How to Live Below Your Means when Money Is Tight
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- Опубліковано 20 чер 2024
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In this video, we’ll talk about what “living below your means” means (and what it does NOT mean) and we’ll give you an example from our real life to provide tips which will explain how to live below your means - especially if money is tight.
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We're Hope and Larry and we love practical frugality. We raised our four sons, debt-free, including paying cash for our home when our income was well under the national average. For tips on saving money, budgeting, paying off debt, and setting goals (while living with a spirit of joy and abundance), subscribe to us here on UA-cam and visit us at our website and on social media.
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"If we can't eat it, we aren't buying it." Great line!
I quit cigarettes in March 2020. Three days ago I took the money that I saved, and bought a wind generator with it.
Awesome! And congratulations on quitting smoking!
My goals are to be debt free, get 4 good tires on the car, and to save for retirement. I have so many goals, a small paycheck, and I am 58.
Keep up the good job and you will see that day, blessings.
You can do it!
You can do it. One goal at a time!
Keep at it I found out doing lots of small things to save money helps to save more in the long run putting the cash you save no matter how small in envelopes so you can track progress helps.blessings to you always from the UK❤️🌈🌈😀
Good goals!
I been living below my means forever and retired at 53. Still live below my means at 67. Easy for me today. I own two properties and still save 25k a year which constantly grows. Good to see people talking about real stuff.
One thing I absolutely love is how you are unified and together on how you handle your money. That is HUGE and so important!!!!
Exactly. This was what I missed for many years because my life partner was a sneaky overspender! I've been living alone for 8 years and now see frugality as a fun(mostly) game.
I love living frugal! I don’t have a tv anymore and it has given me more time to do other things! I don’t go out to dinner because I love to cook! Thank you for your videos!!! I have a budget and I keep to it! I sold my $58,000 Jeep and bought a 2012 Nissan Sentra for $6,000 and have no car payment!!!🎉Life is simple but so freeing!!!!
I am a woman who is an emotional shopper.
I withdraw all my money from the account, then divide the cash into saving, bills, groceries, sharing, needs, and wants/ recreation in envelopes.
I keep the money home and only take what I allow myself to spend.
Financially restricting myself prevented me from overspending. No credit cards needed, because I always have extra money that I don't touch.
Thanks a lot!
My husband and I are debt and mortgage free, I am an early retiree and my husband still works, and we have always lived as if we only had one income. Fortunately we had two very good incomes, and we used the second income to prepare for our retirement, to help educate our two boys, and for anything we needed to have done to our vehicles or home. Our children are grown, educated and each have their own homes and families. Our children often told us when they were starting out that they were glad we showed them how important it was to live below your means. Wow and absolutely, we always took a raise and put it towards retirement or savings.
Now that's smart most people get in over there heads from the beginning cause they want it all there's the clue word want instead of a need
Another thing - cnn on 2/17/23 announced that household debt hit a record 16.9 Trillion dollars last quarter, as consumers loaded up their credit cards. Thanks to you two I no longer have credit card debt, so I can proudly say I am not part of the 16.9 club!
Neither am I!
I'm not either! I have been cash only all of my life, even while married to my late husband.
I am now 64 and still don't have or ever applied for a credit card.
CASH ONLY BABY!!!!!
P.S. No food stamps or assistance of any kind!!
The key is SAVE for your wants to buy later & use your money for NEEDS, INEXPENSIVE but FUN family entertainment, etc...
You're not deprived, you really will strive STRESS FREE!!!
You CAN do it folks!!!
Same!
🎉Congrats on Freedom from Credit Card debt! 😁
I do use credit cards for the rewards I get but I always pay off the full balance every month. I never carry a balance unless it is part of a interest free reward offer and if that is the case I pay the amount due into a separate bank account earn interest on it and leave it there until the last month of the interest free offer then I pay the whole amount out of that account no move any money left in the account to long term savings.
This is very interesting. I decided last year that I wanted to have 2023 off work so I needed to save around $20,000 in order to do that. Cost of living was increasing but I ended up saving $23,000 and get to spend today with my baby niece and sister
Awesome!
Wow, impressive !!!
I am surrounded by people in my life who think I'm crazy living severely below my means and taking on a second full time job to save cash and be completely debt free. I see this as a challenge and the road to living debt free. $144,000 cleared so far by doing the exact same advice you are giving. Thank you for the military for teaching me to live on next to nothing and thank you both for showing how a close cohesive unit and good decisions are key to reaching financial goals.
That sounds amazing! I just hope you’re taking care of your mental health. As someone who’s saving to buy a car outright; working 2 FT jobs can take a lot out of you. 😭❤❤ Good luck!!
There comes a time where you can’t save anymore,I make$40,000 a year therefore I can’t save $20,000 and I’ve done most everything you talk about .I don’t usually sell things I prefer to bless someone in need.I own my home,car and have a years wages in emergency fund.unfortunately I can’t work outside the home as I care for someone with a disability full time.great channel guys I really do appreciate your help,so thank you 🎉❤from Australia 🇦🇺
I am working towards paying off my student loan debt of about $18,000. Your videos are encouraging and help me stay grounded and self disciplined. Thank you for all the great tips. ❤
I took a 2nd job because the student loan company kept messing with my account. I knocked out 27K in two years. I was in my 50s when I did this (graduated at age 44, LOL). If you have the good health and energy to do this, I highly recommend it. That same second job, allowed me to save enough money for a 20% down payment on a home in a less expensive area (I moved there to cut my expenses). I wish you the very, very best on this journey to financial freedom.
Keep working hard to pay off those loans. I worked endless overtime to pay off my loans, save for a down payment, to do work on my home, and travel. Don't forget to contribute to your retirement funds too. It's a great way to live, so you are wise to pay off your loans and take control of your finances. You might like Dave Ramsey too. Good luck to you!
@@bria2596 So amazing! Thanks for sharing that it CAN be done.
We are working on paying off $34k of student loan debt ❤we can do this!
You got this!
During my young life my grandmother was a big part of my life.She influenced my attitude to money, my parents were rubbish with money and I grew up believing grans way was the best. My mum lived frugally because she never had enough money, gran was frugal to preserve her money. When gran died I was a young mother and struggling with a low income. I on a lot of occasions stand and think what would gran do. Thankfully I have got through life to retirement without much debt(I had a little in early years ) and retired with a home which was paid off, a pension, and a fully funded emergency fund. How many times I have said THANK YOU GRAN.
Every time I get a raise or make overtime pay, I'm just so happy, because I can save more. Same with my husband. No lifestyle creep for us! Just more money to put away for our golden years!
Excellent, Savannah.
As long as your life isn't cut short before you get to enjoy it!
We tighten our belts and paid off our credit card debt in 3 months and now we live below our means, have an emergency fund, and are saving for a trip. Due diligence pays.
Great advice. My goal this year is to make 6 extra mortgage payments. Last year I made 4 extra payments.
Good for u.
If television was like this our nation would be in much better shape! Thank you guys and God bless you and yours!
Living below your means is not that much “a drag”. 😬👏🏼🥰. My husband and I both ‘pretended’ he made $50 K a year which he did for about 10 years. Every raise and promotion money was banked as we continued to pretend he made 50K a year. Well, for the past 25 years he is now almost at $100K a year (he is an electrical engineer) so that EXTRA $50K has been put in the IRA. We are about to retire at 65 and we have almost half a million dollars just in money, not house or anything else. We always had one vehicle even though we each had a job. I had to drop him off at work and pick him up after I got off working at Walmart. We rarely ate out at restaurants (only anniversaries), I cooked at home, ironed his clothes. All of that. We have three Sons, all went to university on scholarships. All of this is hard work, but if one is not born rich, then one has to live below their means to have money for retirement. Social security in the USA is not much-especially now. I am so thankful that we pretended to have less income than we did as in our older years we can not be as worried.
My goals are to pay off my car and my mortgage. I'm already retired. I don't have to spend much on food because I get free food from a senior center once a week.
You get a week's free food from the center ?
Me and my husband make about $300,000 and it’s ridiculous how little we have saved in comparison to our income. This video came to me by fate 🤣
Great info
Why = retire before I expire!
The Victorian author and social commentator Charles Dickens's character Wilkins Micawber in the book David Copperfield warned eloquently of debt's downside: “Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.” It was right then, and it's still right today.
Our goal is to pay off consumer debt and take a European vacation that we pay for with cash! I adore you two and I love your content!! ❤
We love that goal!
You guys are a wealth of wisdom! We are newly retired and have been living this way for many years - we can vouch for the fact that the ideas you are sharing WORK! At this point in life, we are so thankful for focusing in our younger years on becoming debt free, including paying the house off early, and living below our means, budgeting and saving money over the years. There is such peace in living this way, and it's amazing how the money multiplies over time when you spend less than you make! Great job - there is SO much value in the content you share!
I’ve been helping my parents with their financial advisor and retirement goal planning for a few years now. Unfortunately in 2023 their SS they have been receiving is significantly less than 2022.
@@TuliTuli_ I don't quite understand how that could be? There was an 8.7% increase to SS this year and the cost of Medicare actually went down a few dollars, too? Inflation is definitely more than eating up that increase though - so it often seems like less than the raise it was!
Thank you, Cruisepuppy. It's so encouraging to us to see the results of the hard work and planning this style of living produces. So glad you are also enjoying the fruits of the frugal life style.
@@TuliTuli_ It should have increased. You should probably have them call the Social Security office in your area and check into what's happened.
@@larryware1 Ageed... S.S. payments have gone up. Better check on that.
Man, I love you guys. I love that you are extremely frugal and can give helpful tips to those of us who are frugal already, not just people who live normally and suddenly decide to get more on a budget. I also love your thought-out, well spoken style!
Add that your mate has to agree with you.
I loved adding a Saving to your monthly budget list. I just never thought of it as an item. Very very good ideas you both have
I started by cutting cable. I can keep the WiFi and get plenty of channels at free or a few bucks. Next I chopped the lottery tickets 3x a week. It’s once a week only now. Next may seem small but i was spending 12$ a week in coffee creamer - so I learned to make my own for 1/4 the cost. I’m tryin lol
"It's not going to be easy to live below your means" Amen to that! Especially when you are a single mom, lower income worker... the less you make, the harder it is to live below your means, especially now with gas prices, food prices, through the roof electric prices, water prices going up.... It's harder and harder to just make enough money to get by, let alone live below that amount. Very challenging. But I am trying like heck! I have a mortgage and a house. I am saving like crazy, hoping to move in 18 months and really hoping to buy a house for cash. I don't have any windfalls... I'm highly motivated. I did no spend January. I have now only spent $143.32 total for food for the whole month of February (including ALL food, all groceries, laundry detergent, dish soap, everything...). DD and I are planning a trip for this summer to go almost 800 miles from here to check out the area we think we will be moving to...
Sheila, we love that you have a vision and you're making sure you know exactly how much progress you've made. Well done!
Wow!
Wow! That's amazing! Your story is very inspiring! Great job and thanks for sharing it here! ❤️🙏
The work you both put into your videos is appreciated. Your ideas have helped so much. I can say I am out of credit card debt!!!Now the mortgage
Thank you, Pat. Wonderful!
Story time! This explains where I am coming from. I got a job working in a Level 5 Psychiatric Hospital for the Criminally Insane. I made excellent money, but it came with a cost. I’m 47, and often worked a double shift, once or twice a week. (Close to 60 hours.) My Fiancé worked for a big box company as the night time manager in the Receiving department. He was making mediocre money. I lived below my means and could still afford nice things for my kids and I. (I had 4, he had 2 all under our roof.)
Then, I got hurt at work. I had to file a lawsuit with the State of California because my employment tried to do some very sketchy things. This all happened in October of 2020, so we also had the shut down to deal with.
My husband worked long hours, and lots of overtime, and STILL could not live within his means. We went for a year living on his mediocre wages and it hurt! He smokes, drinks alcohol. And has to have flavored carbonated waters to drink. I don’t drink, I don’t smoke, and I like ice water. I dye my own hair, do my own nails, and haven’t had a hair cut in almost 2 years. (I had a trim, and it’s past my waist.)
We have to move out of California. I can’t live in our town anymore. I can’t go anywhere by myself, because I constantly run into people from the hospital. I am a prisoner in my own home. I cook food from our garden, and have a freezer stocked with food. We only have my son living with us, up until a year ago. My stepson and his girlfriend (and their newborn) were suddenly displaced. I couldn’t have my grandson living on the streets, so the 3 of them moved in. They just had their second child last week. (Nana’s arms are full! ❤) So I also cook for them.
My goal is to save up $15,000 to pay for the move out of state, and another $10,000 for a rental and expenses in Arizona. I need the budgeting help, and I’m going to sit down with my husband and watch all your videos with him.❤
I don't really have goals to pay off debt I'm a 50 man on dialysis and only have so much income per month and very little cash left after rent bills etc. Just trying to survive without starving 🙃 love the channel and keep up the great work
Stay strong! Been there and will be back at it again soon! Enjoy anything free! Weather, birds!
It’s smart of you to keep company with people who are sharing ideas that can help you.
God bless you!
God bless. Sending love and prayers.
Bless you, Charles. Prayers for God to provide.
I use a variant of the 30 day list. If I want something that isn't a absolute survival purchase it goes on my 30 day list. If it is above $50 it goes into my 60 day list and above $100 goes into the 90 day list. You'd be surprised at how many things gets dropped off the list. Plus it gives you time to figure a way to do it so you don't need the item or find something cheaper or free to take care of it. When shopping I only buy what's on my list. If I see something else I like, it gets added to the next trip's list ( most of these get dropped by the time I make the new list as well).
What a GREAT idea! I’m a horrible impulse shopper.
It’s easy to live with in your means when your house is payed off, when you make enough to save money or put money on the side and have an inheritance . It all adds up and it all helps to set you up and by the sounds of it you guys have good jobs and probably have a good career it’s easy when you have those odds on your side but when your talking to an average joe it’s not that easy , living paycheck to paycheck and not having a good career or paying job and having to rent all that makes it hard that’s why I like Dave Ramseys philosophy.
Dear Hope and Larry, I am so bad with money but I really like your friendliness and sincerity so much, I watch you for company!
Thank you for sharing your story. It is inspiring what can happen when you have the right partner who shares the same goals and when you can reach that goal together.
You can reach this goal on a single income! It does NOT take two! Budget wise and God bless
Thank you, Tuli. It helps when both are working together.
@@larryware1 you are blessed to have that person.
@@TuliTuli_ - yes indeed!
Hey! A good diet and food purchasing takes thought, planning and budgeting, especially if you’re thinking/ planning/ budgeting for other people in the household. I’m sure that sharing those ideas you share are helping as many people as with the other ideas you share.
We’re working hard to pay off our mortgage next year. This video will really help us achieve that goal! Thank you so much 😊
My smart 18 year old son told me the other day his motto is
Act broke, stay rich.
There is a lot of sense in that and he has been saving for the past 3 years from his part time job.
My husband makes a good income but expenses are high in Canada and climbing, don't even get me started on the food, I am doing pretty good keeping our grocery budget down. No eating in restaurants where one pays a tip, a treat is a take out pizza once or twice a month or on birthdays. That's about it. Yesterday I was tired so instead of getting take out, since it was a somewhat mild day, I took hot dogs out of the deep freeze and had hubby bbq then, opened a bag of garden salad and a small bag of ruffled chips.
It was an enjoyable treat meal simple, easy clean up for a Sunday night far cheaper then take out and perhaps just a smidge healthier too.
We LOVE your son's motto! Well said!
I like how you take turns explaining things. It makes for a very balanced video. Great tips! Thank you!
I’ve lived on a budget since I was in high school. Now at age 68 I can’t imagine any other way to live. I love tracking my spending every month.
This channel feels so genuine and honest. I'm glad I stumbled upon this channel while browsing. I'm not even halfway through the video, but I wanted to comment.
Thank you. That is so kind of you.
You guys just got my sub! First time I've seen your content too! You both are so down to earth and REAL! Like a favorite aunt and uncle! My "why" is a retirement home in my country of birth! I've been building it by cash for the last 6 years, and it's getting close to completion! I save 60 to 75 percent of my salary each month. I work three jobs 7 days a week and then take off 2 months every summer to go build more on my house! It is all SO worth it!
My goal is to save so I am debt free live a frugual thrifty money saving life so when something unexpected occurs financially I have funds available one less thing to stress about gives me peace of mind and great joy
Great goal, Kerry.
I’ve done this for many years - modest house and car paid off - and put 26% of my pay into retirement savings every month. The inflation of this past year is making it harder, but it’s great knowing I can still pay my bills. My “why” is is I can retire comfortably in five more years.
Trying so hard to pay off my mortgage. I got it in 2019 and if I stay on track I’ll be able to in 7yrs from now. 💸💰💪🏼✌🏼
Stay on track as much as possible. I have a similar goal. I did pause for 3 mos and then got back on track.
Our WHY is: in Oktobre we want to build our own forest house. We bought 2 forest houses in 2 years and renovated them to rent them out. We live on "BBB" now and after building the house we want to retire next year. We will be 52 and 54 years old at that time :)
We are working on paying off our solar panels of over $60k. Now, that my four boys have left home, we have saved oh so much in our budget!!
Brilliant presentation, this should be viewed by all young people (and maybe even some old ones). I am of the same thinking and have done so for 65 years. I still do so today on my fixed income.
I love Fetch,my coworker are now bringing me their receipts. They don’t see the value and think it’s a waste of time. Well it a true blessing for me!
I’ve thought about doing that but I don’t like the idea that sites like that track everything you buy. Makes me wonder how much of my information is being sold to others!
I think a budget is so important, I use to live pay cheque to pay cheque and say I just have no extra money. I found out I was spending that extra money on take out, on tea with friends on gifts. I'm not in a position I can afford that.. so that was a harsh reality check.Last Christmas was first yr I told friends and family that I couldn't afford to buy things. ( still buy for my daughter a few needed gifts and than I just wrap boxes of money so she can save it instead of me buying her stuff she didnt want or need.) but my friends were relieved they couldn't afford it either. So now we do a potluck lunch at christmas instead of gifts. Now I have a struct budget and using extra money to pay off debt. Which will be done by end if april. Than come june all that extra money is going into savings.. That will be an absolute amazing feeling.
So glad I found your channel! We started to live below our means this year with a low spend year and several no spend months planned. We are able to save about $200 a month and then two extra paychecks ($3700) and our tax return goes to savings approximately $2800 per year and a $1200 bonus. We are trying to save more per month but it’s a pretty tight budget ❤goal is first to pay off student loan debt which will take us 4 years and then to save for a down payment on a home 🏡
This is my third video I've watched of yours. You two are so adorable together! The bloopers are funny!
Also, thanks so much for not telling us, in every video like everyone else does, to like & subscribe. Anybody who's been on YT a while knows this. Personally, I find it very annoying to hear that all the time.
.....cut the cable and go antenna TV saved -$1,200.00 yr., sew most of your clothes, get free books from digital library's, cook your own food, cut your grass, clean your house etc. Cut your own hair....and most important, when you think you need something new...shop your house first. Sometime just re-arranging things gives you a new perspective on what is bothering you about it. I didn't need a new sofa or kitchen table, I needed to move them to use them better and change the flow. Give stuff away when you can, it's faster and your helping someone else. Karma works:)
Hi Hope and Larry,
I love your ideas...
I used the 10% challenge on my gas this month. On the 2nd fill up I still had gas left.
This practice made me so aware of all the walking I could do.
I will do this for my groceries for April
20 years ago, life as I knew it, disappeared down the creek, and I started again at 50 with absolutely nothing. No home, no work, no nothing.
I am most particular about putting money aside for 'anything unintended'...
Take care
Florence
We love hearing that the challenge worked so well for you! Thanks for sharing.
It must be the way we are trained early on... but I'm trying to imagine what it would be like to spend more than I bring in. My mind just can't go there.
As a lifestyle... buying something that you don't yet have the money for is just unexceptable.
I started saving for my first house by the age of 15. It just made sense.
When lI became engaged I told my fiancee.. forget the diamond ring. Forget the big wedding... let's put everything into a house down-payment. I worked two jobs, delayed having babies, we made sacrifices... but it all payed off.
For me financial security isn't everything BUT it's right up there.
My dad used to say... "Do your work before your play." Now that I've put in the effort, to build Financial security... life is just so much easier.
Thanks for a your great ideas... it has brought a new Awareness to the decisions I make.
Great financial wisdom, Faith. Thank you for your comment.
Prayers for Larry! I'm just now finding out about his accident! Hugs!
Everybody should live below their means! Paying yourself first is also an important financial principle.
Yes.
We give back to God first
I am glad you both are here! I have become frustrated with my budget and frugal living to the point I left it for a bit! Lol Your bloopers are so cute! I laughed too! 😂😆
Hope and Larry: appreciate you both so much. You both do so much to inspire and teach us all how to move beyond the constraints of the modern American market system! You are brave and so very wise doing what you do and speaking truth to help us survive in very challenging times. Kudos to both of you!
One of the best decisions I made in my 20s was that I didn't care to pay to TV cable. I have paid for cable for only 1 year in my 42 years as an adult. Never missed it.
❤y’all are absolutely gems 💎 I can’t wait to see y’all channel grow even more.
I love "plugging the holes" with BBC. Thanks!
So very appreciated! Great and practical information!
You folks are a beautiful inspiration!
Excellent tips and thank you for sharing!
I really like this both. This feels like down to earth practical advice. Subscribed!
Mid April is my Mennonite store haul month. Saving 1/2 of a side gig $$ to cover. Spare room pantry needs more shelves built too.
You give really helpful advice. Thank you!
A home in the suburb that lets us keep Ducks. Paid off vehicles and my husband not having to work a job in the cold by 55. We are in our 40s and were chasing such a lie. Had to look at our goals not influenced by current societal pressure. Embracing older values like “saving for the vacation of a lifetime”. Something so beautiful to work toward rather than thinking we need amazing luxury vacations every few years when our kids just need us not extravagant memories.
We love the way you have created a new set of goals and made them fit your family's core values.
Yes living below my means makes sense
Thanks once again for the great information Blessings
Thank you for making this video.
I look at my budget at less 3-4 times a week.
Got expenses for my household down to basically property taxes utilities and groceries
@@economicdevelopmentplannin8715 that’s what we do but we have car/home/life/cancer insurance and cell phone and I will probably always owe Amazon something😂
It was very helpful to hear that you were living extremely below your income for the period of 20 months in order to buy your house
Thanks! You Guys are Awesome!
Newly subscribed. Love your tips. Thank you. Watching from South Australia
I have had mint mobile for years, love it.
Great advice, per usual!
Definitely track expenses, Cowgirl does Weekly Check ins and it's wonderful 🌷
Thank you for sharing this wealth of information. I disconnected my cable and now just use a digital converter box and HD antenna. I grew up with free TV and radio. Never got use to paying for them. Also stopped my wifi and laptop. No printer at home anymore - ink is too expensive. If I need to write a letter, I do it the old school way ... longhand and snail mail. SS only goes so far.
Just discovered and love your channel! One thing that may be a bit of a generational difference is that using my credit card feels more painful than spending cash. Cash is money I have already accounted as being gone from my account, so it *feels* free. My credit card spending become specific line items, so harder for me to put something wild on my credit card.
Tracking your spending is essential to making a realistic budget. Lifestyle creep is a big thing that is tempting. Warren Buffet apparently lives in the same small home he has owned for decades.
My goals are: Save for retirement, and moving home, and owning a small place to live, and saving for my next car so I can pay cash for it.
All good goals!
His house is not small. You can see it on-line. But yes, he didn’t upgrade. I wonder if he still eats breakfast at McDonald’s, or decided it’s become too expensive.
Absolutely GREAT ADVICE !!!
Thank you for your sharing your tips. Once we have our debt paid off, we plan to save one income and live off the other. It's really a mentality mindset. I travel for work and my carry on suitcase is starting to tear wear the zipper is. I decided it was good time to buy a new suitcase even though my current suitcase is still functional just a little tear and some scruffs. A hundred and some dollars later I had a new suitcase. after a day or two I had buyers remorse and took it back. I traveled this week with my scruffy suitcase and was able to stop in at Ramsey headquarters (Dave Ramsey follower) and I knew I made the right choice to be content with what I have. Between listening to your channel and Dave Ramsey I'm on my way to being debt free, living a frugal lifestyle and prayers and hopes to become a baby step millionaire :)
I wonder how much a luggage repair shop would charge to replace the zipper.
There are luggage straps that you can buy to keep it together. I started with no luggage, but found some cheap prices at ROSS. I plan to use them until they fall apart.
Are you going to try to fix that zipper?
I’ve done shopping that way for a long time.
First time seeing your channel ~ Thank you for your great content, so encouraging 👍🏽❤️
I love your videos! Thank you!
I used to be like everyone else live paycheck to paycheck etc but one day I completely changed my mind frame. I no longer want material things it doesn't make me happy. For example I would only buy a new TV if my 14 year old TV stops working and not because there is some new high tech oled TV available in the market. I gotten myself to the point where I can be given a 50k giftcard to best buy walk into the store and walk out with nothing because I have no desire to replacement anything unless it's broken. I do not have a budget because of the way I change my mindset it's not even nessacry.
Y’all are such a vibe
That was helpful to be reminded of, thank you 🙏
I am saving for my first home/condo and I have a pic of the condo on my phone to motivate me!
Great channel! You're going to grow quickly. This practical wisdom is so needed! And you're a great couple, pulling together for a common goal with plenty of love and laughter - loved the blooper reel at the end!
my "bare bones budget" is under $8k yearly per person - that covers property taxes and utilities, and unlimited food and public transit
When you are doing this for some time, it starts feeling like a 'sport', a hobby. I enjoy living this frugal lifestyle.
My 'why' is not only to save money for 'expenses in the future'. A very important reason for me is: I do not want to be in debt!
Someone with debt is a slave to the bank (or to the one he/she owes the money). Someone with debt lives in stress to get the money needed to pay off the debt (which gets higher and higher the longer it takes to pay off).
Another important reason why I don't want to spend more than necessary is: there's only one planet Earth, we can not consume more than there is. Yes, it's true: nature gives abundantly. But most of what humans consume/produce is exhausting the natural resources.
O btw ... I could spend a lot less than I do now. But my 'reasons why' lead me in a certain direction.
I rather spend more money on healthy organic food and clothing made of natural materials then to buy 'cheap'! But still I find a way not to spend more than necessary. I ride my bicycle (with large panniers) to the organic farm for my weekly organic foods. I make most of my clothes myself. I search the internet for local 'makers' I like to support by buying their products (like sheep's and alpaca wool). And I don't buy what I don't need, of course.
Good advice but I find every family’s situation is so nuanced that it’s not always easy to save. It especially depends on WHERE you live. My husband has an excellent job making over $100k at 30. But we live in the shadow of a big city and currently, a small family home in the suburbs is $400k+ We have paid cash for our old 2008 minivan, I cook everything at home, we don’t go on vacation, we are super minimalist with our clothing and accessories, no cable tv, no expensive phones, no credit card debt. It’s still difficult to save. A lot of people will say just move somewhere else but that is a huge undertaking when your job and family are all here. I like the idea though of “plugging holes” there may be a few areas where we can reevaluate.
Amazing advice, thank you
You are so welcome, @Marsha!
Written on paper your goals absolutely a must ....
Seriously awesome. Just one way partners/spouses can work together as a team to grow their relationship!!!
Thanks so much for sharing what you know!