HOW I SAVE 75% OF MY INCOME | Breakdown of Expenses & Savings | 3 Money Saving Tips
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- Опубліковано 19 чер 2024
- I will be sharing with you how I save 75% of my net income (after taxes, EI, CPP, and health insurance) from my 9-5 job as a Tax Manager. I will be showing you a breakdown of my expenses and how I save my money, as well as stay until the end for 3 SIMPLE TIPS that will change the way you see money so you can start saving more.
00:00 Introduction
01:20 Breakdown of Savings vs. Spending
03:38 Breakdown of Personal Spending
06:00 Breakdown of Savings
07:13 3 Tips to Save More Money
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RECOMMENDED BOOKS ABOUT MONEY
►Think and Grow Rich by Napolean Hill: amzn.to/3votmuN
►The Richest Man in Babylon by George S Clason: amzn.to/3q5dvQD
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CONNECT WITH ME
🌍 My website/blog: www.gabrielletalksmoney.com
📸 Instagram: @gabrielletalksmoney
/ gabrielletalksmoney
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WHO AM I:
I'm Gabrielle, a Tax Manager at one of the Big 4 Accounting Firms in Vancouver, Canada. I post weekly videos on personal finance, career, and work life balance.
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Disclaimer: Please note this video is based on my own experience and does not constitute any financial advice.
*This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).
#howisave75ofmyincome #howtosavemoney #budgettips #firemovement
Hi everyone! 👋 thanks to those who voted in my poll - this was the most highly requested topic! How much are you saving or want to save??
Hi Gabrielle! Just subscribed to your great channel thank you for the invaluable information. I gave a question when you take a capital loss on your crypto by selling it to balance your taxes how fast can you buy it back? There is a loophole in the states where they can buy back right away after selling for a loss unlike a stock. Would you know if Canada is the same? Thank you!!!
I just found your channel and its exactly the kind of content I like! I'm in a very similar situation as you and I absolutely love budgeting and trying to cut costs where I can. Looking forward to seeing new videos! :D
Grateful to be here. I've been looking for this kind of topic to take home ♥️. Thanks.
Thanks for sharing your knowledge about saving money!
Love this video and the comment about saving and contributing to your parents, very caring
Thanks for sharing your budget, Gabrielle.
That's very considerate of you to help your parents with an allowance. :)
I make about $80K a year and used to save 50% of my income.
But then I moved into a bigger house and now can only save 20%. Lifestyle inflation is real, lol.
Thank you for this. Very helpful😊
Excellent. I admire your discipline Gabrielle!!!👏👏👏
Thanks for sharing Gabrielle. I am also a Tax CPA professional and luckily stumbled on your channel. I love Personal Finance and have always wondered how the heck I was going to not go over 30% to allocate for living expenses. I am currently paying off high-interest debt still and also planning to save for a downpayment for a mortgage down the road. Your tip on categorizing the principal payment portion part of the monthly mortgage payment to savings makes so much sense and if I do that, not going past the 30% for the living expenses excluding the principal payments is so much more doable. Thanks for sharing!
Glad you found it helpful!
@@GabrielleTalksMoney cam ơn ban nhiều vi thúc day toi phai co len
Appreciate the breakdown 🤓
Thanks so much for the great video!
Love your videos!❤️
Another good video. Thanks.
You consider your mortgage principal payments as savings? 28% of your savings is mortgage principle? 🤔. I do get what you mean but it also skews the numbers a little bit. Most people with a mortgage don’t include the principle payments as savings though payments do increase your net worth over time. Not including mortgage principle in your housing costs also skews your housing costs down. I dunno, just a bit confusing 💕
Hi Gabrielle, was wondering if you were to include the full payment of your mortgage pmt (P+I) what would your 'sensitized' savings rate be at that point? (Assuming your sister moved out too)
It seems to be a quite logical portfolio of spending & saving. Worth to note on my pad. TKS.
thx for your useful information
Love this video! It's my first one. You are articulate, clear, thoughtful in your presentation. I've heard of investing in yourself, but not considering it as savings before. Very good idea! I never considered my principal mortgage payment as savings, but you're right about that too. Do you have a guideline per person in household to budget for? Is that the right way to look at expenses? I feel like my monthly utilities and grocery bills are out of control. You were absolutely right about mentioning subscriptions. People tend to "pooh-pooh" those because they're not a big bill each month/year. I will absolutely check out your other videos - you've got it all! Canadian Money Smarts Girl Power Planning for the Future! How much should we be saving each month? What's the goal with all these increases for families?
Can I ask if starting a youtube channel has conflicts with your firms independence policy?
I've heard of firms not liking employees essentially taking up a 2nd job, and that they ask for your tax return once you reach manager?
Thanks
Gabrielle, your content is interesting as usual. However, I will be interested to see how savings will look like for someone having children. Thank you
hi sis, keep it up. GOD bless u. I am flabbergasted, observing your frugality. I never exceed 35percent of savings, after considering my mortgage. Please don't mind, it is shameful, I know. I only send 10percent of income to my parents. Please stay safe and give my respects to ur sister and beloved parents.
Where did you get your necklace from? Can you put the link?
I got it in Korea!
What shampoo and conditioner do you use? How often do you wash your hair and do you use dry shampoo?
Lol 😆 I use head and shoulders shampoo every other day- I don't use dry shampoo~
Gabrielle, I enjoyed watching your video from the very beginning to the end. However, I am curious to see how savings will look like in case you have children. Thank you
What makeup do you wear and how do you keep your beauty expenses low
I don't wear makeup on daily basis, just once a week~ I'm a big fan of the ordinary products, super affordable!
There are other ways to increase your net worth over time. For example, use the lower tax brackets to creat more book value in your investments each year. i.e. sell investments at the lowest tax bracket and then reinvest. This will greatly increase your non-taxable (book) values and future withdrawals will be at a much lower tax braket (think retirement esp).
Can you explain a bit more about this strategy? I don’t understand. How can you sell at lowest bracket if you’re not earning at lowest bracket?
The math is so sensible, i wish i had the discipline! Still hoping to be be a crypto mill!!
Haha best of luck!
Don’t cheat yourself thinking the mortgage principal is “savings.” It’s possible to get LESS than what you put in due to market.
Can you please tell me how you deal with the Family pressure for you to get married??
😍
Mine is at 50%, but mostly due to I have lower earnings than you were :)
50% savings is awesome, keep up the good work 👍
Saving 50% of income enables retirement in 17 years, while a 30% increase to 80% slashes the timeline to just 5 years, showcasing the non-linear nature of financial independence.
Comedy gold on counting principal payments as savings.
You obviously don’t have kids….
how to save 100% of your income? get a quality bf 😅