Boredom is a huge reason for overspending. Stay active on cheaper or free hobbies. Keep your mind and body active so that urge to fill that hole in your life with stuff.
sooooooo true! boredom is a budget killer. I'm turning my boredom buster hobbies into money! I've overbought craft supplies and now I'm actually using them to generate income!
I used to live paycheck to paycheck 5 years ago, but when I discovered FI. I pay myself first, budget, build up my emergency fund and paid off all my debts. Just like all the financial channels on TH-cam like this suggested you to do. That is what I've been doing, I was able to save my first $100k in the last 5 years with $65k/year salary doing those steps. I wish I know how to pay myself first when I was in my 20s or 30s. I also make my own coffee every morning and also, I get free coffee at work. Also, I haven't buy clothe in the last 4 years when I discovered simplicity and that saved me a lot of money as well. No debt and not living paycheck to paycheck is the most glorious feeling. Everyone should stay away from debt, you can't save if you have bunch of debts that is just the facts. I feel so fortunate I am now able to have control of my life again. Just wanted to share and hope to motivate at lease one person. 😊
By living below our means and saving some portion of our income we force ourselves to simplify our lives and become more organized. At that point we have control over our money, it doesn't have control over us. That person we all know that we once considered kinda weird because they were cautious with their money, suddenly looks like a visionary. A guy I know at my work place who is on a debt free journey asked me this week how we fund our brokerage account and what funds we put that money into. I told him (after urging him to max out our company 401K first) what we invest in giving him the ticker numbers and how those funds fit into our overall portfolio plan 5, 10 & 15 years down the road and in sync with the investments in my 401K. In a way I couldn't believe my own ears, little old me explaining the "why" of our savings plan. 10 years ago I would be the one asking the question not the one answering it. Never stop learning.
I cut my food spending to an average of $10/day and only drank water for the last 5 months. Helped me to pay off all debt. Now, every morning, I have a celebratory coffee.
I'm a graduate of YT university too. Single parent wanting to save money I've learnt how to do basic plumbing, fix lawn watering reticulation, repair car paint, all sorts of things. Its a great sense of accomplishment
OMG. You saved the day. Our garbage disposal has not worked for 4 days. My husband “checked everything”. You reminded me to go to TH-cam. I had done this once before for the dishwasher and was successful however totally forgot about it as a resource. I dreaded calling the plumber. Voila, your weekly TH-cam saved the day. I am so proud of myself. Thank you Ms. Nicole.
If you come into any money, pay your mortgage off, don’t splurge on stuff. Being debt and mortgage free gives you so much freedom. Don’t like your job or customer? Then you can leave them, you’re no longer a slave ( to debt).
This is my next big goal: mortgage free. My wife and I both paid off our student loans and cars with great effort. Our big mortgage is our only fixed debt. We’ve taken our foot off the gas now for the past year or so, but it’s time to refocus. I want to retire by 60, and this mortgage is the big thing holding me back. Time to get serious and really go after it.
Agreed! When we got our tax refunds a few years ago, my coworker IMMEDIATELY went on a shopping spree. On the other hand, I immediately put mine in savings. Guess who's more financially stable with zero debt? lolol.
TH-cam university has also saved me sooooooooo much money! I make sure I thank the people who have taken their time to put videos out there on how to fix things like the seatbelt in my car.
Curious if you have any suggestions for those who are in the U.S. and on disability that leaves them on assistance but not allowed to have savings? For years I've just kept my occasional leftover money in a jar at home. Even if I was able to have a savings account the bank charges far more each month than I would ever get in interest.
I agree, that's the more reason I prefer my day to day invt decisions being guided by a invt-coach, it's near impossible to not out-perform, been using a invt-coach for over 8months+ and I've netted over 230k
This “pay yourself first” was a big change for me. It was just another “bill” that I had to pay. It took no willpower. Another great video Nicole. Thank you.
I love this channel! Maybe it's because I am in Toronto too, ha ha. I find your tips super helpful. I do a thing I call Finish the Fridge. If I am tempted to grocery shop on the fly, I tell myself to go home and make a day or two of eating with what is already there. There is always something and usually the urge to shop is just being too lazy to cook.
I always ran to the grocery store and whatever it was I went for; I would come out having spent far more. It's my toughest change but I am trying to do what you just mentioned. Eat what I have already have. Right now, that is cooking a chicken I bought on sale months ago that has been in the freezer.
I really enjoy all your content. I live in Northeastern US in Connecticut. I have family in Canada and my father was from Canada. Your videos are so inspiring and helpful in a simple, no nonsense way! I just wanted to say I appreciate you and thank you for your time and effort you put into your channel. Im using many of the tips!
I’ve been keeping a tally of every single expense I make, in a dollar store notebook. I list a page for each credit card I have, a page for my checking account, and one for cash payments. I total as I go; it helps me maintain control and be aware of how much I’m spending.
I call "automate your savings" "pay yourself first" the difference is the money goes to the investing/brokerage account and then to purchase etf's every other month. Invisalign is a very big deal. You go girl. Regarding the DIY be careful about what you do as you don't want to void your house insurance.
I now try - and have been so far successful - ask myself...how much pleasure will I get out of this purchase. A sweater, a new mug, my goodness I even thought of a camper. I had to be real on that one...I could spend thousands of dollars on a camper, register it, pay insurance but only get to use maybe a total of two weeks max a year. So now I look at things different. I hate the tv bill, I never had that growing up. We just plugged in the tv and got the basic channels. I called up to literally cancel the tv altogether, but they actually came up with a WAY WAY WAY lower and cheap tv bill that includes a few of my fav channels. I don't even miss what I cut out. I went into the Dollar Store today to just buy paint brushes, and I came out of the Dollar Store with just paint brushes. I didn't think that would be possible
As a baby boomer, I hope I'm not coming across as out of touch. You do a great job connecting with a younger audience. The information you share is valuable, even if it's not entirely new. It's important to keep these topics relevant. Unfortunately, some people will still overlook this advice. It's a shame that schools don't prioritize these topics, but that's often the case in a capitalist system. I achieved similar financial goals in my own life, but with a different approach. I focused on living a balanced life while also planning for the future. This strategy has allowed me to retire comfortably. I'm now 69, debt-free, and own my home and cars. My savings are sufficient to see me through, as long as things remain stable. I believe I would have been even more financially successful if TH-cam had existed earlier.
I'm on a limited income. One thing I do is figure out all my bills that I'm going to have throughout the year. Car insurance, rental insurance, monthly premium for insurance, if I plan on buying 4 new tires, a new laptop, etc. Add that all up, divide by 12, and have that amount taken out of my deposit each month and transfer it to my savings. I never have these bills sneak up on me and the funds are always available. I just have to transfer them back into my checking account when they are due.
If you have any purchases you regret, remembee them I try to remember them when considering a new purchase. It usually makes me pause & consider if the purchase is really worth it or not. I try to now buy only things that I truly love.
Facebook marketplace is awesome in my town. I bought a mint Coleman canoe worth $1500 + for $300. And the seller delivered it to my house! She was moving across the country and needed to get rid of it. My kids could not believe it. They had been saving like crazy for an expensive one. Big lesson for them.
Buy nice or buy twice. But be aware that most “ premium”. options exist solely as a price anchor for the middle options and the low end gets nerfed out of comparison. The middle option might be good, but decide of a seperate price value comparison and don’t compare it to other spec level pricing.
I let myself "shop" online filling the cart up with whatever strikes my fancy. Then I sign out with a full cart and not having bought a thing. A few days or week later I empty the cart and go again. 😂
good tips there. On the starbucks-save some bucks, make your own coffee-argument, I do think that habits can go a long way... if you have a superior coffeemaker and you can honestly say that your own brew costs only a quarter of the price and tastes a lot better, than you really have a win to the power of five there... then you lose nothing.
I agree. I'll never say that one should never buy coffee at Starbucks or Tim Hortons, but I've seen cars lined up for 20 minutes to 30 minutes to buy a cup of coffee, and I'm pretty sure that the drivers did it every morning. I wouldn't even say not to buy coffee every day -- *IF* you know that you are ahead of schedule in meeting your savings and investment goals. But I do not want to hear "I cannot afford to save money" when you're spending $100 or more a month on coffee. If you want something more than what a Mr. Coffee can make, get a basic machine (and flavorings and whatever else that's appropriate) that makes coffee the way you want it, along with a good quality (e.g., stainless steel) insulated commuter cup that keeps the beverage hot for a long time. You'll probably never need to buy another machine & cup in your lifetime, this "infrastructure" will pay for itself in short order, and you can sock away the money that you are no longer spending.
It's never the "avocado toast." But, I once heard someone say that it's usually a sign of other spending habits that are bringing you down. If you're the person buying avocado toast and $5 lattes, you're probably also the person with too many subscription services and ordering Uber Eats too often.
I have a sort of unbreakable piggy bank i bought on amazon for like 12 bucks ( you basically need a good strong hammer to open it) and ive been dropping paper money in it every chance i get. I plan to open it once its filled to the max in about a year or 2. I recomend it for those who need another alternative to saving.
Research on illiquid penny stocks, and buy them instead (with limit orders). Selling them back would be a lot more headache, then open "unbreakable" piggy bank. And also, you'd have big upside due to inflation and illiquidity of stocks. Smart money don't even consider to research them, specificially because of illiquidity. Thats advice from Warren Buffett himself.
Buy for your "real self" not your fantasy self. I was tempted by a very cute skirt. But when was the last time I actually wore a skirt? Too long ago to remember. So it was for some vision of me in my beautiful skirt wandering in a flower garden for...? Instagram pics.? Yeah that will never happen. Also exercise equipment. I have a treadmill for winter and biking in summer. I realized that the exercise bike was a waste. I didn't use it because outdoor biking was what I really wanted.
DIY one is a gread advice. Easily saved thousands of dollars per year on home and car maintenance. PLUS, less headache in case something breaks. No more overthinking stress how much it would cost you to replace leaking water tap.
In a comment on a video on a TH-cam channel (and I think that it was THIS channel), the poster called paying for subscriptions that you don't use a "complacency tax." Brilliant! I do not consider eating out to be a food cost. People have probably only four Needs: Shelter, Transportation, Food, and Medical/Dental expense. (Need = Expense so that you can live, work, and be healthy.) Nicole is correct to focus on the costs of Shelter, Transportation and Food, as these are one's greatest expenses. Eating Out is a Want, not a Need. You won't find me saying never to buy a Want, but Nicole is correct that Eating Out is an expense to be kept low. To lower your Food expense, don't waste food. Somewhere around at least one-third of our food goes to waste. (Food waste is bad for the environment, too.) Tighten up on your meal planning a little to reduce food waste, and your Food expense will automatically be reduced. (What -- did you think I was going to suggest that you to eat less?)
What I do is just add to my Robinhood stock account. I primarily save in precious metals but these accounts allow me to save up liquid cash and it ads up really fast. Saving can be done no matter ones wage or means. You just need priorities set. Make saving one of the top ones.
I would add to utilize any benefits your job offers. I recently learned that my company pays half of any exercise classes, gym memberships and fitness equipment.
I have no problem saving, and most of it is my upbringing, but also my appreciation of money and the knowledge that it isn't easy to come by. However, after retiring a year and three quarters ago, I found myself saving money (not that I spent a lot anyhow) if I didn't leave the house for unnecessary stuff. I do enjoy meeting up with some friends for happy hour and I'd find myself bringing fast food home or whatever afterwards, so I've cut that down to one or two times a week. My wife is the same as me, but when she does shop, she's an excellent shopper and doesn't just buy what's in front of me, like I do. I just buy something if I'm at the store and need it, so I'm not worrying about driving all over to save a dollar or three. I don't NEED anything so I really don't spend much.
With Amazon, I’ve cancelled my prime subscription and also now just add items to the basket rather than buy now. It’s weird but it’s almost like buying but without the cost - and the added clutter! Every now and then I review the basket and make a considered decision to buy, delete or save for later. I’ve saved a LOT of money this way.
One money hint tip from me would be to stop watching reviews on youtube, they are the worst for me - there is always another book or bluray to pick up. Now sticking with a one in and one out rule so it makes me have to really think, do I really want that and what can I sell on ebay or take to the charity shop. Great video as ever
Ooooh, I hate the save the credit card for future purchases option. I always, ALWAYS, delete my card info when it gets saved. Especially with all the security risks nowadays.
I love the Goldilocks zone idea-that's essentially what I've followed all my adult life! In Chinese, we have this concept of "xing jia bi," which literally translates to "performance-to-price" ratio- the key is finding that "sweet spot" where you're spending just the right amount for the quality that you need. Another big tip: we always buy secondhand everything where possible!
Sinking funds for annual taxes ($750/mo) is essential for me. Set the dollars aside now or stress later. I also pay off any credit card expenditures at the end of the month in which they’re accrued. It helps keep things real.
I am doing great at saving but like clockwork something always blows up when you least expect it. Home repairs, car repairs etc. I really don't know how people afford to upkeep large homes!
One thing you haven't mentioned yet is to stop giving gifts. The amount of money some parents give to their grown children or grandchildren is amazing. I'd rather save my money for a comfortable retirement house when I'm old. Anyway, they have more stuff than I do;-)
There are so many cheap or free gifts you can make for people. I like to bake bread as a small gift, or a batch of cookies. But yeah, adult children are the most expensive. Just paying for a dinner out can break a budget. I think everyone needs to have a little talk about what you can and can't afford. This is especially true when you factor in retirement. Little kids I've noticed, love to get gifts, but typically don't give a flip about them once they have them. It won't even be a year before it's taking up space in the back of a closet, or toybox. I started gifting books. It's an opportunity to share something I love, and gives me a place to tuck a message. I also love the idea of buying kids savings bonds, or even stock. That could work with adult kids, too. I also think it's important to be giving--even when there's no holiday or birthday. "Would you like this necklace, I don't wear anymore?" If you gift in little ways, then you won't have to be extravagant for holidays.
Really nice to see the suggestion of Buy Nothing groups. Def saved me from having to pay Junk Removal and the thing I didn’t want anymore is being enjoyed by someone else still and keeps it out of the landfill like you said!! :D
Hi Nicole, another excellent video.. I'm retired now but have been practicing what your preaching for many years and I'm happy to say your advice is spot on.. keep up the good work. Just one comment.. your teeth look fine, are you sure you need Invisalign?
I have to pay something like you said. Totally need to cuz it's was one of those after pay the only reason I used it because it was cheaper online than CVS. My long term goal is to get a home outside of LA, CA. I hope so.
Nicole is most on point with her money-saving video tips regarding spending; automating your savings is critical. The only thing I will add is to be very wary of pair bonding with anyone with a different philosophy on money than you. It's a great way to lose everything you have earned especially if you are a guy. Everything women have accomplished in the work world and with modern feminism and independence will be of no help if you pick the wrong person, even if only on the money thing. Enough said.
Tell that to my friend. She inherited $ and her ex helped her invest it to make more. Her current husband, she married on the fly - met and married less than a year. After she married him and signed him on to the house and car, she found out he has terrible credit. He couldn't get credit to buy a Tootsie Roll. The job he had, he only had it for less than a year. He told her it was all his ex-wife's fault. She had to buy him a reliable car to get to his new job that paid better. So yeah, you really have to notice, watch and take action on those red flags.... oh yeah....she had to pay his back taxes too. After they married and she bought their house, they received a letter from the IRS. Again, it was his ex wife's fault.
@@esterdrass4964 Yep it can be either side, both genders (although women tend to end up in shopping malls more than men:) have to be very careful and none of this even mentions kids and those financial impacts. The bottom line is you can't control other people so tread carefully. Thanks for the feedback!
@@gingerfellah5665 No its not gendered - but in my 60yrs life experience more women spend (men's money) and more men save statistically, not scientific but sure it's a thing.
Not having a savings goal is what is stalling my hubby and I. The FFEF is what I am struggling with. I know we want to have 3-6 months living cost in an account. However, not having that money saved for something specific makes it harder, at least for me.
lol, back in the 70,s automating your spare savings was called an empty coffee can that lived on top of the refrigerator. The best part was you couldn’t see through the can until it filled up! And if you were lucky it spilled over. Then it’s decision time saver.
BTW, shopping at Shein saving you tons of money and you can buy really cool stuff there. At least I got compliments everytime I wair something from them. I have shoes from them that look identical to high brand shoes I own (they are Not leather of course) but look great and very comfortable. Compare prices: Ron White boots (one of more affordable brands)700 CAD vs Shein 50 cad
I just bought a brand new phone. Samsung s21 FE with otterbox case $325.00 taxes included. s25 due to be released early next year. This phone seems to be all I need.
The rough part is even if you save 10k a year to be one financial independent it's going to take two decades. That's IF you don't have to use your emergency fund and everything works out for two decades
If the money is being invested, there is compound interest..... Hopefully it gets easier over time. A little at a time, you find cheaper housing, or a better job. I have had many setbacks; but overall things have gotten much easier with time.
Very good video. I found that most purchases take some analysis. I needed a 3/4" sockets set to work on my bulldozer. A good quality new set was $150(this was 36 years ago). A cheap chinesium set was $34. I shopped fleamarkets and got a very good quality old set for $20. On the other hand, I needed a 1" socket set that I couldn't find anywhere so I had to buy the chinesium set. It is used very seldom and was "lifetime wauranty". In both cases they worked out well. Good for you that you do it yourself. That takes courage. Most things are pretty simple but, the right tools make it easy. The more you do and build up experience, the easier new things will be. Doing it yourself can be a very lucrative side hustle. Good Luck, Rick
This reminds me i really need to buy a tire puncture kit and a car jack. I just spent over $135 on an emergency CAA charge because of a stupid nail on the road. What a waste of cash.
OMG...My goal is to purchase an in-ground pool! I've wanted one since I was a little kid. I'm so excited & motivated that I collect redeemable cans & pick up stray coins & live as frugally as possible. This purchase MUST be made in CASH...NO bank loans allowed. I can't wait for my dream to become a reality. Thanks Nicole for your weekly inspiration!!!
@@Whitetiger187 I do the same with water bottles (family does cans, but I don't drink anything that comes in a can, haha, just water bottles from work), and I always pick up all the stray coins I see! It really does add up over time! X'D
I’m in between jobs right now. I’m going to call my bank to make sure I don’t get charged those pesky fees since I have no direct deposit. Thanks for the reminder.
I save $45,000 (after taxes) every year by living frugally, wise shopping, being a minimalist, having NO debt, buying in bulk and more - and I only make $90,000 yearly....
As a frugal musician. I just got a new computer that's more powerful than the last and saved up after two months. Customized and built for handling big steam games and large amounts of virtual instruments for composing symphonies for symphonic metal as a keyboardist. My sacrifice is a car. I have a backpack, and the bus is 1 dollar and Uber $10 to haul the computer. I don't have to worry about maintenance or car payments, or insurance, or registration, (or any kind of US car law). Stores most of the time where I live, allow my backpack so it's all good, I don't steal or bother anyone, just there to do business. My only bill is rent. I know some of us frugal people have a car but it's different where I live. Most people are struggling right now in the US. Welp, I'm safe in my little bomb shelter. Bought myself some Asian ingredients and veggies and meat and fish at Walmart for cheap. For US it's healthier and cheaper than US health products and process foods. How do you save and live?
I recently upgraded my iPhone 8 to an SE (yes it’s old but newer to me) and got it on eBay refurbished in excellent condition for $180 because no way in hell am I spending $800-$1k on a goddamn phone.
Nice. I bought a second-hand Pixel 2 for $180, 4.5 years ago, and am still using it. Maybe I will look to upgrade to a 6 in early 2026. Oh I will add, I did shell out to replace the battery because it had deteriorated pretty badly, but being down in Colombia, I paid maybe $60 for the part and labour.
@@BlueTorontoI thought I needed a new laptop, but I bought a new battery instead. It's working a lot better now, I definitely will need a new laptop but this one's still got life in it.
We always get our phones off ebay, too! Have for years! I just got a basically brand new iPhone 12 Mini for $250, when it retails for $600+! SUCH a no brainer!
I thinking bring a lunch to work is a big one, not only is eating out un healthy but using the delivery services is extremely expensive and often goes on credit.
Nicole, love your channel and learn also at age 62, but the problem is here in the USA, California. Being on retirement (fixed limited income) and I assure you it doesn't stretch far. Where do I shop? Thrift store and dollar store. Rising costs on EVERYTHING....HOA, utilities, insurance, gas, taxes...so groceries come last. House is paid off, vehicle is now 9 years old (Toyota Corolla, so nothing fancy, no fancy whistles or bells or high end vehicle), but house always needs some repair. No jobs nearby and many of course will not be hiring people over 60. I try to stick to a low budget cause that's all I have. Money saving is nearly impossible for many Americans. One small dog and 3 parakeets, so no human dependents.
I know it is difficult. Is there any chance you could offer tutoring in anything to your local community? I know Nicole does guitar lessons.... Maybe you know something else?
@@SamClemens-id3cl I wish I knew how to play the guitar, but no and here in the desert it's very limited plus there's people on people looking for jobs. Many who are baking (cooking) and trying to sell. Her information is certainly useful to many that may still be working, younger, or have talents or living in areas where it's beneficial.
11 18....... I've been noticing a couple of my only things won't allow a credit card to be deleted without another in it's place. One is tracfone, but I can't remember the other.
I wish I could somehow stop buying so much physical media(LP records,blu-rays).Been collecting stuff for over 50 years and now it sort of causes anxiety because I can't quite handle the boxes,crates and bookshelves that house my collections as my health gets worse. I will die in my apartment all alone and when they find my rotten corpse,the landlady will just throw all my collections in the dumpster....First world problem?
At least with physical media you've got things to sell and make money back. Plus most of it is appreciating. People who spend money on digital own nothing!
Don't get invisalign. If you must get braces get the regular ones. I've had Invisalign now for 2.5 years that was supposed to be a 7 month treatment. A friend of mine teeth got completely ruined from Invisalign.
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Boredom is a huge reason for overspending. Stay active on cheaper or free hobbies. Keep your mind and body active so that urge to fill that hole in your life with stuff.
I am definitely guilty of this.
sooooooo true! boredom is a budget killer. I'm turning my boredom buster hobbies into money! I've overbought craft supplies and now I'm actually using them to generate income!
...with stuff..(what's the rest?)
Yes! This played a big part in My careless spending.
or get a bf/gf and use his/her money. lol
I used to live paycheck to paycheck 5 years ago, but when I discovered FI. I pay myself first, budget, build up my emergency fund and paid off all my debts. Just like all the financial channels on TH-cam like this suggested you to do. That is what I've been doing, I was able to save my first $100k in the last 5 years with $65k/year salary doing those steps. I wish I know how to pay myself first when I was in my 20s or 30s. I also make my own coffee every morning and also, I get free coffee at work. Also, I haven't buy clothe in the last 4 years when I discovered simplicity and that saved me a lot of money as well. No debt and not living paycheck to paycheck is the most glorious feeling. Everyone should stay away from debt, you can't save if you have bunch of debts that is just the facts. I feel so fortunate I am now able to have control of my life again. Just wanted to share and hope to motivate at lease one person. 😊
By living below our means and saving some portion of our income we force ourselves to simplify our lives and become more organized. At that point we have control over our money, it doesn't have control over us. That person we all know that we once considered kinda weird because they were cautious with their money, suddenly looks like a visionary. A guy I know at my work place who is on a debt free journey asked me this week how we fund our brokerage account and what funds we put that money into. I told him (after urging him to max out our company 401K first) what we invest in giving him the ticker numbers and how those funds fit into our overall portfolio plan 5, 10 & 15 years down the road and in sync with the investments in my 401K. In a way I couldn't believe my own ears, little old me explaining the "why" of our savings plan. 10 years ago I would be the one asking the question not the one answering it. Never stop learning.
Motivated, thank you!
Yes thank you !!! 🎉
I cut my food spending to an average of $10/day and only drank water for the last 5 months. Helped me to pay off all debt. Now, every morning, I have a celebratory coffee.
I might do this
I'm a graduate of YT university too. Single parent wanting to save money I've learnt how to do basic plumbing, fix lawn watering reticulation, repair car paint, all sorts of things. Its a great sense of accomplishment
OMG. You saved the day. Our garbage disposal has not worked for 4 days. My husband “checked everything”. You reminded me to go to TH-cam. I had done this once before for the dishwasher and was successful however totally forgot about it as a resource. I dreaded calling the plumber. Voila, your weekly TH-cam saved the day. I am so proud of myself. Thank you Ms. Nicole.
🙌🏼🙌🏼🙌🏼🙌🏼
If you come into any money, pay your mortgage off, don’t splurge on stuff. Being debt and mortgage free gives you so much freedom. Don’t like your job or customer? Then you can leave them, you’re no longer a slave ( to debt).
This is my next big goal: mortgage free. My wife and I both paid off our student loans and cars with great effort. Our big mortgage is our only fixed debt. We’ve taken our foot off the gas now for the past year or so, but it’s time to refocus. I want to retire by 60, and this mortgage is the big thing holding me back. Time to get serious and really go after it.
Agreed! When we got our tax refunds a few years ago, my coworker IMMEDIATELY went on a shopping spree. On the other hand, I immediately put mine in savings. Guess who's more financially stable with zero debt? lolol.
TH-cam university has also saved me sooooooooo much money! I make sure I thank the people who have taken their time to put videos out there on how to fix things like the seatbelt in my car.
Curious if you have any suggestions for those who are in the U.S. and on disability that leaves them on assistance but not allowed to have savings? For years I've just kept my occasional leftover money in a jar at home. Even if I was able to have a savings account the bank charges far more each month than I would ever get in interest.
Diversification and options like staking, crypto index funds and yield farming are great for passive income
You've got to stop saving your money. Invest some part of it . If you really want financial freedom.
I get your point about investing and diversification, but where do you even start if you're not familiar with any?
I agree, that's the more reason I prefer my day to day invt decisions being guided by a invt-coach, it's near impossible to not out-perform, been using a invt-coach for over 8months+ and I've netted over 230k
@@Plemmonsscott That's impressive! Would you be willing to share any tips or advice from your mentor?
This “pay yourself first” was a big change for me. It was just another “bill” that I had to pay. It took no willpower. Another great video Nicole. Thank you.
I love this channel! Maybe it's because I am in Toronto too, ha ha. I find your tips super helpful. I do a thing I call Finish the Fridge. If I am tempted to grocery shop on the fly, I tell myself to go home and make a day or two of eating with what is already there. There is always something and usually the urge to shop is just being too lazy to cook.
I always ran to the grocery store and whatever it was I went for; I would come out having spent far more. It's my toughest change but I am trying to do what you just mentioned. Eat what I have already have. Right now, that is cooking a chicken I bought on sale months ago that has been in the freezer.
Thank you Nicole! I am a single dad and have lost touch with saving since we never have, watcing your videos has and is helping us so much.
I really enjoy all your content. I live in Northeastern US in Connecticut. I have family in Canada and my father was from Canada. Your videos are so inspiring and helpful in a simple, no nonsense way! I just wanted to say I appreciate you and thank you for your time and effort you put into your channel. Im using many of the tips!
I’ve been keeping a tally of every single expense I make, in a dollar store notebook.
I list a page for each credit card I have, a page for my checking account, and one for cash payments.
I total as I go; it helps me maintain control and be aware of how much I’m spending.
The drain pump on our washer quit. I fixed it myself thanks to TH-cam. That was a big savings!
Really like your advice and the way you present it, Nicole.
I call "automate your savings" "pay yourself first" the difference is the money goes to the investing/brokerage account and then to purchase etf's every other month. Invisalign is a very big deal. You go girl. Regarding the DIY be careful about what you do as you don't want to void your house insurance.
I now try - and have been so far successful - ask myself...how much pleasure will I get out of this purchase. A sweater, a new mug, my goodness I even thought of a camper. I had to be real on that one...I could spend thousands of dollars on a camper, register it, pay insurance but only get to use maybe a total of two weeks max a year. So now I look at things different. I hate the tv bill, I never had that growing up. We just plugged in the tv and got the basic channels. I called up to literally cancel the tv altogether, but they actually came up with a WAY WAY WAY lower and cheap tv bill that includes a few of my fav channels. I don't even miss what I cut out. I went into the Dollar Store today to just buy paint brushes, and I came out of the Dollar Store with just paint brushes. I didn't think that would be possible
One suggestion regarding hauling your stuff away for free is donating your items to charities or pet rescues if you have any animal items.
As a baby boomer, I hope I'm not coming across as out of touch. You do a great job connecting with a younger audience. The information you share is valuable, even if it's not entirely new. It's important to keep these topics relevant.
Unfortunately, some people will still overlook this advice. It's a shame that schools don't prioritize these topics, but that's often the case in a capitalist system.
I achieved similar financial goals in my own life, but with a different approach. I focused on living a balanced life while also planning for the future. This strategy has allowed me to retire comfortably.
I'm now 69, debt-free, and own my home and cars. My savings are sufficient to see me through, as long as things remain stable. I believe I would have been even more financially successful if TH-cam had existed earlier.
I'm on a limited income. One thing I do is figure out all my bills that I'm going to have throughout the year. Car insurance, rental insurance, monthly premium for insurance, if I plan on buying 4 new tires, a new laptop, etc. Add that all up, divide by 12, and have that amount taken out of my deposit each month and transfer it to my savings. I never have these bills sneak up on me and the funds are always available. I just have to transfer them back into my checking account when they are due.
Limited income? All my life I wanted a job with unlimited income. Haven't found one, though. 11:16
ive done this for years and it works haha. take the total i want for the specific thing, divide by 12, and automate the transfers.
If you have any purchases you regret, remembee them
I try to remember them when considering a new purchase. It usually makes me pause & consider if the purchase is really worth it or not.
I try to now buy only things that I truly love.
My best motto for purchases & investments is ''Buy the best and you'll never regret it''.
You realizing that you are home alone raising your hand was so cute! You seem happier and more at ease lately!
Facebook marketplace is awesome in my town. I bought a mint Coleman canoe worth $1500 + for $300. And the seller delivered it to my house! She was moving across the country and needed to get rid of it. My kids could not believe it. They had been saving like crazy for an expensive one. Big lesson for them.
Buy nice or buy twice. But be aware that most “ premium”. options exist solely as a price anchor for the middle options and the low end gets nerfed out of comparison. The middle option might be good, but decide of a seperate price value comparison and don’t compare it to other spec level pricing.
I let myself "shop" online filling the cart up with whatever strikes my fancy. Then I sign out with a full cart and not having bought a thing. A few days or week later I empty the cart and go again. 😂
Your time is also valuable, dont forget
good tips there.
On the starbucks-save some bucks, make your own coffee-argument, I do think that habits can go a long way... if you have a superior coffeemaker and you can honestly say that your own brew costs only a quarter of the price and tastes a lot better, than you really have a win to the power of five there... then you lose nothing.
I agree. I'll never say that one should never buy coffee at Starbucks or Tim Hortons, but I've seen cars lined up for 20 minutes to 30 minutes to buy a cup of coffee, and I'm pretty sure that the drivers did it every morning. I wouldn't even say not to buy coffee every day -- *IF* you know that you are ahead of schedule in meeting your savings and investment goals. But I do not want to hear "I cannot afford to save money" when you're spending $100 or more a month on coffee. If you want something more than what a Mr. Coffee can make, get a basic machine (and flavorings and whatever else that's appropriate) that makes coffee the way you want it, along with a good quality (e.g., stainless steel) insulated commuter cup that keeps the beverage hot for a long time. You'll probably never need to buy another machine & cup in your lifetime, this "infrastructure" will pay for itself in short order, and you can sock away the money that you are no longer spending.
It's never the "avocado toast." But, I once heard someone say that it's usually a sign of other spending habits that are bringing you down. If you're the person buying avocado toast and $5 lattes, you're probably also the person with too many subscription services and ordering Uber Eats too often.
There's an old rule about not skimping on things that keep you off the ground - shoes, mattress, tires. Probably some other things.
I noticed when Levi wandered into his crate and thought it was so cute ❤
I have a sort of unbreakable piggy bank i bought on amazon for like 12 bucks ( you basically need a good strong hammer to open it) and ive been dropping paper money in it every chance i get. I plan to open it once its filled to the max in about a year or 2. I recomend it for those who need another alternative to saving.
Research on illiquid penny stocks, and buy them instead (with limit orders).
Selling them back would be a lot more headache, then open "unbreakable" piggy bank.
And also, you'd have big upside due to inflation and illiquidity of stocks. Smart money don't even consider to research them, specificially because of illiquidity. Thats advice from Warren Buffett himself.
I cut my own hair now, learned that from YT. Saves a lot of money, is faster, and I get the style I want.
Buy for your "real self" not your fantasy self. I was tempted by a very cute skirt. But when was the last time I actually wore a skirt? Too long ago to remember. So it was for some vision of me in my beautiful skirt wandering in a flower garden for...? Instagram pics.? Yeah that will never happen. Also exercise equipment. I have a treadmill for winter and biking in summer. I realized that the exercise bike was a waste. I didn't use it because outdoor biking was what I really wanted.
Life is too short for skimping on ice cream. -Alina
@@alinatamashevich3354 The stuff is bad for you.
@@mysterybuyer3738 Really baaaad! Maybe that is how I want to go...
Side hustle is selling pumpkins cheaper than stores.
DIY one is a gread advice. Easily saved thousands of dollars per year on home and car maintenance.
PLUS, less headache in case something breaks. No more overthinking stress how much it would cost you to replace leaking water tap.
In a comment on a video on a TH-cam channel (and I think that it was THIS channel), the poster called paying for subscriptions that you don't use a "complacency tax." Brilliant!
I do not consider eating out to be a food cost. People have probably only four Needs: Shelter, Transportation, Food, and Medical/Dental expense. (Need = Expense so that you can live, work, and be healthy.) Nicole is correct to focus on the costs of Shelter, Transportation and Food, as these are one's greatest expenses. Eating Out is a Want, not a Need. You won't find me saying never to buy a Want, but Nicole is correct that Eating Out is an expense to be kept low. To lower your Food expense, don't waste food. Somewhere around at least one-third of our food goes to waste. (Food waste is bad for the environment, too.) Tighten up on your meal planning a little to reduce food waste, and your Food expense will automatically be reduced. (What -- did you think I was going to suggest that you to eat less?)
What I do is just add to my Robinhood stock account. I primarily save in precious metals but these accounts allow me to save up liquid cash and it ads up really fast.
Saving can be done no matter ones wage or means. You just need priorities set. Make saving one of the top ones.
I would add to utilize any benefits your job offers. I recently learned that my company pays half of any exercise classes, gym memberships and fitness equipment.
I have no problem saving, and most of it is my upbringing, but also my appreciation of money and the knowledge that it isn't easy to come by. However, after retiring a year and three quarters ago, I found myself saving money (not that I spent a lot anyhow) if I didn't leave the house for unnecessary stuff. I do enjoy meeting up with some friends for happy hour and I'd find myself bringing fast food home or whatever afterwards, so I've cut that down to one or two times a week. My wife is the same as me, but when she does shop, she's an excellent shopper and doesn't just buy what's in front of me, like I do. I just buy something if I'm at the store and need it, so I'm not worrying about driving all over to save a dollar or three. I don't NEED anything so I really don't spend much.
With Amazon, I’ve cancelled my prime subscription and also now just add items to the basket rather than buy now. It’s weird but it’s almost like buying but without the cost - and the added clutter! Every now and then I review the basket and make a considered decision to buy, delete or save for later. I’ve saved a LOT of money this way.
One money hint tip from me would be to stop watching reviews on youtube, they are the worst for me - there is always another book or bluray to pick up. Now sticking with a one in and one out rule so it makes me have to really think, do I really want that and what can I sell on ebay or take to the charity shop. Great video as ever
Can you make a video on what you buy at the grocery store and what you eat?
I share a lot of recipes on Patreon
Ooooh, I hate the save the credit card for future purchases option. I always, ALWAYS, delete my card info when it gets saved. Especially with all the security risks nowadays.
I love the Goldilocks zone idea-that's essentially what I've followed all my adult life! In Chinese, we have this concept of "xing jia bi," which literally translates to "performance-to-price" ratio- the key is finding that "sweet spot" where you're spending just the right amount for the quality that you need. Another big tip: we always buy secondhand everything where possible!
Sinking funds for annual taxes ($750/mo) is essential for me. Set the dollars aside now or stress later. I also pay off any credit card expenditures at the end of the month in which they’re accrued. It helps keep things real.
Sinking funds are a game changer for me as well!
You have really good advice for saving money really works thankyou
I am doing great at saving but like clockwork something always blows up when you least expect it. Home repairs, car repairs etc. I really don't know how people afford to upkeep large homes!
One thing you haven't mentioned yet is to stop giving gifts. The amount of money some parents give to their grown children or grandchildren is amazing. I'd rather save my money for a comfortable retirement house when I'm old. Anyway, they have more stuff than I do;-)
There are so many cheap or free gifts you can make for people. I like to bake bread as a small gift, or a batch of cookies. But yeah, adult children are the most expensive. Just paying for a dinner out can break a budget. I think everyone needs to have a little talk about what you can and can't afford. This is especially true when you factor in retirement.
Little kids I've noticed, love to get gifts, but typically don't give a flip about them once they have them. It won't even be a year before it's taking up space in the back of a closet, or toybox. I started gifting books. It's an opportunity to share something I love, and gives me a place to tuck a message. I also love the idea of buying kids savings bonds, or even stock. That could work with adult kids, too.
I also think it's important to be giving--even when there's no holiday or birthday. "Would you like this necklace, I don't wear anymore?" If you gift in little ways, then you won't have to be extravagant for holidays.
Really nice to see the suggestion of Buy Nothing groups. Def saved me from having to pay Junk Removal and the thing I didn’t want anymore is being enjoyed by someone else still and keeps it out of the landfill like you said!! :D
Lol. I got ad for McLaren cars.
They must think we all are really wealthy.😂
Hi Nicole, another excellent video.. I'm retired now but have been practicing what your preaching for many years and I'm happy to say your advice is spot on.. keep up the good work. Just one comment.. your teeth look fine, are you sure you need Invisalign?
the video is really useful. I have listened attentively and will apply it❤
Thanks, Nicole, very helpful. 😎
I have to pay something like you said. Totally need to cuz it's was one of those after pay the only reason I used it because it was cheaper online than CVS. My long term goal is to get a home outside of LA, CA. I hope so.
Thanks for the vacuum cleaner that was a good one🎉
I'm subscribed Nicole - been with ya since 20,000 subs!
I have an automatic transfer to a higher interest savings account each payday - it seems to be working well for me so far
Yep, I do that too! It works well.
Nicole is most on point with her money-saving video tips regarding spending; automating your savings is critical. The only thing I will add is to be very wary of pair bonding with anyone with a different philosophy on money than you. It's a great way to lose everything you have earned especially if you are a guy. Everything women have accomplished in the work world and with modern feminism and independence will be of no help if you pick the wrong person, even if only on the money thing. Enough said.
Why « especially if you are a guy » ? this experience isn’t gendered.
Tell that to my friend. She inherited $ and her ex helped her invest it to make more. Her current husband, she married on the fly - met and married less than a year. After she married him and signed him on to the house and car, she found out he has terrible credit. He couldn't get credit to buy a Tootsie Roll. The job he had, he only had it for less than a year. He told her it was all his ex-wife's fault. She had to buy him a reliable car to get to his new job that paid better. So yeah, you really have to notice, watch and take action on those red flags.... oh yeah....she had to pay his back taxes too. After they married and she bought their house, they received a letter from the IRS. Again, it was his ex wife's fault.
@@esterdrass4964 Yep it can be either side, both genders (although women tend to end up in shopping malls more than men:) have to be very careful and none of this even mentions kids and those financial impacts. The bottom line is you can't control other people so tread carefully. Thanks for the feedback!
@@gingerfellah5665 No its not gendered - but in my 60yrs life experience more women spend (men's money) and more men save statistically, not scientific but sure it's a thing.
I have found that men binge shop on bigger and more expensive items than women.@comicbooknarcissist
Not having a savings goal is what is stalling my hubby and I. The FFEF is what I am struggling with. I know we want to have 3-6 months living cost in an account. However, not having that money saved for something specific makes it harder, at least for me.
Would labeling it an Emergency Fund not help? Could call it an Apocalypse Fund maybe? lol.
lol, back in the 70,s automating your spare savings was called an empty coffee can that lived on top of the refrigerator. The best part was you couldn’t see through the can until it filled up! And if you were lucky it spilled over. Then it’s decision time saver.
Thank you for a thoughtful and rich video. I am a saver but unmotivated. I'm going to try your suggestion and set goals for my savings.
The 3 biggest expenses are housing, transportation, TAX ... not food !
Sounds like you have a focus.
Note that missed hitting the sub button..it has now been corrected...great work Nicole let them keep comming.
BTW, shopping at Shein saving you tons of money and you can buy really cool stuff there. At least I got compliments everytime I wair something from them. I have shoes from them that look identical to high brand shoes I own (they are Not leather of course) but look great and very comfortable. Compare prices: Ron White boots (one of more affordable brands)700 CAD vs Shein 50 cad
Shein is destroying the planet. Who will care about looking nice when we are all trying to survive the climate breakdown?
Great advice. Thanks for sharing Nicole.
I just bought a brand new phone. Samsung s21 FE with otterbox case $325.00 taxes included. s25 due to be released early next year. This phone seems to be all I need.
I have the exact same phone. I bought it 3 years ago and it hasn't failed me yet. Going to use until it doesn't work anymore.
🤩thank you !Love most of your video contents and i am taking notes to help me reflect on it..useful and real insights and advice.
The rough part is even if you save 10k a year to be one financial independent it's going to take two decades. That's IF you don't have to use your emergency fund and everything works out for two decades
If the money is being invested, there is compound interest.....
Hopefully it gets easier over time. A little at a time, you find cheaper housing, or a better job.
I have had many setbacks; but overall things have gotten much easier with time.
Thank you for the wisdom Nicole ❤
Very good video. I found that most purchases take some analysis. I needed a 3/4" sockets set to work on my bulldozer. A good quality new set was $150(this was 36 years ago). A cheap chinesium set was $34. I shopped fleamarkets and got a very good quality old set for $20. On the other hand, I needed a 1" socket set that I couldn't find anywhere so I had to buy the chinesium set. It is used very seldom and was "lifetime wauranty". In both cases they worked out well.
Good for you that you do it yourself. That takes courage. Most things are pretty simple but, the right tools make it easy. The more you do and build up experience, the easier new things will be. Doing it yourself can be a very lucrative side hustle. Good Luck, Rick
This is so valuable and so appreciated ❤
This reminds me i really need to buy a tire puncture kit and a car jack. I just spent over $135 on an emergency CAA charge because of a stupid nail on the road. What a waste of cash.
Love your videos. You’re always so informative.
Try another clear aligner company like clear correct or candid
Greetings from Alberta!
OMG...My goal is to purchase an in-ground pool! I've wanted one since I was a little kid. I'm so excited & motivated that I collect redeemable cans & pick up stray coins & live as frugally as possible. This purchase MUST be made in CASH...NO bank loans allowed. I can't wait for my dream to become a reality. Thanks Nicole for your weekly inspiration!!!
"Picking up cans and stray coins" I thought I was the only one who did that XD
Kneel down in bookshops and stationers and you will see Loadsa of coins riled underneath ( well it worked in the eighties )
@@musheopeaus4125 also, when you go to the self checkouts be sure to scan over the change slots for change that people had left.
Aw, that's so cute! Awesome! I wish you all the best and hope it comes true very soon!
@@Whitetiger187 I do the same with water bottles (family does cans, but I don't drink anything that comes in a can, haha, just water bottles from work), and I always pick up all the stray coins I see! It really does add up over time! X'D
Ty!
Thanks Nicole. 😊😊😊
I’m in between jobs right now. I’m going to call my bank to make sure I don’t get charged those pesky fees since I have no direct deposit. Thanks for the reminder.
Have you arranged your open plan ground floor so your sofa faces your kitchen?
I save $45,000 (after taxes) every year by living frugally, wise shopping, being a minimalist, having NO debt,
buying in bulk and more - and I only make $90,000 yearly....
Oh wow you're lucky! I make $9600 yearly which is about average wage where I live. Saving 10k a year is a dream...
@@dear27dariawhere do you live?
@@JaNouWatIkVindRussia
Where do u live😮😮😮😮
Whenever I buy something from Amazon. I remove my card after I’ve made a purchase. I don’t shop the site that often
hey i like your personallity! thanks for this great vid:)
I love CAD.
As a frugal musician. I just got a new computer that's more powerful than the last and saved up after two months. Customized and built for handling big steam games and large amounts of virtual instruments for composing symphonies for symphonic metal as a keyboardist. My sacrifice is a car. I have a backpack, and the bus is 1 dollar and Uber $10 to haul the computer. I don't have to worry about maintenance or car payments, or insurance, or registration, (or any kind of US car law). Stores most of the time where I live, allow my backpack so it's all good, I don't steal or bother anyone, just there to do business. My only bill is rent. I know some of us frugal people have a car but it's different where I live. Most people are struggling right now in the US. Welp, I'm safe in my little bomb shelter. Bought myself some Asian ingredients and veggies and meat and fish at Walmart for cheap. For US it's healthier and cheaper than US health products and process foods. How do you save and live?
I recently upgraded my iPhone 8 to an SE (yes it’s old but newer to me) and got it on eBay refurbished in excellent condition for $180 because no way in hell am I spending $800-$1k on a goddamn phone.
I agree. I've loved electronics for decades. But your choice is correct.
Nice. I bought a second-hand Pixel 2 for $180, 4.5 years ago, and am still using it. Maybe I will look to upgrade to a 6 in early 2026. Oh I will add, I did shell out to replace the battery because it had deteriorated pretty badly, but being down in Colombia, I paid maybe $60 for the part and labour.
@@BlueTorontoI thought I needed a new laptop, but I bought a new battery instead. It's working a lot better now, I definitely will need a new laptop but this one's still got life in it.
We always get our phones off ebay, too! Have for years! I just got a basically brand new iPhone 12 Mini for $250, when it retails for $600+! SUCH a no brainer!
@@7Write4This9Heart7 I'm a senior, so I just purchased a new Lively smart phone for $79.
Like the content and the wood side console, is it from west elm birch lane??
Nope. It’s the IKEA Stockholm side board.
Automating my savings is so satisfying! I'm so used to it now that when I check my savings account, it feels like the money just magically appears.
I thinking bring a lunch to work is a big one, not only is eating out un healthy but using the delivery services is extremely expensive and often goes on credit.
Stack that cash!!
My favorite free hobby is going to Barnes and noble and reading for free :D I get to go out, be around people a bit, and stimulate my mind.
Nicole, love your channel and learn also at age 62, but the problem is here in the USA, California. Being on retirement (fixed limited income) and I assure you it doesn't stretch far. Where do I shop? Thrift store and dollar store. Rising costs on EVERYTHING....HOA, utilities, insurance, gas, taxes...so groceries come last. House is paid off, vehicle is now 9 years old (Toyota Corolla, so nothing fancy, no fancy whistles or bells or high end vehicle), but house always needs some repair. No jobs nearby and many of course will not be hiring people over 60. I try to stick to a low budget cause that's all I have. Money saving is nearly impossible for many Americans. One small dog and 3 parakeets, so no human dependents.
I know it is difficult. Is there any chance you could offer tutoring in anything to your local community?
I know Nicole does guitar lessons.... Maybe you know something else?
@@SamClemens-id3cl I wish I knew how to play the guitar, but no and here in the desert it's very limited plus there's people on people looking for jobs. Many who are baking (cooking) and trying to sell. Her information is certainly useful to many that may still be working, younger, or have talents or living in areas where it's beneficial.
I'm def overspending on food n transport
Ha ha that's funny... I call it being TH-cam certified
great video
11 18....... I've been noticing a couple of my only things won't allow a credit card to be deleted without another in it's place. One is tracfone, but I can't remember the other.
I wish I could somehow stop buying so much physical media(LP records,blu-rays).Been collecting stuff for over 50 years and now it sort of causes anxiety because I can't quite handle the boxes,crates and bookshelves that house my collections as my health gets worse. I will die in my apartment all alone and when they find my rotten corpse,the landlady will just throw all my collections in the dumpster....First world problem?
At least with physical media you've got things to sell and make money back. Plus most of it is appreciating. People who spend money on digital own nothing!
Don't get invisalign. If you must get braces get the regular ones. I've had Invisalign now for 2.5 years that was supposed to be a 7 month treatment. A friend of mine teeth got completely ruined from Invisalign.