12 'Necessities' Frugal People Don't Buy (And A Controversial One)
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- Опубліковано 30 тра 2024
- The single biggest reason to why 70% of North Americans are broke and not frugal, is that they spend too much. We fall into the consumer trap and buy 'necessities' that we actually don't need.
So here are the BIG 12, the dirty dozen things you don't need to by, with their smart alternatives. And a controversial 13th. A bonus addition that most don't mention. This one can save you thousands a year!
• Why Looking Poor Is Im... Look Poor, Get Rich
• How To Stop Buying Thi... Don't Drown In Debt
• Why Everyone Is So Bro... Why We Are All Broke
In 2004, I was approved for $175,000 home loan as I made $53,000/year. CRAZY!! I bought a modest, 1620 sq ft home for $101,000 and still live in it today. Refinanced once at lower interest rate and took five years off loan. I have four years of payments left, but I pay extra every month. Been unemployed twice, but my mortgage payment is obscenely low. I always paid my mortgage.
Love to hear these great money moves! That's such great financial planning; virtually mortgage free living, and a tidy nest egg for the future. Love it!
Excellent advice. I worked in healthcare for decades. The last 25 I noticed the minimum wage or lower tier employees bought expensive lunches EVERY day. Started planning where they were going to take out from by 10 am. The MD’s and myself (mid level masters degree employee) brought leftovers or frozen Lean Cuisine or similar meals.
MDs got used to being frugal from 10~12+ years of post secondary education 🤣
Thank you for the feedback! Its amazing watching other peoples spending habits. I am still shocked passing the local fast food places here in Toronto, they are full with adults spend $15+ on lunch EVERY day! They are literally wasting their wages away. Appreciate you
That's another reason not to eat out for lunch too many damn people
Kinda sad/scary to read that any MDs are relying on ultra processed foods (lean cuisine) with little to no nutritional value. 😬 But I agree: leftovers and batch cooking for freezer meals, is the way to go. It’s so easy to heat up a nutritious meal which costs pennies on the dollar. 💵
@@cherkas009right?! So there’s the added expense of running the car and wasting gas/etc. while sitting in the drive through.
No way would i give up my two cats and my dog!
I wouldn't either. I remember our dog and cat growing up, they were part of the family. For some building wealth and focused on financial security they might not have the time to dedicate to a new family pet. Sometimes it's better to wait before making a new investment. But if you are already owners, I don't think giving up your pets is reasonable. Or even doable
Agreed. Our pets are the best ROI in our house.
The library lets you borrow lots of entertainment for free, cancel all subscriptions.
Don't bother with cars, walking and cycling are better for you and almost free.
Fantastic recommendations. Our kids love the library, and being married to a teacher we visit almost every week. Frugal living has been done easier to get into than I thought. Appreciate you
Not possible for me. It would take me 2.5 hours to get to work each way. Unfortunately much of the US is structurally set up for cars. Wish transit were better but it's not in my area, and non-existent in others.
@@suen5006 That does suck.
Good idea, but I don't have a car to get to the library. As far as DVDs and tapes (do they still.have them?) Be careful as they can ruin your marriage machine I'd they are dirty.
@@monabiehl6213 Walk or cycle to the library.
My local library does books, magazines, ebooks, tools, movies, tv shows, newspapers, etc
Our vacations are off season and local stats
Much of this is common sense. Also, so many two-income families say they NEED both incomes; and certainly some do w/exhorbitant housing cost markets, etc. However, there are those who, after factoring in the need for a second car, expensive clothes and lunches, not to mention daycare, what's left at the end of the paycheck? The jobs will ALWAYS be there, but your children will NOT always be little.
Spending time with the kids is a balance we always work on. If one of us is busy with career or working on our portfolios we ensure the other is on hand and with them. We sacrifice time out with friends, weekends away just the two of us, and alcohol so that we spend almost all our free time with the kids. We put them and their happiness first. But that makes us happy too, so the sacrifices don't seem a great deal. Appreciate you
When a woman has a degree and a career, staying at home maybe cheaper on the short term, but would be detrimental on the long term. Also, the divorce rate is over 50%.
Ladies, shit happens, protect yourselves.
Money was very tight for us when we were first married. Although difficult, we found ways to make ends meet (i.e. if it wasn't a TRUE necessity, we did without, which meant cheaper housing, little eating out and used cars). We couldn't afford fancy clothes or many toys for our kids (esp. our oldest), but libraries were free and books (at least then) could be purchased rather inexpensively, so that was much of our family entertainment, in addition to quality parental time, going to parks, etc. And what do you know? Our kids were all good students! Parental time and investments with books and education we could provide to supplement good schools all paid off!!! The lack of finances for us in the early years of marriage actually had a silver lining that it took us years to see ~
Growing up was similar for us too. But the lack of money never held our family back. We had such an awesome childhood, we work hard to ensure our kids get the same amazing memories as I had. And you are right, kids soak up that information like sponges. Positive approach always wins. Appreciate you
When we go to specialist i bring my empty bottle container and fill it up with spring water there
All good. Also for parents: as your children show maturity, start including them in on money decisions and financial planning. The best way for people to become good stewards of their money is when they learn by example. Help them to learn how to ask questions and find answers about money. It is especially important for them to learn how small amounts over a long period of time can accumulate into significant sums. Let them know of the money mistakes you have made, and especially let them know of all the money dangers and scams that can devastate their money.
I totally agree with you. Financial literacy is key to set them up for life, and that's our focus. And leading by example I think is the best way. Kids often learn by seeing, not by hearing. And we teach them all of our financial mistakes in the least boring way we can! Appreciate you
I got a rabbit and do actually regret it. Even though I love him and would never replace/rehome him now, I'd be lying if I said he didn't have surprise expenses. Though I will rationalize it that I use his droppings as fertilizer for my allotment and a significant amount of his food comes from said allotment, so he's quite cheap to keep day-to-day.
I love that you find the positives. I had a rabbit too growing up, such great companions!
House cleaning is good exercise and cures emptiness and depression. I can't eat out much because of my keto diet.
Am guilty of drinking coffee in fancy coffee shops and spending on clothes. I regret those - could have saved & invested that money...
Any cardio exercise is great for everyone. Cleaning certainly works. We have 3 children so get get to do cardio a lot! A fancy coffee now and again is a great treat, enjoyed with friends. I used to buy at least one a day, it added up to $40 per week. I purchased an expresso machine and had it paid off with the coffee money in 6 months. Now the coffee money goes into an investment account. It was a good decision for me, but I still enjoy a treat. Especially after hitting a goal. Appreciate you
Yay! I’m frugal! (Except for The Cat…🐈⬛🤷♀️)
dropped a grand on the dogs less than 24 hours ago...sigh
Congrats! I could have gone on for an hour, there's so much 'stuff' in our lives! Cats are cool
That's a high cost! But you can't put a price on love. I hope your dogs are doing great
When i take my daughter to treatment i receive free coffee from their coffee machine
I always caught up on the latest magazines.
My first husband and I bought an "expensive home" and made sacrifices. We also took second jobs to pay extra payments. That then become our financing strength for the second house .... Eventually, we had a portfolio of 18 upper middle class houses .... All of which were paid off. Houses appreciate. Difficult to do these days. I knew we had made it when six years in, there was a box under the Christmas tree ..... A pair of Jimmy Choos!
Jimmy Choos are a great marker of making it! Especially when your assets pay for them. Great strategy leveraging real estate to build wealth. We are doing exactly that. Appreciate you
As i am getting my badic six month hair cut i get free coffee made by my hairxressor
I get free water from a spring.
You are way ahead of the curve. I am still shocked at the bottled water market in N. America. Its staggering
My cats are my most expensive luxury. But I love them so its worth it!
I'm poor, generationally poor, and this just made me laugh. You rich people are just funny. Every one of these are luxuries. Some of us live frugally to survive. Reevaluate your definition of success, and you and your family can live happy, fulfilling lives.
I agree Graham, most things are luxuries, including good quality food. We have learned to leave the consumer pursuit of stuff and get back to basics to find true happiness and fulfillment. We are still learning, but have made massive strides. We are MUCH happier, and much less stressed. I hope to help others with our experiences. Appreciate you
@grahamsneddon9196 - then change it! It does not matter if you are poor, or come from a family that is seemingly stuck in poverty - just by coming here to UA-cam and starting to self educate yourself you will likely find a financial path that will work for you and your family. The line between poverty and comfortable living is fluid and always changing. Every year there are once poor people who are no longer poor, and there are once comfortable people who become poor. Knowledge and honesty are the keys to making changes in your life. Best wishes.
Rich and poor are a state of mind and actions in most 1st world countries. I grew up well below the poverty line as did my father. Many days, we had 1-2 meals sometimes no meal at all. Looking back and viewing costs of things at the time, I realized if my parents had given up smoking cigarettes and my dad quick drinking alcohol, we would have had food 3x a day, every day.
The consequences of their choices meant we were frequently sick and needed doctors/medicine. This kept us below the poverty line as there was no Medicaid coverage back then and very few people had health insurance, it was all out of pocket. Repeated infections resulted in chronic bronchitis and pneumonia for me, 60/40 hearing for my sister and issues with school for all of us.
Just to let you know: I grew up extremely poor but I spent my life always living beneath my means and I was able to change the poverty cycle. Yes it can take an entire generation but it can be done!
@@joycewright5386 In studies of the economic movement of Americans one of the things that stands out is the movement between economic classes: people in poverty regularly move up, and once higher achieving people suffer setbacks and drop down. What is often noted about this economic movement is that it is much freer flowing in America than in other parts of the world. This is actually one of the great magnets of America for many immigrants: that with hard work and perseverance they too can make a good life for their families. Rather than being restricted by the caste you were born into, America more regularly rewards actual performance with the benefits of success. Kudos to you for moving on up!
Ah wisdom and maturity with priorities equal a better life
Yes indeed. As I get older I definitely feel my priorities change, sometimes doing a 180 degrees turn. A better life is always a great goal to have. Appreciate you
Feel live look poor hehe be frugual and save
Rather than poor I would save clean and casual. It does cost much for either.
Man look at those arms! Were you ever a wrestler or boxer or anything? You’ve got some very big and long arms
Ha, thank you. I played rugby when I was MUCH younger. These days just time at the gym. And lifting construction materials! Appreciate you
This is all possible but it sounds a little depressing.Stay home and drink coffee sounds a little isolating. I think there should be a balance. Save your whole life so you can live more lavishly later? And then drop dead at 60 never having enjoyed a few luxuries. Balance, its all about balance
I entirely agree with you, life is definitely about balance. We lived lavish lifestyles until 3 years ago and made these changes for our happiness and family security. We certainly don't stay home, we LOVE the outdoors and enjoy having fun. We just don't over indulge, or get expensive coffees everyday. We live simpler, and with much less stress. And I don't think there's much chance of us going back to that lavish lifestyle. But maybe a few more nice coffee's in the future. Appreciate you
There are so many activities you can do indoors and outdoors that are free. There are ways to make paid entertainment inexpensive with give up fun. We played croquet, badminton as a family and our son was in 3 intramural sports each year.
I’ve gifted friends and family a lot of fun activities through Groupon. Movie theatres usually have a cheap night. Our waterpark offer 1/2 price season passes on Black Friday. Every year we stayed at a large, high end rental on the beach with extended family for less than just going as just our family. Another week we went to the mountains and stayed in a state park cabin for a week, very inexpensive compared to hotels and air bnb type place. I would say total cost of both vacays was less than $1,800 for 2 weeks each year.
I have someone monthly cut grass hete because i am not able to manage a large block at age 56
Sometimes we pay for services too so it frees us up. With that extra time we can spend time with the family, or work on building wealth for our future. Appreciate you
I've never had a smart phone and I'm not sure why anyone needs one. I use a $10 used flip phone and it does all I want it to do. I can make and receive a call. Not sure why a phone needs to do more than that.
As I showed in the video, I think I have the worlds last Blackberry! And I have a lot of fun made out of it among my network groups and family. But it serves me very well, and does exactly what I need it to do. And best of all, it costs me nothing to have. Appreciate you
I'm probably way more frugal than this fella. Even my pet works for me quite cheap. So I make a profit off of him. Honestly, aside from being my bestest buddy, there are some things I wouldnt be able to do without him. If only I could teach him to make the coffee.
As someone that spent ALL of his disposable income each month until recently, my frugal skills are getting better and better. I love to share what I have learned so others like me can see its never too late to break free of the consumer trap. Sounds like you have a great buddy there! I look forward to getting one when the time is right for us. Hope we are as lucky as you guys. Appreciate you
$2-$3 for bottled water? I pay $2-$3 for a 24 pack.
I rarely buy bottled water. I bought a pack of 24 on sale for 2.99. This is for drinking if the water is turned off and where I live, it goes off several times a year.
I think he means those in a convenience store sold singly.
I don't buy bottled water for the cost AND the pollution it causes. Its just a personal choice, but one I am happy I did. We keep a 4 ltr jug in the closet just in case of emergencies, but not opened yet after 3 years. Fingers crossed! Appreciate you
14. Shampoo
That was my next one! Followed by designer fragrances. Although I am partially to Tom Ford! Appreciate you Jeffery
You won't have the nice things later on because you'll still be frugal
The mindset shift away from consumer habits to a growth mentality often has this affect. Wealthy people find happiness and security is far more important than shiny new things. Appreciate you
True. I’ve recently retired after working, saving, and frugal living for 42 yrs. I have plenty to live out the rest of my days but still don’t like spending. It’s a hard adjustment
I think you should have stick to 3 things to avoid. You're trying to create view time but you're filling the hole with content that isn't quite right. Just take the grass for exemple. People who pay someone to cut the grass is precisely because they value their time. There's no reason for me to cut the grass instead of paying 20$ when in that time i made work worth 150$.
Thank you for the recommendations. I appreciate you
The important thing to remember is to do the math. Cutting grass is more than just turn it on and mow. My sister has 2.5 acres to cut. A tractor to cut that much lawn runs $4,000+. Every year it needs to go in for maintenance and sharpening the blades $$$ and the time to take it and get it back. To do that she needs to buy and care for a trailer including tags and insurance, new tires and a place to store it so it doesn’t rot or a large enough truck to tote it around. There is getting gas and oil for each lawn cut. She makes $100 an hr. She has grandchildren she likes to spend time with, friends she spends time with and a demanding job. She did the math and decided to go with a lawn service.
As she nears retirement, she is considering selling the house and moving. The maintenance and upkeep expenses are big and she wants to put her money into traveling, family and friends.
Rofl @ "you can make your coffee at home." I don't know if its a culture thing, but if you are having a coffee outside just for the caffeine, you're doing it wrong. Why leave your house and meet with friends anywhere else but in each other's houses anyway? It is much more "frugal" never to leave your basement at all lol. Having a coffee at some nice place either alone or with friends is basically the cheapest, the most democratic form of luxury available, especially for city dwellers. And allowing yourself some luxury occasionally does wonders for self-esteem and therefore productivity.
I come from a kaffeeklatch culture and I find statements like this utterly ridiculous. You brits and yanks simply do not understand what coffee is really all about, do you?
I agree its likely a culture difference. I have German friends that do exactly what you say. And its important for them. In Canada, certainly in my experience its common to have coffee on the go, sometimes twice a day. I will buy coffee for my Team on the job site, show my appreciation. My point in the video is that bringing a tea of coffee made at home will provide regular money you can put to work. Its a small sacrifice that works for some, but not for others. In my defence I did put forward an argument to buy coffee and enjoy all the benefits, before I explained my own view on the matter. The video is all about finding savings to invest and improve ones financial standing. These 12 are ones I found to work brilliantly for me.
Thank you for your comments. I appreciate your views. Something to think about!
I don't drink coffee at all. I confess I sometimes take caffeine pills I I'm at work and feel sleepy.
pets are a mental necessity if you live in toronto with people like you
Bro got triggered being told not to fill his house with grotty animals lmao
Ok then
I tattooed my whole body so that I don’t need to buy clothes anymore.
Lmao
Love your dedication!