My husband and I are doing a NO RESTAURANT challenge for 3 months! We are 1.5 months in and it’s been easier than we thought. We are saving for a house. Such a great way to put more money in our pocket and make better habits!
It is even easier than that, I just have my “fun money” direct deposited into my checking and have my savings go into my HYSA. I can only spend whats in my checking. Anything left at the end of the month over the minimum i keep in there is transferred to my hysa
It's been a while since we lived in the USA but....have the banks over there got around to direct debit and standing order payments yet? oh how we laughed at the antiquated banking system you had in 2000.....well I say we laughed but writing out cheques EVERY MONTH for rent, utilities, car payments etc was a right royal pain in the bum. Have practices improved?
@@iandennis7836 Not sure what a "standing order payment" is, but my bank's website does everything I want it to do, and I haven't had to write a check more than about once a year. I can't imagine banking websites anywhere else in the world were great anywhere 25 years ago. Heck, HTTPS wasn't even common in 2000 lol
I’ve almost saved the $5k with the second challenge. We have a side hustle that gives us cash and it’s been a fun challenge for me. Understood it’s not for everyone!
Im doing the 100 envelopes. Actually, 2nd time around, as a spender, it works for me to have emergency cash at home. I didn't buy all that fancy stuff. I just bought the envelopes at the dollar store.
Saving money also requires the right psychology. Honestly, whatever gets you into the mindset...saving is a good thing no matter how you want to do it.
The 100 envelope challenge is meant to be done over 100 days. It’s a fun way to challenge yourself to save. A lot of people run concurrent savings challenges .
I think the “do it in a random order” is way better because otherwise in the last week you have 93+94+..100 so the first week you save 28 and the last week you save 772. Huge difference. Random order means on average you’re saving the same per week (about 55 or day)
Theres something oddly satisfying about watching those cash stuffing videos… though the movement has kind of shifted into overconsumption territory. Lots of ladies showing off/selling binders, envelopes, dividers, and other desk accessories that nobody really needs -especially people that are trying to save money.
How in the hell does the "Average Person" have "12 subscriptions and pays $219 a month"? I added up all of mine. Added monthly and things that are charged yearly (like Costco, Sam's Club, my VPN service, my tax software, etc.) and only had 9 at what averages out to $84/month. I have Netflix w/ 4K service. I have Amazon Prime. I have Spotify. People are living life wrong.
For the binder thing, you have to consider how many young kids are on TikTok…it could be a fun way for them to start saving. Adults, prob not but kids, definitely.
The funny thing is that I just recently learned about the 100 day ($5,050) challenge that George thinks is just meh… from Rachel Cruze since I’m on a Ramsey email list 😅
1st Video: great for servers or people who get tips. 2nd Video: Great for kids or teens to learn savings, but not adults. 3rd Video: Good if you work with cash on hand or a teen learning to save.
I noticed the irony too. Their sponsors are getting stale, they need new ones. If they stick with the same ones too long it just becomes white noise at best and skip them at worst.
The humor in this one 😂 lol Gamifying savings by trying similar challenges is what helped me get over the "I don't like saving" feelings I had in the beginning of saving. I'd pull out a dot grid notebook, draw a bar chart where each square equalled $20, $100, etc. dollars with my total amount listed to the side. I'd throw it in an envelope (making it harder to dig into if I wanted to spend money compared to a debit card that linked to my account), color in my box, and go about my merry way feeling like I was winning, instead of losing money (which is how saving used to feel for me). This method helped pay for my community college tuition, my first car, 6 months of car insurance, emergency fund, vehicle maintenance fund, etc. and now is helping me save for a vacation. I know my savings aren't accruing interest, but this is what has worked for me as a "baby step" in being financially responsible. I have a lot of fun saving now, even though I've moved away from the bar charts and Nickel Savings Challenges. Now the budget is just a note on my phone with increments of my paycheck going to various savings and expenses 😂 Whatever it is that gets you saving, it is probably worth a shot 👌
I did 2 different ones. The first was when my country was rolling out new plastic currency so every time I got a new bill as change I saved it in a home safe. Had around 3k at the end of the 12 months. The second one was a 10k in 52 weeks that I did with a Facebook Challenge group. At the end of that I had 11k (included a Christmas bonus). Used under 4k to pay for a Birthday weekend retreat. And used the rest to fund my Emergency Fund, which I'm surviving on whilst unemployed.
That measly $1000 can really help when something goes wrong. I don’t make much money, but I try to have a small savings and it saves us when something like our fridge dies or the car needs a new part.
George, I think you and the Ramsey organization need to look into microsavings techniques with an open mind. A lot of people are living very close to the bone right now, and advice to “go get you a beater car” hits different when they’re making 31k and a beater costs 10k, not 1k. Stuffing techniques work better for people with cash jobs or those taking $10 here and there out of the grocery money, sure, but maybe we all need solutions.
I agree, they preach behaviour is 80% of the problem. Especially when teaching teens to save from their jobs. These micro savings challenges are fun and promote positive behaviour toward money.
TikTok complicates things too much. Just decide on an amount you wanna save and take it straight to the bank. All these envelopes and binders are too easy to be stolen.
Agree with George 100% on that I don't want my savings being determined by chance either. However, some people do have razor thin margins after necessities and/or are paid in cash. The savings in the videos are most likely unsustainable and for relatively short term goals. Other people may not have the financial discipline. Making savings into a game is good if it translates into a long term savings and in a more 'sophisticated' way (like a bank account instead of a binder that be lost).
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
It should be noted that not all savings challenges are suitable for everyone. Similar to the concept of baby steps, the snowball method of debt repayment may not be effective for all individuals. Personally, I find motivation in paying off my debts and therefore prefer the avalanche method, which involves focusing on paying off debts with the highest interest rates first. I have previously experimented with the $5 challenge when I was being paid in cash. With this challenge, I saved over $1000. Beginning in January of next year, I plan to undertake the envelope savings challenge. It is crucial to recognize that what may be effective for one person may not work for another. It is important to understand one's own circumstances and determine the most suitable approach for saving. Many individuals appreciate incorporating an element of fun into their savings strategies. If you choose to create a money-saving video, it is possible to do so without diminishing the methods preferred by others for saving money.
100/200 envelope challenge but you always put in the two biggest numbers you can with the money you have, that’s what I did and I smashed the challenge, having never saved with cash before
People who are really bad with money need some mental challenge to force themselves to save money, so I guess saving something this way is better than nothing. And if they're able to mentally train themselves from spending everything, that's pretty good.
These challenges are really good if you don't ever put any money into savings and you have a lot of money just hanging around on your card, that always just randomly disappears every month. I'm always tempted to try them, but since I plan out my budget where every euro is allocated, I don't have "extra money" just hanging around. I do use cash and I have done the 5 euro bill challenge before (without knowing it was a thing) and I saved around 500 euros in 3 or so months, but then I just checked that I could lower my food budget so I don't have as much left over. Since then I have moved to just saving the coins, so after every time I spend money I just put the coins away.
If it works for people, let them do it. No matter how you doing it you are saving money which is needed. They can and probably do put the money in an account later. It's the reverse of what Dave says about spending money. You get to see it adding up. It motivates you.
Some of us are still in a child mindset... Colouring works. Checking off trackers work. It proves to us that we can save. Its a baby start but its a start
The thing with cash challenges is that you must love cash and playing with money. It can be motivating to have tangible cash. For me it’s easier and more fun to save this way rather than just shuffling it into my digital savings account. I ended up saving almost 30k this year from savings challenges AND implementing some of the methods you mentioned above, like eating out less. Once I saved the cash amount that I want, I put it into a HYSA that is hard for me to spend from (I have to wait for the transfer). It makes me not want to touch it. I understand it doesn’t make sense for most, but it’s helped me immensely.
I couldn’t even finish this video. What a load of Tik Tok rubbish. I’m retired, so I have time on my hands. But not enough for stuff like this. I bring in $2825 a month and I save $800 of it by paying myself first. Boring but effective. Good enough for me.
Yeah, when I heard Humphrey Yang talking about bottle service, I had to look up what the heck it was. Apparently I fit in much better over here with George at Barnes and Noble!
The lady's "save every $5 bill" thing works. I did something similar back in the early 2000s when I was delivering pizzas in college. My version was I saved every single $1 bill. If I had to break a $5 or a $10, I would. But I kept all my singles in a cardboard box. It works.
I did the same thing starting at age 8 with quarters. In college I paid for a spring break 100% with those quarters (after rolling them and depositing into a bank account).
I also currently budget about $53 for a few subscriptions, and I already spent very little on clothing. I don’t think I could save much more out of my budget without living a really austere life, and I did that for too many years. I’ll do it again if I have to, but I’d rather not.
Pay yourself first. .1 to 20%.. put it in account you do not have access to without ohysically going to the bank..Or an online high interest account...stops impulse buys..
Oh sure, but these type of saving challenges are known to do after you have your other savings in place. They are meant for fun & his video suggested that was the only way people were saving.
@@Snow-cu8ir As long as it's just for fun and not a ton of money it's probably fine. The opportunity cost of not being invested in the markets or at least in a HYSA can add up over time.
When we started every dollar& paid off my husbands last $4,000 on his truck; i budgeted for half pf what i make, to save the rest into our HYSA towards our first house,& then we budget the rest towards: missionaries, gas, insurance, church& groceries& our roth IRAS
“I’m a stripper and I took the $1 challenge. I save all the $1 bills I come across and over the last year I’ve saved $20,000 but haven’t been able to pay any bills and I’m now filing bankruptcy.” 😂
the young lady doing the savings book. I didn't know what she was talking about. i paid off debt with that. if you do it right, work extra. you could do it 3 times a yr. 5k 3x 15 that just some to save for a car purchase of school or a trip if your debt free.
That girl saving 10 grand just basically made a video that said come Rob me … girl ! No !!! Just don’t put this out there ..people always think they are so safe on media .. don’t tell people when you go on vacation & don’t tell people you have cash
I started automatically putting money into savings every payday. Right now it’s a whopping $20 every payday since we’re still paying off debt but eventually we’ll raise it!
The envelope systems are to get new savers motivated and insentivizes to save. I don't really see why there is a flavor of an eye roll here, I mean Rachel has wallets she sells for enveloping and cash only spending. Also, alot of these people do more than one saving challenge, and there's games they do to also save more and to make saving fun. The system also works for people who are not natural savers and teaches them to plan for their future purchases. I really don't understand why you're putting this system down... makes me very confused.
I used to get a $2000 tax refund every year. So I finally adjusted my withholding and I ended up owing $2000 🤦 hopefully this year I will be closer to $0
Im terrible at saving .right now . I sold stuff and saved money for a friends birthday And still have money in the bank...well i wanna save to move .the move will be in 6 months or more and i need 2000 . definitely doable . Also might need to up the income
This video is somewhat condescending. There are people - and lots of them - who cannot save more than a few dollars at a time. These budgeting binders work - especially because it is super motivating to fill these envelopes with cash money.
When I was younger and money was _really_ tight my wife and I did some of those type of little savings tricks. They work to get you started, and you can see that a couple dollars there and there does indeed add up. Yeah, you're not going to save a million that way, but if it gets you on the path it's well worth it. One thing we did (dollars were bigger then) was put all our change in a big glass jug and once a year that went into savings. 30 years later we still have that jug sitting by the entryway half full of change. It's a reminder of the lean years.
3:19 that envelope ✉️ thing that's a Dave ramsis thing. I learn this in 2006 with Dave's teaching. I gone my whole youth and collage with 0.debt because of the envelope ✉️ s
As a 25 year old, this last week my money worked harder than I did. Of course much of this had to do with the Trump bump but it showed me how important it is to invest and pay yourself.
@@deelehey2827You are leaving 2% on the table. Many cards such as Citi Doublecash give 2% cash back on everything you buy. You must be disciplined, if this is tough consider putting that cash in an envelope immediately so you pay it off every month. This tip is useless if you don’t pay it off! You might think 2% isn’t much… it’s a nice little bump and you can also track your spending easier, and it can’t get lost like cash.
@ You don’t experience disasters? Huh? Your roof never leaked, hot water heater never went out, car never broke down? While many people can simply pay for the repair, a larger portion of the population has real trouble with these events. When your comments make you appear to look down on others, you then seem petty and vindictive. A better approach is to give positive advice so that others can benefit.
I’m laughing so hard, yes these type of challenges are therapeutic for me. I like numbers, I get motivation from seeing the progress I make. Plus watching UA-camrs save also inspires me and helps me with not spending. Just like influencers can inspire folks to spend, they also inspire to save and it’s nice to be apart of the cash envelope community. Basically they took Dave Ramsey’s envelope system and put it on steroids.
@steffiejoe You have explained the psychology of savings challenges very well. Don't tell them about the digital cash stuffing and transferring the money to hysa quarterly. Shhhh. 🤫😉
Nothing wrong with some of these ideas. I started my children very young to make them realize how fast money can add up. They are adults and both are debt free, never had credit cards and are very thrifty when buying. All started with saving a dollar.
Don’t know if they should have done this video. Not the most optimal saving strategies but when everyone is spending this is great and shouldn’t be judged. These exercises build money saving muscles.
The creativity is nice but most of these seem like how a parent would teach a 7 year old to save money. If you're an adult this seems a little...degrading.
finding fun and creative ways to save money is not degrading. also, making it a challenge can be fun and keep you focused on your goal. i do both. i have automatic savings and i have a savings challenge that i do for fun. its a much smaller savings than my regular one, but it's more fun because i can see the progess. and having physical cash is more exciting than just looking at a number on a screen.
A lot of people keeps talking about investments and how investment trade change their lives. I really need to engage myself in someway of earning more income and stop depending on the government...
I work at a restaurant here in Houston Texas. Things has been really difficult as I'm a single mom and trying my best to pay bills and take care of my daughters.
I've always wanted to trade Crypto for a long time but the volatility in the price has been very confusing to me although I have watched a lot of UA-cam videos about it but I still find it hard to understand.😔😔😔
For meal prep and dining out less: i started doing cooking nights as date nights instead of going out to dinner. We cook together to make more time consuming dishes than a normal weeknight and maybe even dessert. Its cheaper, usually results in leftovers, and we still get to spend quality time doing something special.
3:43 that’s what the lady that taught FPU said to do. She also was all about making sure you had a good credit score cause it was needed to buy car insurance, get utilities and apartment, yada yada yada.
I've heard that index funds and ETFs provide diversified stock market exposure while spreading risk. I have over $800K in savings; What's the most effective strategy to allocate funds in my portfolio and generate profits?
Yes, there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
I had an ex that was obsessed with that $5,050 savings challenge. She started doing her own thing and started saving, like, $10 in each pouch, completely negating the purpose of it. By the time we broke up, she had 3 of those binders, another one because it was pink, and another one that was smaller that was a $1,000 binder. Yes, it may encourage people to save, but it can drive some people crazy just wanting to fill the binder as fast as possible (it drove me crazy just seeing it because it was all over the place).
@BrazenCaballo2212 oh for sure. I did introduce her to an HYSA account, and taught her about investing in a Roth IRA, and she did save her small emergency fund in the HYSA, but she wanted to save the money first in a binder to then deposit it and put it in the HYSA… It was her first time getting into finance, and I’m glad to have helped a bit. If the binders work out for her, great! She also cash stuffed too. Whatever works for her, I suppose!
@@BrazenCaballo2212 Oh, for sure! I introduced her to an HYSA account, but her idea was to take the money out in cash to stuff it, fill it, then deposit it and transfer it to that HYSA, rather than to keep the cash sit in it and build it from there. Hey, whatever worked for her, I suppose!
I live at home and attended college, full time online. I bring in around 2.5k a month, my car is paid off and I have 0 debt as of right now. I have a credit card w a $500 limit which I use to fill up one tank of gas per month, and pay it off on the day it’s due so that I get my credit utilization around 7-9%. I just got this card a few months ago. I have about 7k in the bank, and 3k in investments. 1.5k of my monthly income comes from my GI Bill. I have a mental issue with how around 1k of my monthly income is earned at work, around 25-35 hours per week. This bothers me bc it feels all of my earned income is just immediately gone bc of car insurance at $170, food per week (with a gf) around 100-200, gas around 35 a week… how do I get over this mental block?
I did the 100 envelope challenge, but digitally, (transferred to savings) and it was AMAZING! I did it within the year and managed to do it twice in a year, as I took a secondment which paid more for a short period.
As someone who is on a cash basis for 90% of my bills....( Yes I have dipped into my 1 and 5.00 challenges as needed) as my J bucks challenges as needed. $ 545 for this year. I ended it last week........ And I've done everything that you've been suggesting . ... There are things that I could still do that my husband does not agree with.... So I chose marriage over money....I keep it moving
It is simpler yet more complicated. People starting out need to be able to visually see their progress - numbers on a bank statement don't do it for them. Seems dangerous to me too, the binders and envolopes could be stolen, lost, accidentally thrown out, etc.
We put $20 in a jar for every day we don't eat out. When we do eat out we take it out of that jar. Works well. It's $20 Canadian, you may need to find a fourteen dollar bill for it to work in the states. :)
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I know Larysa Caba. she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good .
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I prefer that cash method because I am more likely to use my card than pay with cash. It doesn’t work for everyone however the cash method has helped people that is not good with saving.
Let me sharing something with you since you all don't know me and why caring President is good for our country! My parents and I were earning roughly $125,000 a month off the stock market while Trump while in office, when Biden took over we lost a few million! Invest, Invest while you're young and retire like me at 55 of age!
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Please how can I liase with such experts? I am seeking for a very effective investment approach for my savings which gradually depreciates in value due to inflation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with "Tracy Britt Cool Consulting" for about seven years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.
My husband and I are doing a NO RESTAURANT challenge for 3 months! We are 1.5 months in and it’s been easier than we thought. We are saving for a house. Such a great way to put more money in our pocket and make better habits!
For those like me who were addicted to McDonalds breakfasts at one point, kudos to your success on this challenge!
I have being that with my wife since we got married 13 years ago, I didn’t know it’s a thing.
Some people would say that Mcdonalds isn't a restaurant 😊@scotthaefele6585
👏🏻👏🏻👏🏻👏🏻👏🏻
The only saving life hack you need is to schedule money transfers from checking to savings every payday
Agree, you even save on the cost of those stupid binders at 90% gross profit.
It is even easier than that, I just have my “fun money” direct deposited into my checking and have my savings go into my HYSA. I can only spend whats in my checking. Anything left at the end of the month over the minimum i keep in there is transferred to my hysa
It's been a while since we lived in the USA but....have the banks over there got around to direct debit and standing order payments yet? oh how we laughed at the antiquated banking system you had in 2000.....well I say we laughed but writing out cheques EVERY MONTH for rent, utilities, car payments etc was a right royal pain in the bum. Have practices improved?
@@iandennis7836 Not sure what a "standing order payment" is, but my bank's website does everything I want it to do, and I haven't had to write a check more than about once a year.
I can't imagine banking websites anywhere else in the world were great anywhere 25 years ago. Heck, HTTPS wasn't even common in 2000 lol
I’ve almost saved the $5k with the second challenge. We have a side hustle that gives us cash and it’s been a fun challenge for me. Understood it’s not for everyone!
Im doing the 100 envelopes. Actually, 2nd time around, as a spender, it works for me to have emergency cash at home. I didn't buy all that fancy stuff. I just bought the envelopes at the dollar store.
*Thank you😊 for this video, do you offer account management or have any recommendations?*
As a beginner investor, it's essential for you to have a guide. Myself I'm guided by Mrs Victoria Walters Hayward, a widely known consultant
If you’re using a good manager, it’s easier to earn from the market
That's true. a lot of people today have been
having lots of disappointments in trading in light of helpless direction and awful consultants
I've been trying to trade but I keep making losses and it's frustrating
Could you suggest a consultant for me?
I have this old pickle jar for about 6 years add what ever change and dollars I have. I think it has about $400 in.
I saved nearly $3,000.00 this month alone by not making my mortgage payment. 😎
Legend
Following for more money tips and tricks!
Good job keep it up 😂
😂
😂😂😂
At 2:45, when you were trying to find an example of the place where you best fit, I was actually thinking Barnes & Noble. 🤣
That second video, our church did a similar thing where you could contribute $1-$100, but once someone contributed that amount, no one else can.
Saving money also requires the right psychology. Honestly, whatever gets you into the mindset...saving is a good thing no matter how you want to do it.
The 100 envelope challenge is meant to be done over 100 days. It’s a fun way to challenge yourself to save. A lot of people run concurrent savings challenges .
I think the “do it in a random order” is way better because otherwise in the last week you have 93+94+..100 so the first week you save 28 and the last week you save 772. Huge difference. Random order means on average you’re saving the same per week (about 55 or day)
@ I 100% agree. I was commenting on the part about taking whatever time you want. That’s the dumb part.
Ok, George. Normally, I’m with you 100% but the cash saving binder is what helped me reach Baby Step 1. It was very motivating.
Theres something oddly satisfying about watching those cash stuffing videos… though the movement has kind of shifted into overconsumption territory. Lots of ladies showing off/selling binders, envelopes, dividers, and other desk accessories that nobody really needs -especially people that are trying to save money.
How in the hell does the "Average Person" have "12 subscriptions and pays $219 a month"? I added up all of mine. Added monthly and things that are charged yearly (like Costco, Sam's Club, my VPN service, my tax software, etc.) and only had 9 at what averages out to $84/month. I have Netflix w/ 4K service. I have Amazon Prime. I have Spotify. People are living life wrong.
If I could put $10k into envelopes over 100 days I wouldn’t need a savings plan.
For the binder thing, you have to consider how many young kids are on TikTok…it could be a fun way for them to start saving. Adults, prob not but kids, definitely.
It kills me that they are hanging onto cash and not putting money into HYSA
The funny thing is that I just recently learned about the 100 day ($5,050) challenge that George thinks is just meh… from Rachel Cruze since I’m on a Ramsey email list 😅
LMAOOOOO
1st Video: great for servers or people who get tips.
2nd Video: Great for kids or teens to learn savings, but not adults.
3rd Video: Good if you work with cash on hand or a teen learning to save.
As a professional teacher: the binder is a great idea. You should never underestimate the power of stickers.
For kids ..
Thieves love the binder system.
"Get rid of those subscriptions and now let me tell you about our sponsor... another subscription"
"if it's a subscription that you're not really using, follow Uncle Joey's advice, and 'cut it out'"
I noticed the irony too. Their sponsors are getting stale, they need new ones. If they stick with the same ones too long it just becomes white noise at best and skip them at worst.
🤣🤣🤣 So happy you caught that contradiction!
😮😅😂😊
EXACTLY!!!! By MY subscription it’s better!😂
The humor in this one 😂 lol
Gamifying savings by trying similar challenges is what helped me get over the "I don't like saving" feelings I had in the beginning of saving. I'd pull out a dot grid notebook, draw a bar chart where each square equalled $20, $100, etc. dollars with my total amount listed to the side. I'd throw it in an envelope (making it harder to dig into if I wanted to spend money compared to a debit card that linked to my account), color in my box, and go about my merry way feeling like I was winning, instead of losing money (which is how saving used to feel for me). This method helped pay for my community college tuition, my first car, 6 months of car insurance, emergency fund, vehicle maintenance fund, etc. and now is helping me save for a vacation. I know my savings aren't accruing interest, but this is what has worked for me as a "baby step" in being financially responsible. I have a lot of fun saving now, even though I've moved away from the bar charts and Nickel Savings Challenges. Now the budget is just a note on my phone with increments of my paycheck going to various savings and expenses 😂
Whatever it is that gets you saving, it is probably worth a shot 👌
I love the saving challenges they are life!!!!
I save thousands in cash like this. It’s like little “here and there” savings but it adds up after a year.
@ definitely it does!
I did 2 different ones. The first was when my country was rolling out new plastic currency so every time I got a new bill as change I saved it in a home safe. Had around 3k at the end of the 12 months. The second one was a 10k in 52 weeks that I did with a Facebook Challenge group. At the end of that I had 11k (included a Christmas bonus). Used under 4k to pay for a Birthday weekend retreat. And used the rest to fund my Emergency Fund, which I'm surviving on whilst unemployed.
That measly $1000 can really help when something goes wrong. I don’t make much money, but I try to have a small savings and it saves us when something like our fridge dies or the car needs a new part.
George, I think you and the Ramsey organization need to look into microsavings techniques with an open mind. A lot of people are living very close to the bone right now, and advice to “go get you a beater car” hits different when they’re making 31k and a beater costs 10k, not 1k. Stuffing techniques work better for people with cash jobs or those taking $10 here and there out of the grocery money, sure, but maybe we all need solutions.
I agree, they preach behaviour is 80% of the problem.
Especially when teaching teens to save from their jobs. These micro savings challenges are fun and promote positive behaviour toward money.
@@dustysgarden2254behavior is 80 percent .. most people overspend and get themselves into these situations ..
I agree❤ and they are fun 🎉
TikTok complicates things too much. Just decide on an amount you wanna save and take it straight to the bank. All these envelopes and binders are too easy to be stolen.
Agree with George 100% on that I don't want my savings being determined by chance either. However, some people do have razor thin margins after necessities and/or are paid in cash. The savings in the videos are most likely unsustainable and for relatively short term goals. Other people may not have the financial discipline. Making savings into a game is good if it translates into a long term savings and in a more 'sophisticated' way (like a bank account instead of a binder that be lost).
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
That's awesome!!! I know nothing about investment and I'm keen on getting started.
What are your strategies?
People dismiss the importance of advisors until they are burned by their own emotions.
I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
If you are using a really good broker or account manager, it's easier to earn from the market
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
It should be noted that not all savings challenges are suitable for everyone. Similar to the concept of baby steps, the snowball method of debt repayment may not be effective for all individuals. Personally, I find motivation in paying off my debts and therefore prefer the avalanche method, which involves focusing on paying off debts with the highest interest rates first.
I have previously experimented with the $5 challenge when I was being paid in cash. With this challenge, I saved over $1000. Beginning in January of next year, I plan to undertake the envelope savings challenge. It is crucial to recognize that what may be effective for one person may not work for another. It is important to understand one's own circumstances and determine the most suitable approach for saving. Many individuals appreciate incorporating an element of fun into their savings strategies.
If you choose to create a money-saving video, it is possible to do so without diminishing the methods preferred by others for saving money.
I wouldn’t say a “measly” $1k. It’s a good start. Would re shape it as a challenge to save $10 or $20 a day.
WTF, why would I want to have 5,000 dollars in cash at home? That's just dangerous.
100/200 envelope challenge but you always put in the two biggest numbers you can with the money you have, that’s what I did and I smashed the challenge, having never saved with cash before
People who are really bad with money need some mental challenge to force themselves to save money, so I guess saving something this way is better than nothing. And if they're able to mentally train themselves from spending everything, that's pretty good.
These challenges are really good if you don't ever put any money into savings and you have a lot of money just hanging around on your card, that always just randomly disappears every month. I'm always tempted to try them, but since I plan out my budget where every euro is allocated, I don't have "extra money" just hanging around.
I do use cash and I have done the 5 euro bill challenge before (without knowing it was a thing) and I saved around 500 euros in 3 or so months, but then I just checked that I could lower my food budget so I don't have as much left over. Since then I have moved to just saving the coins, so after every time I spend money I just put the coins away.
If it works for people, let them do it. No matter how you doing it you are saving money which is needed. They can and probably do put the money in an account later. It's the reverse of what Dave says about spending money. You get to see it adding up. It motivates you.
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Some of us are still in a child mindset... Colouring works. Checking off trackers work. It proves to us that we can save. Its a baby start but its a start
The thing with cash challenges is that you must love cash and playing with money. It can be motivating to have tangible cash. For me it’s easier and more fun to save this way rather than just shuffling it into my digital savings account. I ended up saving almost 30k this year from savings challenges AND implementing some of the methods you mentioned above, like eating out less. Once I saved the cash amount that I want, I put it into a HYSA that is hard for me to spend from (I have to wait for the transfer). It makes me not want to touch it. I understand it doesn’t make sense for most, but it’s helped me immensely.
I couldn’t even finish this video.
What a load of Tik Tok rubbish.
I’m retired, so I have time on my hands.
But not enough for stuff like this.
I bring in $2825 a month and I save $800 of it by paying myself first. Boring but effective. Good enough for me.
“ boring” is the key word. Some people need to make it fun even if it’s not the smartest way. Just like the Snowball method vs Avalanche.
Yeah, when I heard Humphrey Yang talking about bottle service, I had to look up what the heck it was. Apparently I fit in much better over here with George at Barnes and Noble!
If I saved every $5 bill someone gave me for a year, I'd probably have about $25 in a year. I'm glad it works for someone.
She works in a job where she makes cash tips. She must get a good amount of 5’s I guess
The lady's "save every $5 bill" thing works. I did something similar back in the early 2000s when I was delivering pizzas in college. My version was I saved every single $1 bill. If I had to break a $5 or a $10, I would. But I kept all my singles in a cardboard box. It works.
I did the same thing starting at age 8 with quarters. In college I paid for a spring break 100% with those quarters (after rolling them and depositing into a bank account).
Congrats on that! This is a very valid way of saving money and not frittering away loose change and dollars.
I hardly ever carry cash😮
I do a $5 challenge each year, but only save about $300 each year. It is great for spending money when traveling.
I’ve had State Farm ever since I was 19 years old. Thanks to good driver discounts, I cannot find car insurance cheaper anywhere.
I also currently budget about $53 for a few subscriptions, and I already spent very little on clothing. I don’t think I could save much more out of my budget without living a really austere life, and I did that for too many years. I’ll do it again if I have to, but I’d rather not.
I seriously laughed out loud when he said “Pokémon binder.” So funny!
Pay yourself first. .1 to 20%.. put it in account you do not have access to without ohysically going to the bank..Or an online high interest account...stops impulse buys..
Since when did the Ramsey company become anti- cash?
Saving challenges are just for fun or for a particular item you want.
I think it's probably because saving to a high yield savings account earns you interest, while just keeping the cash loses value to inflation.
Oh sure, but these type of saving challenges are known to do after you have your other savings in place. They are meant for fun & his video suggested that was the only way people were saving.
@@Snow-cu8ir As long as it's just for fun and not a ton of money it's probably fine. The opportunity cost of not being invested in the markets or at least in a HYSA can add up over time.
It might be fun or motivating for some, but it’s not smart if that’s the only way someone is saving.
@zulynava4059 As indicated in my earlier comment, that these challenges are known to do After you have your other savings in place.
When we started every dollar& paid off my husbands last $4,000 on his truck; i budgeted for half pf what i make, to save the rest into our HYSA towards our first house,& then we budget the rest towards: missionaries, gas, insurance, church& groceries& our roth IRAS
Love your humor!
8:44 Nothing worse than when people call him “Uncle Joey”. 🤦🏻♂️
“I’m a stripper and I took the $1 challenge. I save all the $1 bills I come across and over the last year I’ve saved $20,000 but haven’t been able to pay any bills and I’m now filing bankruptcy.” 😂
Putting 25% into my 401k makes my paycheck look small every payday. 😂
I put 20 %I thought I was putting a good amount away lol…u get it🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼
@heatherbeth1818 20% is still great! Any extra past company match is a win.🏆
We live paycheck to paycheck due to putting 25% into retirement 😂😂
the young lady doing the savings book. I didn't know what she was talking about. i paid off debt with that. if you do it right, work extra. you could do it 3 times a yr. 5k 3x 15 that just some to save for a car purchase of school or a trip if your debt free.
Nice shirt! Where did you get it?
That girl saving 10 grand just basically made a video that said come Rob me … girl ! No !!! Just don’t put this out there ..people always think they are so safe on media .. don’t tell people when you go on vacation & don’t tell people you have cash
I started automatically putting money into savings every payday. Right now it’s a whopping $20 every payday since we’re still paying off debt but eventually we’ll raise it!
1:34
"I saved $1,000 for a year"
IRS: Now give me 30% of that. Thanks for disclosing us this information.
These videos are for people on a small income. We set money aside for our challenges. We are not millionaires, so we save how we can.
Bravo! You get it!
I save 700 a week into an HYSA and the rest of my check goes to bills.
The envelope systems are to get new savers motivated and insentivizes to save. I don't really see why there is a flavor of an eye roll here, I mean Rachel has wallets she sells for enveloping and cash only spending. Also, alot of these people do more than one saving challenge, and there's games they do to also save more and to make saving fun. The system also works for people who are not natural savers and teaches them to plan for their future purchases. I really don't understand why you're putting this system down... makes me very confused.
I did the safe five dollar method and in one year I had 1500$
Love the channel felt a lot of hate on Pokémon binders and as a millennial I won’t stand for it 😂😂
I used to get a $2000 tax refund every year. So I finally adjusted my withholding and I ended up owing $2000 🤦 hopefully this year I will be closer to $0
Im terrible at saving .right now . I sold stuff and saved money for a friends birthday
And still have money in the bank...well i wanna save to move .the move will be in 6 months or more and i need
2000 . definitely doable .
Also might need to up the income
This video is somewhat condescending. There are people - and lots of them - who cannot save more than a few dollars at a time. These budgeting binders work - especially because it is super motivating to fill these envelopes with cash money.
$200 a month in subscriptions is the average person .... I seriously doubt that lol!
9:30 - George, It’s a reference to Craig Morgan’s “That’s What I a love about Sunday”
Glad I'm not the only one that caught that
Why do scammers always wear hoodies and log on the internet in the dark?
Halfway through the video, take the envelopes and put in a basic savings account. Get some interest on that money.
When I was younger and money was _really_ tight my wife and I did some of those type of little savings tricks. They work to get you started, and you can see that a couple dollars there and there does indeed add up. Yeah, you're not going to save a million that way, but if it gets you on the path it's well worth it. One thing we did (dollars were bigger then) was put all our change in a big glass jug and once a year that went into savings. 30 years later we still have that jug sitting by the entryway half full of change. It's a reminder of the lean years.
Did the same. The spare change thing is good if it leads to something else, not if it is the end product.
The 100 day money challenge is more or less actually about 150 days 😂 but works and keeps you from spending on dumb shit
Why don’t you just set aside % a month to save? Not that hard lol
Who are the original creators of these videos? Did you receive permission to share them?
Once a video is published in the internet by its author is public and anyone can use it FOREVER and EVER.
Or, you know.... just create a budget plan
3:19 that envelope ✉️ thing that's a Dave ramsis thing. I learn this in 2006 with Dave's teaching. I gone my whole youth and collage with 0.debt because of the envelope ✉️ s
Yes placing envelope on future expenses helps. Envelope serves as a safe if you think about it.
Yes now the challenges are Dave Ramsey on steroids 😂
As a 25 year old, this last week my money worked harder than I did. Of course much of this had to do with the Trump bump but it showed me how important it is to invest and pay yourself.
Pretty much the only time I touch cash is when I put my Aldi quarter into one of their shopping carts 😂
I pay almost everything with cash. No surprise bills later.
@@deelehey2827You are leaving 2% on the table. Many cards such as Citi Doublecash give 2% cash back on everything you buy.
You must be disciplined, if this is tough consider putting that cash in an envelope immediately so you pay it off every month. This tip is useless if you don’t pay it off!
You might think 2% isn’t much… it’s a nice little bump and you can also track your spending easier, and it can’t get lost like cash.
I never use cash but also disciplined enough not to get surprise bills either.
@ You don’t experience disasters? Huh? Your roof never leaked, hot water heater never went out, car never broke down?
While many people can simply pay for the repair, a larger portion of the population has real trouble with these events.
When your comments make you appear to look down on others, you then seem petty and vindictive. A better approach is to give positive advice so that others can benefit.
Bruh. 10k will buy you a used 2004 rav4 with 250k miles on it, sure.
I’m laughing so hard, yes these type of challenges are therapeutic for me. I like numbers, I get motivation from seeing the progress I make. Plus watching UA-camrs save also inspires me and helps me with not spending. Just like influencers can inspire folks to spend, they also inspire to save and it’s nice to be apart of the cash envelope community. Basically they took Dave Ramsey’s envelope system and put it on steroids.
Agreed
Agree but over complicated.
@steffiejoe You have explained the psychology of savings challenges very well. Don't tell them about the digital cash stuffing and transferring the money to hysa quarterly. Shhhh. 🤫😉
Nothing wrong with some of these ideas. I started my children very young to make them realize how fast money can add up. They are adults and both are debt free, never had credit cards and are very thrifty when buying. All started with saving a dollar.
Don’t know if they should have done this video. Not the most optimal saving strategies but when everyone is spending this is great and shouldn’t be judged. These exercises build money saving muscles.
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The creativity is nice but most of these seem like how a parent would teach a 7 year old to save money. If you're an adult this seems a little...degrading.
finding fun and creative ways to save money is not degrading. also, making it a challenge can be fun and keep you focused on your goal.
i do both. i have automatic savings and i have a savings challenge that i do for fun. its a much smaller savings than my regular one, but it's more fun because i can see the progess. and having physical cash is more exciting than just looking at a number on a screen.
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2023
A lot of people keeps talking about investments and how investment trade change their lives. I really need to engage myself in someway of earning more income and stop depending on the government...
I work at a restaurant here in Houston Texas. Things has been really difficult as I'm a single mom and trying my best to pay bills and take care of my daughters.
I've always wanted to trade Crypto for a long time but the volatility in the price has been very confusing to me although I have watched a lot of UA-cam videos about it but I still find it hard to understand.😔😔😔
I'm feeling really motivated. Could you share some details about the bi-monthly topic you brought up?
people are ignorant of profitability in bitcoin investment and that has been the major issues limiting their investment
6:57
I make very little money, so I have to pretend I make nothing at all.
Mehh, all these methods suck. It is easier and more effective to ask yourself if you -NEED- something and if you don't, you do not buy it.
For meal prep and dining out less: i started doing cooking nights as date nights instead of going out to dinner. We cook together to make more time consuming dishes than a normal weeknight and maybe even dessert. Its cheaper, usually results in leftovers, and we still get to spend quality time doing something special.
thanks GK
My wife is doing the envelope thing. I don't know how much she saved. I buy divided stocks myself.
Envelope saving can be very useful! I've saved thousands with this game
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And lost another thousands in interest not gained.
3:43 that’s what the lady that taught FPU said to do. She also was all about making sure you had a good credit score cause it was needed to buy car insurance, get utilities and apartment, yada yada yada.
I've heard that index funds and ETFs provide diversified stock market exposure while spreading risk. I have over $800K in savings; What's the most effective strategy to allocate funds in my portfolio and generate profits?
Yes, there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
May I know the name of the advsor who has been assisting you, please?
She's known as ‘Stacy Lynn Staples’. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.
I had an ex that was obsessed with that $5,050 savings challenge. She started doing her own thing and started saving, like, $10 in each pouch, completely negating the purpose of it. By the time we broke up, she had 3 of those binders, another one because it was pink, and another one that was smaller that was a $1,000 binder.
Yes, it may encourage people to save, but it can drive some people crazy just wanting to fill the binder as fast as possible (it drove me crazy just seeing it because it was all over the place).
That, and money not in something like an HYSA is losing value over time lol.
@BrazenCaballo2212 oh for sure. I did introduce her to an HYSA account, and taught her about investing in a Roth IRA, and she did save her small emergency fund in the HYSA, but she wanted to save the money first in a binder to then deposit it and put it in the HYSA…
It was her first time getting into finance, and I’m glad to have helped a bit. If the binders work out for her, great! She also cash stuffed too. Whatever works for her, I suppose!
@@BrazenCaballo2212 Oh, for sure! I introduced her to an HYSA account, but her idea was to take the money out in cash to stuff it, fill it, then deposit it and transfer it to that HYSA, rather than to keep the cash sit in it and build it from there. Hey, whatever worked for her, I suppose!
I live at home and attended college, full time online. I bring in around 2.5k a month, my car is paid off and I have 0 debt as of right now. I have a credit card w a $500 limit which I use to fill up one tank of gas per month, and pay it off on the day it’s due so that I get my credit utilization around 7-9%. I just got this card a few months ago. I have about 7k in the bank, and 3k in investments.
1.5k of my monthly income comes from my GI Bill. I have a mental issue with how around 1k of my monthly income is earned at work, around 25-35 hours per week. This bothers me bc it feels all of my earned income is just immediately gone bc of car insurance at $170, food per week (with a gf) around 100-200, gas around 35 a week… how do I get over this mental block?
I did the 100 envelope challenge, but digitally, (transferred to savings) and it was AMAZING!
I did it within the year and managed to do it twice in a year, as I took a secondment which paid more for a short period.
I was also very successful
WOW - $10K saved, probably in addition to your 'regular' savings deductions. Congrats! 💙
You just preached to cancel subscriptions then turned around advertised a subscription just after you said this
Yeah I've noticed the Ramsey team seems to have some conflicts of interest.
Well if you have debts, you shouldnt have subscriptions that don't help you. Not sure about it though.
He said to get rid of subscription that you are not using. The subscription he advertises is something that he wants you to use.
??? Delete me gets rid of our names and info all over the internet
@@2dodger2 That's just marketing
Is just doing a budget too boring?
As someone who is on a cash basis for 90% of my bills....( Yes I have dipped into my 1 and 5.00 challenges as needed) as my J bucks challenges as needed. $ 545 for this year. I ended it last week........ And I've done everything that you've been suggesting . ... There are things that I could still do that my husband does not agree with.... So I chose marriage over money....I keep it moving
The binders and envelopes make no sense to me. Why not put it in a HYSA and make the money make more money.
It is simpler yet more complicated. People starting out need to be able to visually see their progress - numbers on a bank statement don't do it for them. Seems dangerous to me too, the binders and envolopes could be stolen, lost, accidentally thrown out, etc.
We put $20 in a jar for every day we don't eat out. When we do eat out we take it out of that jar. Works well. It's $20 Canadian, you may need to find a fourteen dollar bill for it to work in the states. :)
Great idea.
Any pizza boy with a lead foot and a map of town in their noodle can $mash any of these
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
Making over 48k monthly is all because of her.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I know Larysa Caba. she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good .
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.
I prefer that cash method because I am more likely to use my card than pay with cash. It doesn’t work for everyone however the cash method has helped people that is not good with saving.
Let me sharing something with you since you all don't know me and why caring President is good for our country! My parents and I were earning roughly $125,000 a month off the stock market while Trump while in office, when Biden took over we lost a few million! Invest, Invest while you're young and retire like me at 55 of age!
Investing in stocks is planting a tree for your future; with patience, it will bear fruit
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Please how can I liase with such experts? I am seeking for a very effective investment approach for my savings which gradually depreciates in value due to inflation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with "Tracy Britt Cool Consulting" for about seven years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.
Full House ref brought back memories 😊