 20% of my income into a 90 day access savings account.......easy with the UK banking system.....it stops me accessing it and has been building for some time now
If you pay in cash, you spend less. Pay bills online and everything else budget in cash. At the end of shopping, put all loose change in an apple cider jug. By the time the jug is full you should have over $100. It's painless as you never miss the small change. This is how an old boyfriend and I saved for day trips and mini vacays, which are also an alt to expensive trips.
There is no shame in buying things used. I just bought a flat screen TV for $50.00 to replace one that died. I could have spent hundreds on a new one. Also you can open an IRA and set it to automatically make withdrawals from a checking or savings account.
Index funds are also a bit scammy, hear me out... if you buy the actual shares, you also get the dividend. So index funds yes, but there's a sweet spot where you should definitely consider buying in the stocks... and even then, when a company goes down, the real shareholders get enough time to 'make it to the lifeboats', but you don't count as a small holder... with changing technology also your initial share might lose in the very long run, while the holding company splits up, diversifies and drops your initial share to wither away... this happened in the industry that produces film for camera's, it's about to happen with fossil fuel companies, make sure you get the shares that include the battery and solar power division of your old oil company stocks, because the fossil fuel division will become worthless...
TLDV: spend less money, change providers, pretend you have less money than you have. No actual tip about saving money has been given, just the most basic tutorial how to put money aside and not spend it. Coulda been a two sentence 10 seconds TikTok. Wanna save money? Spend less!
I like collectible toys, and I know that if I can splurge on a collectible toy, then I can save that amount. So I pretty much save every week the sum I’d have spent on a collectible toy. I make an automatic transfer every week, and that way it doesn’t feel like a burdensome amount is going into savings because it’s a little bit at a time. The following year, because it was so easy, I doubled it. I’m about to double it again.
I e always been good at saving but I've become even better with the advent of technology and financial technology, I remember a time before direct deposit lol and I'm 29 btw , but what I do now a days is set my direct deposit to pay my main account 60 percent of my pay and the remainder is directed to each different saving account so I don't have to worry
don't take multiple vacations per year unless you have boatloads of money. and try to go on cheap vacations . if you really want to save just stay home on vacation and visit some museums or something cheap around town. and don't have kids too soon.
I pretend my savings doesn't exist and when people ask me to do things, I tell them I'm broke.
Very good thing to do 😅
Yessss, and this works wonders 😂
When the partner asks?
@@ag-xc7ix Don't have one and never have. So haven't hit that roadblock yet.
LOL ME TOO!!!
I hate grocery shopping and I usually wait until I’m starving ( I’m also lazy) however I’ve been spending a fortune on Skip the Dishes lately, groceries and take out. . I’m waiting for my inheritance, hoping to get it this month. I need a financial planner when I do because I know I’ll spend it quickly if I don’t. I lost $1600 on crypto in the last eight months so I’m not going down that road again.
Start ordering online, and do pick up. I hate being in the stores because I lack control with impulse buys so even though I may get marked up food or I'm paying for that service I'm still spending way less. I also keep my spending money as cash since it's easy to tap the place order on places like Amazon.
@@tianamarie989 Thank you.
My mom was looking to buy herself an ugly $26 dollar purse on Amazon, so asked her how many purses do you already own?, she said 8, so I asked do you really think you NEED another purse and also you make $12 an hour and so now you’re going to work 2 hours to buy something you already have 8 of?? I finally shed some light on her frivolous purchases.
This might be a weird tip, but for a few months earlier this year (fell off the wagon a bit), I actually made myself write down any non-standard purchases I made so I could see what I was buying outside of planned expenses. It helped me think more about when and how I spend.
Number 1 works with fitness too. That cheesecake looks good but would cost 3 hrs on the treadmill 😂.
A good tip is to name your savings accounts. I have one named "New car" and the other one "Cushion for retiring before 65". It is motivating to see the account growing and knowing exactly what the money is for. It is also very reassuring to know I have the freedom to buy a new car if I choose to or if my 2007 Honda decides to die on me. Thanks Nicole for your very useful and fun videos.
Yes I do the same.
Could you have one saving account and use a columnar to separate your funds by category? I do have several accounts. With two of my saving accounts, I also use a columnar to separate what I’m saving for. Just a thought.
I like the cushion for retiring before 65. Thanks.
@@LillyAnnHouston a lot of people need to actually see the words. My husband and I have 5 checking accounts at our local bank and 2 savings accounts. He has an issue spending money on a debit card and would move his savings over to cover non essential costs. Since we named his savings account 'jeep' he leaves the money in there alone now.
love this idea
When I bought my house in 1981, the interest rate was 12.5%. I got my loan from the seller since I didn't qualify for a bank loan. I was smoking 3 packs a day and I gave that up the day I closed to make the budgeting easier. I never took a puff since.
Well done, that's fantastic.
Yes, asking yourself “how many hours would I have to work to buy it” has always been a good strategy for me.
I even ask myself this question as if I were making minimum wage. It’s sobering.
When I want to buy something frivolous, I remind myself, "its not my birthday" 😊
The small paid-off home is worth far more than the expensive house you lose to foreclosure. No matter what the economy does if you own your home outright you are far more likely to survive well. Lessons Learned From The Great Depression long ago.
Leave windows open at night with big fans blowing into the house to cool off the house 😊
I put a spin on ‘how many hours do I have to work’… I actually have dissected my expenses (fixed, variable average rounded high, savings, investments, etc.) to how much everything “costs” per day. So, not only knowing how much I have to work to buy something, I also know how much I have to work to cover my cost to live. It’s a very sobering, eye-opening perspective on personal finances.
Just an added note about your sponsor, Mint mobile is actually very good. I was using the walmart service because it was the cheapest i could find. Until Mint came on the scene. Literally $15 a month in USA per month. Bonkers. Has great coverage because it rents service from all various tower brands. You can just use your current phone, easy. The swap is easy as well. Never had to talk to customer service even once. In this day in age, $15 for cell is practically free.
So glad to hear. And so jealous they aren’t in Canada 😫
I've had Mint Mobile for 2-3 years... Pretty much since they started the company. I have had zero issues with them. The only thing is to get your service at $15 per mth you have to buy the full-year all up front. If you need a new phone you have to pay for that up front as well. I used to have Freedom Pop, which was a completely free service, you just bought your cell phone upfront in full. There were no income limits with Freedom Pop which I miss, but $15 is still great. In the states, there are government programs that offer free cell phones, service, & internet for low-income families
I bring my own teabags to Starbucks and always tip one dollar for the hot water service. Tea can cost 5$ in the Bay Area. Sometimes I tip 2$ and still save.
That's smart. Some coffee shops around ne have signs that day no outside food or drink. 😢
I switched to Mint! I’m paid up to November. My stress level just went down significantly knowing that I’m saving money and paying in advance!!! 🙂
Cute and intelligent. You truly are a breath of fresh air Nicole. I can’t wait for your videos to come out. No nonsense or fluff. Yet so fun to watch. Sending love from the states. Also, I hope time has made you able to enjoy your home more. Hugs and kisses to your son ❤.
Being miserable at work made me spend money to cheer myself up temporarily
Good tips, but you could have left out the two dogs and their "activity." Poor taste.
you sound jealous
i hope you mean this in a humorous way? @@AccordingtoNicole
My trick is to save 500.00 from my paycheck every month before doing anything else. I don't think about it, I don't do the math first on my expenses. I simply transfer 500.00 to my saving and forget I have it. Then what is left is what I have to pay my bills, shop and have fun. After watching your videos, I think I squeeze a little more each month. Maybe up it 50.00 per month by using your advise on saving on expenses.
pay yourself first. good habit.
This is a great tip for people who really have no problems to begin with. Step one: make enough to save $500 a month. It took me months to save $600 and one event wiped me out completely.
Yes, the vague savings thing NEVER worked for me but when I buy stocks and ETFs I feel like I'm going shopping and am motivated to invest. After bills I invest most of my money and keep some in a high yield brockerage account. My debit card for my investing account is about to expire and I'm not renewing it.
I love the "buy it twice" trick.
We are retired and on a fixed income of Pension and Social Security. I do a Direct Deposit to two different savings accounts each month. The money goes directly there before the balance goes to my checking account. Painless! We pay ourselves first!! 👍🥰
I kinda started making my budget feel like a video game stat sheet. Made crunching the numbers more fun especially when something "levelled up" or an "achievement unlocked". It made accomplishing the thing I worked hard to do more fun.
I too started looking at my purchases with how long did I work to get the money to buy this, so I'm glad I am not alone in doing that. Definitely less inclined to buy something when I calculate "I need to work 8 hours to buy this thing....mmmmm...I'd rather keep that money actually." Whenever I think of keeping the dollar I remember Mr. Burns saying that, lol.
Yes! When I track each line item in the budget it feels good to keep it “in the green” and if I go over I’m like NOOOOO lol. We made a debt payoff thermometer 🌡️ tracker and put it in the living room so we can celebrate each milestone! ✨
I'm really struggling with both, complete lack of income and impulse spending. What i need is someone like Nicole in my social circle (triangle) to set a good example and ideally to slap me everytime i try to spend 😅.
You can ask someone in your circle to do that for you. You just need to remember you asked them to that when they smack you.
Love your videos! Years ago my husband set up an auto transfer of money every two weeks from our checking to savings account. The savings account has no card attached, so the money sits there earning a higher interest.
you should check the rates every few months as banks do stuff like introducing a new type of account that pays more . they don't always give you the best rate. also if you have enough for a CD the rates can be higher.
I just wanted to say I love you in a non-creepy way and I live for your videos every Sunday. The fact that this one popped up on a Tuesday totally made my day. You are so fun to watch and listen to, and honestly I’m the most technologically challenged person when it comes to TVs but I figured out how to stream your videos to my partner’s roku and we watch your new ones every Sunday while drinking our morning coffee lol. Thanks for all you do & share with us!
Seeing Levi meander about in the background was so satisfying. ❤
this video was great because it’s different not just recycled tips you hear from everyone
Image of dogs when talking about insurance lmao 😂
Dont knock dog insurance. (im a veteran) and the company of my dog is a life saver.
after a dog ER visit i took the plunge. getting her yearly exams and dental has improver her quality of life (dog vet says she he has more real teeth in her mouth that other dog her age! and for chihuahua its a pretty big achievement
but thats me.
i love her company and comfort more than having people around me. having her healthy encourages me to stay active for weight control/diabetes/depression. pretty good return on investment (sounds weird saying that) not just in her, but my medial/mental health as well.
🐶💟 not meant to be a rant, loved the dog and gorilla
OMG...the insurance dogs. I'm dying!!😂😂😂😂
Not to mention the gorilla
I donate blood to earn reward points. Then i cash out the rewards for coffee or Amazon. Win win.
This spoke to me. I don’t have an income problem, which is why my struggle with finances is so pathetic. It’s emotional for sure.
Spending is a hard thing to get under control for a lot of people, especially when we're bombarded daily with messages to buy stuff to be happy. Using shame/beating yourself up over it (over anything, really) tends to be counterproductive and make things worse, and also you deserve better than to be called 'pathetic'
@@samk5396 Thanks, Sam. 🙏🏻
@@samk5396I’ve noticed in myself that the more advertising I am exposed to, the more quickly my need vs. want evaluation mindset weakens. Therefore, I eschew as much advertising as possible and watch videos like this as an antidote to consumerism. This technique has really helped me.
I work in education and have a special summer savings account through a local credit union earning 6%. If you’re new to education in the US highly recommend. A portion of my paycheck goes to this account every month and matures at the end of 12 months. It’s a way to have money during summer when you’re not getting a paycheck.
Love your videos. Hope both you and Levi are well. (Levi is extremely cute 🥰).
When I get my income coming in I immediately assign it to the different sub accounts I use - working on the 60/20/10/10 rule. I play a nerdy game each pay where I check out the total cash @ bank of each sub bank account and I use my discretionary account to top up (round up) each account to an even amount. Sometimes it's only a smaller amount, sometimes it's a far larger amount. I then try to even up every account (this fortnight I evened out all sub accounts except one). Also I add an extra $100 to what I call my emergency The Vault" fund every time I go inti my online account via my phone banking app (this increases my awareness of what I am considering spending on or investing in. My house is paid off, so I am saving for a camper and for more savings to invest. Love your channel!
This is a fantastic video. Thankyou so much for the great ideas. ❤❤❤❤❤❤❤❤❤❤❤❤❤❤
Can you do a video helping us plan a no-buy 2024 year?
1:47 Along-the-lines of ‘shop with your time’ not only do I equate that to my hourly rate to pay for that items *initial* cost, I also add in its *ongoing* cost.
For example, if you buy a car or anything else that required upkeep (pets, a new hair style, decoration, printer) I consider the ongoing cost also, to know how much really of my time is being ‘robbed’ by buying that item and it ongoing obligations. The minimalistic approach (or intentional spender) penny drops a little faster when your calculates are more realistic! 😮
It can all still be done on the back of a napkin. 😜
Ps - I like that ‘pay for it twice’ concept; I’m gonna pinch that one! Thanks 🙏
Here is a different perspective on how much you earn per hour. This may help to reduce your discretionary spending. Instead of basing how much you earn per hour based on 40 hours per week, base it on the total number of hours you live in a week. This happens to be 168 hours (=24*7). So, let’s say you earn $20 per hour gross. In a 40 hour week your weekly gross earnings would be $800. In Ontario, after deductions (Fed+Prov taxes, CPP, EI) your net pay would be $591. So, net hourly pay is $14.78 (OUCH!) If you base your net pay on the 168 hours in a week, than your net pay is $591/168=$3.52 per hour. So, take the test yourself. Just take your weekly net pay and divide by 168. If you are paid every two weeks than divide your net pay by 336 (24*14).
A big thing I've done is I've opened up another bank account That's relatively far away and don't have my debit card and I have my employer take 10% of my paycheck and put it in that account. So if I really need the money I have to drive over an hour away to get it out
I've used the "how many hours" method for years - it definitely helps with perspective.
Also, and i know this doesn't work for everyone, but setting a budget that tracks EVERY expense and then tracking to make sure you're sticking to it. This is the only way I'm able to make sure we have enough money to pay annual expenses (like car registration and school fees) and because I'm saving those up over time it's a matter of adding some other savings categories to the budget and tracking those, too.
We've been in time where my partner had no income and we had to eat into savings to pay bills and eat; my budget tracking made sure I knew exactly how much was gone from each category over time, so I could build back up once the income came back.
After living through that situation three times (and having to call the bank to pause our mortgage payments) I am VERY mindful of where our money goes, even though we don't have an 'income problem' right now - once burned twice shy!
When I lost my job 😮💨 you’re not alone! And when car repairs eat your emergency savings and gotta build it back up… yes I feel you!
Love your sense of humor 😂 also found this video very motivating. You rock girl !!! 😊
I think we've all been vigorously humped by an insurance company at one point or another.
The "How many hours" trick is GENIUS!
I don't have a problem saving, I've never have. It's a game to me and the game is usually more fun than anything I want!
My goal right now is to pay down our mortgage, and I'm hoping to reach that goal in 3 years.
The son of a friend of mine got his first job and is saving some of his paycheck, but he usually spends most of it on meaningless items like candy and video games. I told my friend that it's most likely because he isn't working toward a goal like buying a car or saving for an apartment.
I don't need a "why" for my savings because I'm just wired in such a way that having a ton saved up makes me feel relaxed and safe. Saving feels nicer than buying nice things a lot of the time. We call it "safety junkie"
Also I started doing the "shop with your time" a year ago and it's fun.
That's the best idea I've heard from anyone. If you don't have the $1000 dollars to put in savings; you can't afford the $1000 non-essential item.
Definately a lot of wisdom for such a young one!! Your videos always give me something to think about. Even a good laugh (hence the moment of the two dogs🤣) needless to say we have our bank round up to the dollar with any purchase made on the debit card and deposit to savings and for the occasions we use cash I stash all the change in a jar or something.
Nice to meet you, I wish we had Y-Tube and videos just like yours to watch 30 years ago and not following what our family or friends were doing. Now for the last 10 years, I'm trying to save up for a better retirement. Better late than never as they say....
I had a mortgage that allowed me to pay extra money into it on top of the regular monthly payment. The mistake the mortgage lenders made was to not put a limit on the number of payments I could make or to stipulate a minimum payment amount.
Result: every week I looked at my bank account and decided how much extra money I could put into my mortgage for that week. Some weeks it was a small amount and other weeks it was a larger amount, but it all adds up. I paid off a twenty year mortgage in seven years.
How much in interest did you save? We got our house last year when interest rates were at 6% 💀 so we’re definitely interested in paying it off early if there’s not a good opp to refinance to a lower rate.
@@schuylergeery-zink1923 I don't know the total amount I saved, but putting my spare cash into my mortgage was objectively one of the best investment decisions I ever made.
This is because I figured that my guaranteed return on investment (ROI) was the interest rate I was paying on my mortgage PLUS any income taxes I would have paid on that money if I had earned it from an investment instead of saving it as an interest payment.
So for example, putting extra money into a 6% mortgage gives you a guaranteed ROI of 6% (which is already very good). But if you had put that same extra money into an investment that paid you a 6% return you would have had to pay income tax on those profits. If your marginal tax rate is 25% then you would need to get 8% before taxes to get 6% after taxes. But because saving interest on your mortgage doesn't count as "income" you don't have to pay any income taxes on it.
Therefore putting extra money into your 6% mortgage is equivalent to having an investment that gives you a guaranteed risk-free return of 8%, which is insanely good.
Top tip I read that works for me - the day I get paid I transfer my savings chunk immediately into my savings account before spending anything. Its more effective saving up front vs saving whats left at the end of the month
Exactly
Great advice and ideas
Profound! Nicole, I like your style.
When you shop with your time, you should also consider how much time you get out of it.
Not just the likely lifespan of the product, but also the amount of hours you're likely be using it.
Especially when it comes to entertainment stuff: hours worked for vs hours of enjoyment
Appreciate your quality content! 👍
Great thoughts on finances - you may want to read Dave Ramsey's books, he touches on many of these same things. Also, Suze Orman talked about what your first memories of things were, and how it may affect your money personality. One was a young girl who accidentally broke a cherished platter, and the family never let her live it down, that she broke an heirloom. As an adult, she never wanted to take control of the finances - as if she would "break" them.
I love the ‘buy it twice’ tip!
You're so right about the emotional aspect of overspending! But the dog video, poor taste.
clutch your pearls.
Yeah b-rolls can be betta, not a fan of animals fkng or diggin parts so randomly and without warning.
Don't ask for comments if you don't wanna read people's honest opinions.@@AccordingtoNicole
I do no spend weeks or month. So basically every time I have the urge to impulse buy something and don't, I put that money 50/50 towards debt and savings. It's amazing how much little things add up. I never imagine a $3 drink every once in a while would add up to much. Or saying no to cute sheets on Amazon but at the end of one month I had saved almost $200.
For me who is on long term disability it blew my mind. So motivations to see my savings going up and my debt going down. Can't wait until all my money can just go towards savings.
Sometimes I will use my impulse money and put it towards something I have my eye on. IE cute sheets. So instead of throwing out $50 for them I use all the mini purchases I don't indulge in and save it and when I reach $50 I buy them. It is crazy rewarding. I never feel deprived because I have made it a fun challenge and it is so gratifying to reach that goal and feel the accomplishment of sticking to it. I also love that purchase even more because I really had to work for it. It is a very intentional and mindful purchase not a quick dopamine fix.
I make savings a game too, so fun to save 💴 💰 💵
I like the buy everything twice = savings
Another great video Nicole! Great tips. I’ve shared it with my sister.
Love seeing a vid from you on a Tuesday!
Honestly Nicole you have to find a way to get your message out to young people - it would be life changing for them and they’d listen to you.
Nicole needs to be a motivational speaker and tour high schools.
I agree !!!!! Nicole would get thru to them for sure because she's been poor and also because she's down to earth and right to the point. I came across your video not long ago and I love them Nicole !!! Thanks.
When my paycheck hits the bank, I automatically transfer a set amount into my savings.
Nicole, did you invent that saving game? It's very clever.
great video Nicole. you are a smart girl
Stop spending on crapola!
I really like the milestones and rewards idea! I cant think of anything i fancy for £250to treat myself to ( translating for UK here). Which i find quite amusing! I do the other ones, but thank you for the reminders!
I pay myself first. My bills and expenses come after that, and that is after 401k deductions. More and more I made my money work for me and not the other way around.
All 6 tips are useful! Thank you 🙏
Right now I’m not making enough money on a monthly basis.
I’m a video editor but there’s not enough work for me here in Dominican Republic, so I’m thinking I should start flipping items on Facebook market place.
I’ll let you know how it goes.
5:50 I save first before I spend then spend what doesn't affect my savings. So number 3 is weird to me. Why save what I want to spend when I already saved first
I was faithful to my car insurance company. About 40 years but moved south a few years ago and insurance kept going up. And I was living in a rural area with one tenth the population. Found an insurance company for my motorcycles first for half of what I was paying. Next the cars were coming due and the same company saved me two thirds on my car and truck! Awesome!! Next month I will be switching up my homeowners insurance. If the same company can provide for my home with the same coverage and a fifty percent savings I will be ecstatic!! Can't wait to hear the quote!!
And the topper of all this is my previous insurance man never lifted a finger to counter offer or help with looking for savings.
I already told him the house insurance will most likely be changed in the winter and all he could say was just let him know as I did with the others ...... a few weeks before the policy runs out!! Just crazy!!
I had no claims for about 20 years too.....it wasn't like I was a big risk or anything!! Maybe it was a fourty year waste being loyal .
Should have looked around sooner!!
In Australia, Insurance companies simply do not care if they lose you. As you said, they do nothing and don't even ask you why you are moving your policy - they are making SO much money.
Here it used to be if you didn't have any car claims or accidents you were rewarded with a lower premium next year, now if you question why your premium has skyrocketed when you've never claimed, they tell us that we pay for all those who do claim...
pardon😳.
good advice, thnkx
TOPIC IDEA - How to change what you believe are necessities.
If you don’t need it, it’s not a necessity. 🤯
Very nice tricks 👌👌
2:52 LEVI SIGHTING!
Hi hun,
Currently working on Emergency Fund.
$27.50 per day, in a high interest account I can't touch.
10K in 1 year.
TY for such a sensible channel🙏
It's called financial intelligence
Too bad it’s not taught or encouraged at school.
Or by society! Most people have been duped into thinking that buying stuff is a fun hobby rather than a self destructive addiction!
When your insurance companies hike your rates, call them first and see if there's a way to lower your bill (without lowering your coverage). Sometimes it works and you can stay with that company but also, when you do have to switch to save, your old company will get the message. My car insurance company hiked my rates and wouldn't budge but my home owner's insurance company (who now has my car insurance business) will often find a way to save me money. It's worth the phone call.
Nicole why can’t we get Mint mobile here in Canada. I live in Newfoundland and have Telus and my husband and myself pay 176.00 a month. Have been with them for years. Before Telus was Rogers. Seems we’re getting ripped off in Canada.
DM Ryan Reynolds and ask him.
Thanks Nicole!! I switched over to Mint from Verizon in January. Well worth the savings!!
I’m so jealous.
@@AccordingtoNicole can’t Mint help? Lol that sucks they should expand into Canada guess not as easy as I think. Lol
Kind of ironic. It was owned by a very famous Canadian!
@@jeff6413lol ya kinda foolish eh
You're awesome 😊
"Gamifying" your savings is a great tip. One weird thing I do, is my savings 'goals' are fairly random amounts from movies/tv shows/novels. So for example, 'the amount they each make from the drug deal in Trainspotting' (£4,000), 'the total amount that Walter White has in his life savings before becoming a drug dealer' ($6,000 - I've never noticed before the 'drug dealy-ness' of these, but I'm not dealing drugs, I promise). It just helps me to 'gamify' it, because I can think to myself, 'Well, I've now got more than Walter White had, and apart from the cancer, that guy was doing alright'.
The bangs are mesmerizing 😮
I just ❤ your channel!! So happy i found a canadian youtuber who provides great quality content. Always super helpful and fun to watch.
Am watching all your older ones. Great channel. Love that wild Levi. I have two.
Excellent idea to 'gamify' your savings....also, just think of all the people and entities (greedy or not) out there that WANT YOUR money, and if you're resisting an idea to
waste your money on one of the scams you highlight in some of your other vids, imagine disappointing the venal minion out there waiting for the money (YOUR money)
that they expect...kinda simpleminded, but it worked for me, LoL...
I've been doing my own variation of your "buy it twice" idea. As I've mentioned in a past comment, I do often pay for instrument purchases monthly through Zzounds (it's actually the cheapest way to do it, as you only pay a small fee- then after that it's no interest and they don't jack the prices up for profit). Anyway, when I make a purchase, whatever my monthly payment is, I again pay that same amount to my savings account. Granted, one can argue that I have enough in savings to make the next gear purchase in cash, BUT, if I do that, my savings account is wiped out and I'm starting over. By repeating the process, savings just continues to get bigger. One shouldn't blow off putting some money back- especially when they're poor like me. Your refrigerator, your car, etc. doesn't care where you are financially when they decide to break down!
I divert about 20% of my income into a 90 day access savings account.......easy with the UK banking system.....it stops me accessing it and has been building for some time now
Spot on...👍
I have specific savings goals and simply pay myself first. As soon as a I get paid, the allocated amount goes to either stocks or my money market.
This video was very helpful. Thank you 🙂
If you pay in cash, you spend less. Pay bills online and everything else budget in cash. At the end of shopping, put all loose change in an apple cider jug. By the time the jug is full you should have over $100. It's painless as you never miss the small change. This is how an old boyfriend and I saved for day trips and mini vacays, which are also an alt to expensive trips.
There is no shame in buying things used. I just bought a flat screen TV for $50.00 to replace one that died. I could have spent hundreds on a new one. Also you can open an IRA and set it to automatically make withdrawals from a checking or savings account.
Index funds are also a bit scammy, hear me out... if you buy the actual shares, you also get the dividend. So index funds yes, but there's a sweet spot where you should definitely consider buying in the stocks... and even then, when a company goes down, the real shareholders get enough time to 'make it to the lifeboats', but you don't count as a small holder... with changing technology also your initial share might lose in the very long run, while the holding company splits up, diversifies and drops your initial share to wither away... this happened in the industry that produces film for camera's, it's about to happen with fossil fuel companies, make sure you get the shares that include the battery and solar power division of your old oil company stocks, because the fossil fuel division will become worthless...
Great new ideas!! I recently started doing #1 with my spending. Do I really want to work 10 hours to buy something I want?!
Love, love, love your channel ❤
TLDV: spend less money, change providers, pretend you have less money than you have. No actual tip about saving money has been given, just the most basic tutorial how to put money aside and not spend it. Coulda been a two sentence 10 seconds TikTok. Wanna save money? Spend less!
I like collectible toys, and I know that if I can splurge on a collectible toy, then I can save that amount. So I pretty much save every week the sum I’d have spent on a collectible toy. I make an automatic transfer every week, and that way it doesn’t feel like a burdensome amount is going into savings because it’s a little bit at a time. The following year, because it was so easy, I doubled it. I’m about to double it again.
You have a very nice empty house, I'm a hoarder I think we can fix that ;)
I e always been good at saving but I've become even better with the advent of technology and financial technology, I remember a time before direct deposit lol and I'm 29 btw , but what I do now a days is set my direct deposit to pay my main account 60 percent of my pay and the remainder is directed to each different saving account so I don't have to worry
refreshing tips... thanks for sharing them Nicole! love from Brazil 🇧🇷
don't take multiple vacations per year unless you have boatloads of money. and try to go on cheap vacations . if you really want to save just stay home on vacation and visit some museums or something cheap around town. and don't have kids too soon.
Very good video Nicole good job