Don't worry about it, everybody makes mistakes :) The points still stand and these are great tips we can all listen to.. for literally free! Be kind people.
My Dad , who was an excellent money manager and investor, always said , “If you want to buy something , how many hours of your wages would it take to pay for it? Are you willing to give x amount of hours to buy it?”. It puts a thought provoking aspect on nearly every purchase.
I have physical disabilities and limitations. I always say how much of my time does it take to pay for whatever it is that I'm wanting to buy. I had someone tell me recently I thought about money completely differently than anyone else. So glad to be debt-free and have paid the mortgage down pretty well in the past year.
I've gotten so much crap for raising my son to live zero debt. No regrets here! He makes even large purchases cash in full. He's learned to make sacrifices to achieve his big goals and have patience.
That’s really amazing .. my parents did same to us.. I was told to use as much as cash I wanted but never to get credit card until I am responsible.. that paid off so well in life.. as I don’t have lot of credit debt at all ..
For years, I had a secured credit card with a $1000 credit limit that I kept for emergencies and paid a $35 annual fee. Finally I realized it made more sense to cancel that card and just deposit the $1000 into a high yield savings account earning 4% instead. I still have access to the money, but now I earn $40 instead of paying $35.
Since starting no spend January, I am not running through drive throughs with my teen grandson! I’m becoming that Nanny that says, “We have good food at home.”😂 I am also teaching him why! I’m already shocked at how much I’m saving!
Your comment reminded me of a meme I saw on Facebook that said “Once I started spending my own money I realized my mom was right-we DO have food at home” lol
@@TC-fx5zu When my niece got her first job her mom told her she needed to start buying her own clothes. Her mom said my niece learned real quick about how good shopping at TJMaxx was vs Abercrombie 🤣
I realized how much food I had in my house but was spending $350-500/month on groceries for 2 people (not including pets) 🤯So this month, we're eating as much as we can from the pantry, fridge, and freezer before going to the store! We're a week in and we barely made a dent!
Start laying serious attention how how many of units of each food you are eating per meal, per week, and per month. This will give you a better picture of how much you "should" stockpile in your larder. For 1 year you will need 365 units for daily eating, 52 for weekly, amd 12 for monthly. HOWEVER, when sitting with your calculator and tally sheet you may determine that eating oatmeal every morning for a year is a breakfast solution. Until you've done that for a good 2 weeks to 1 month, you won't know how much oatmeal fatigue you are likely to have. The same with all the other foods. A finanancial pinch may transcend fatigue over any one single food in the larder but the tastebuds will still know and silently grumble over yet another can of tuna fish being opened. Once you get a good cadence down then you can proactively determine just how many months of food you want to stockpile and proactively put caps on the number of units you will stockpile. Super sales, excellent prices, and "the last time you'll that pride again" can lead you to exdeed your quantity cap but you will have an idea going in how many months or years worth to stop at.
That's me too here. Working on not spending in general but also just pantry shopping. Today was a loss: I bought a gas station coffee and hunny bought a donut. No worries though, we have the rest of the month to win still! It's about progress not perfection!
I never saved much until I got out of debt a few years ago so I’m playing catch-up at age 63. Now I earn $6000/mo. and live on less than $1800, saving 70% of my take-home pay. I don’t own a house or car, but I’ve been able to reduce every expense and still live comfortably. I rent a nice apartment, eat well, travel and buy whatever I want. I just wish I’d started earlier because the runway is so much shorter now.
I involved my children in budgeting and money management from an esrly age and also did penny savings etc etc. Now my children are young adults,debt free with savings and emergency funds and my son purchased his car in full no credit needed 😊
I am shopping at Aldi. It saves me at least $150-200 a month in groceries compared to other stores in my area. Also, I used the pick up service. Saves me money as I don’t go in the store to end up tempted at items I don’t need. 😊
An excellent tip someone shared with me and I still use it is to calculate how many hours of work it would take to buy that item. For example if you want a $300 pair of shoes and you make $25 an hour then to pay for them would require 12 hours! That for me really puts things in perspective and 99.9 percent of the time it absolutely wasn’t worth that amount of work. I hope this helps someone. I appreciate you and your videos 😊
This month is No spend, No extras, No going out, No flirting with any temptations for me. It is aiming for the Gold: growing Savings. Success feels so good! $$$ ❤😂❤ Thanks Kate and Best of Success to all the K-Squad. 🎉🎉🎉
2023 was the worst year for us financially, everything that could go wrong did. We made it through because I had built up an emergency fund previously (now all gone unfortunately, and starting again). The only dept we have is 4 years left on a mortgage at 1.6%. We are not big earners. If we can do it then anyone can. It takes time and effort. Willing to help anyone who needs some advice. Best wishes.
I gave both of my kids a copy of The Simple Path to Wealth for Christmas. Both are debt free. So proud of them! Sue and I decided last year that 2023 would be a year that we create a 3 month emergency fund. OK great, but once we hit 3 months that seemed easy so we went for 6 moths. And so forth. On Dec 30 it was official we have 9 full months in our emergency fund. In 1 years time we saved 9 months expenses in a savings account. That is crazy! We also put quite a bit into our 401Ks. We really didn't think too much about it but looking back over the last year we hardly spent any money, we spent no money, zero bucks on unnecessary stuff.
I cancelled groomer for the dogs. Savings for next month - 2 scripts were monthly and filled for 90 days saving 41.99 for Feb & March. Working to improve health so I can get off scripts completely.
My husband and I are doing the no spend January. I recently lost my job so that makes it easier not to spend since I'm home more now. I had to go into JoAnn fabrics this week to buy something for my sewing machine. I looked at all the things I usually looked at but with one difference. I told myself with each item I picked up (and wanted to buy) " You have plenty at home. You don't need any more." It worked! This was the first time I went into JoAnns and bought only what I needed! It felt so good! Kate, thank you for all the awesome content. I am learning so much from your great practical advice!
You should get a medal for that!! I've been looking at Hobby Lobby because I need some new canvases. But I doubt I'd get out of there with just the two canvases I need.
Hi Kate. I actually started doing a savings account called “10% Fund”. Every Friday I immediately transfer 10% of our take home pay into it. My husband actually increased his 401K contributions to the maximum amount. We will be getting a decreased amount in our paychecks, but we can do it. I’ve been trying to do a “capsule grocery list” and am cooking more at home. Thank you for all the great advice 😘😊
We are doing "No Spend January" and the three rivers "Pantry Challenge" at the same time. This is the 3rd year of NSJ and the 2nd of the pantry challenge, but the 1st year combining them. Some think we are nuts and there is no way (just makes me more determined). Hubs is on board completely and loves this new way to start the new year. Have a great day!!!
That's the key. Everybody in the family (kids/husband) all have to be on the same page and understand the W factor. U have to work as a team..❤❤ Dawn 😊 What is the Pantry Challenge?
Me too Dawn. I find it is something quite exciting and challenging to start the new year this way. It is too easy to feel a bit deflated after Christmas and go sale shopping to cheer ourselves up. Our way is cheering in itself and I additionally like to tread more lightly on the World and stop acquiring ‘stuff’ for the sake of it. Me and hubs are also eating very healthily on the pantry challenge! It’s all win, win!
I regularly do a limited spend but am currently trying to help a colleague at work with her financially situation so planning on doing Fugal February! We have discussions about how to track spending, money mindset, pay yourself first (savings) etc. plus creating a pay day routine, all ready to hit it big on 1st Feb. I am hopeful that if we support each other we can both gain something from the experience.
Not grocery shopping every week... Trying to stretch it out a couple days further each time... one way I am able to do this is because I switched us over to organic milk which has a much longer shelf life...the longer you stay out of the grocery store the better it is for your wallet...
This month I started a small savings challenge book. Each and every challenge will go towards my credit card debt. Once that whole book is done, along with my normal monthly payments, I should be mostly CC debt free. I'm very excited!!!
Spend Less is for me. I'm doing No Spend January and successfully avoided all the after Christmas sales, Macy's January sleepwear sales, tempting plants at Trader Joe's, clothing, and a subscription I almost fell for. So far so good.
My husband and I are retired. We set aside $150 each, $300 for groceries a month. We pay cash for groceries and don’t go over our budget. When we get close to the end of our money we pantry cook or freezer cook. We fix a cheap soup or eat BLT,s for dinner. We eat leftovers and never throw away any food. Even a little bit of beans or rice leftovers will be frozen to put in vegetable soup later. We live in a nice home and drive nice cars. I start buying Christmas presents in January that are on sale to save some money. Of course not everything can be bought on sale. We don’t eat fast foods because that is a huge expense. That $20 dollars will buy a lot of groceries.
I love frugal Fridays ❤ every week is a reminder of what is my current focus. Thank you, Kate, for all your hard work to consistently deliver such valuable, positive and inspiring content. ❤
I’m doing No Spend January and book club (creating a budget as a goal). I’ve stopped Amazon Prime and Disney+ subscriptions and looking into changing gas and electric provider as the last bill was eye watering! Also cutting down on grocery bill by reducing snacks bought. Kids are not going to be happy but they will be healthy! 😉 Thanks for all the brilliant tips Kate and K-Squad x
Pay yourself 10% first has change my life for a couple of years. After 6 month or so i found out that i can save another 10% from those 90% that left. Now i save 50% that makes me proud
I am doing No Spend January and with only one week down, so far so good. Also in December I had a really good month at my antique mall booth. With this extra money I am paying off my last credit card which is the one I use for auto pay of all my bills. So even though I am carrying a small balance at the moment, there will be a NO BALANCE come next Tuesday. Love Frugal Friday.
Last January I started the 10% savings from each paycheck. by august i increased it to 15%. This year i'm aiming for 20%. Also doing the no spend January and a pantry challenge
We have stopped eating out completely for January. I left the house yesterday to do errands around lunchtime and thought, I’ll just pick up something while I’m out. Then I had to stop and think, I’m choosing not to do eat out, so I packed some snacks before I left. Old habits die hard. It was just so automatic to say I’ll get something while I’m out.
One thing I think is missing is along with 3 months of cash. I believe everyone should have 3 months of food. It’s an investment. Saves you money because food costs will keep going up. Also food is a large bill. If you were to have loss of job and you had emergency fund and food stock, you’ll be ok.
Yes, yes, yes....Job seeking costs money between vehicle gas, computer hardware copies, maybe some resume paper, a notebook or more to keep things organized, media for computer backup copies, maybe some clothing even if it is thrift store ware, etc... For ourselves, we are moving into a more inclusive 3 month plan in 2024 to include the bills, money for fill-in groceries, vehicle gas, etc...The pantry is between somewhat and reasonably stocked; it will get a serious review before the year is over and likely in a few months because we are also juggling some bigger ticket items this year too. We definitely consider the larder to be a significant part of getting through leaner times.
I agree. My friends make fun of me because I have a pantry full of shelf-stable food. I didn't intentionally do this, just bought an extra can of soup or whatever when it was on sale. Mostly because I live in a cold climate and wanted to have food on hand in case I couldn't get to the store. I rarely eat out or get food delivered because I already have so much to choose from.
You have weird friends.😂 Everyone I know has months worth of pantry staples and meat in the freezer. We could eat for 6 months or more only buying fresh veg and fruit.
I already do the saving 10% and have created a cadre of like minded friends. I have been working on avoiding debt and that is the focus for this year. You are so right about being solution focused. I want to quit my regular job and have my partime job be my main source of income as it is much more flexible. I see avoiding debt as the solution to this problem. My expenses are low enough that I could live off of very little if I didnt have debt payments. So my side hustle and my regular 9-5 are working right now to funnel large amounts into debt payments to get rid of them. The goal is $15,000 in 6 months and I have a buffer of 2 more months if necessary. Yes it is a bit extreme but it is for a short season for long term benefit. Wish me luck!!!
The hubby and I are working on saving 10% (minimum) of our take home pay. Working on our emergency fund and also not letting family influence us to use credit cards. We have family members who think we’re broke or struggling because we only have one credit card which we pay off completely 😂 They can’t fathom why we won’t get more credit cards. How sad is that?!
I am doing my 4th year of no spend. Only buying essentials. Except for my buffer, I zero balance my chequing account, and put into tax free savings/investment account (Canada-TFSA). I do this monthly and at year end. Weekly, I grocery shop the loss leaders after looking into pantry and freezer to see if I need to stock up and meal plan around that. I also eat leftovers and if it will be too much to consume, I freeze portion sizes for another time. I also start looking for ways to cut spending, or finding Cashback or unused reward points to use at beginning of the year. I call that “find me the money” challenge. I also, take any accumulated change or money from $5 bill challenge and put it into investment account. I make a list of goals for the year and keep inventory of gifts I have budgeted for the year. If I follow my plan, I should hit my major savings goal this year. I keep a yearly spending/ savings journal and it is a place I write thoughts and strategies down.
We are participating in the no spend January that will probably be all year...to save money, we buy in bulk and pay less for items that we know we are going to use ... TP, Rice, beans, pet food etc. We currently are putting $1000 a month each into deferred compensation and that's secondary to our state retirements.. We recycle metal to make extra money and recycle pet food bags into garbage bags...I use to wash Ziploc bags to reuse but don't have time right now because we work so much. We carpool to work and our two main vehicles are diesel. We kept our AC/heater off for almost all of October, November and December and have only recently had to use the heater. We are installing new gas logs to heat the house cheaper. We cook in bulk for the week on the weekend to carry lunch to work. I use Ibotta, Rakuten, Retail me not, Capital one shopping, and Fetch to save/make money. I try to hang all our laundry on the clothes line but it has been colder lately and don't have time to wait for it to dry. If anyone has any other ideas for me, please let me know...I feel like I am squeezing so hard on this and cannot save/make any more money.
I used to work at Walmart for many years. They had an employee stock purchase plan that Walmart would add 15%up to a certain amount. I always maxed it out. It was like making 15% interest plus what ever the stock market did. They also used to have a profit sharing for employees.They also did a small 401k match. Even though Walmart was not the best employer I was able to retire at age 57.
The one thing I’m doing to save money is not eating out. I’m batch cooking, and freezing meals for later. I’m also working hard at the no spend January!!
My friend and i just been to a museum in london..its free. I drove and we took our own food and drink...she is so supportive ,shes on big money im on disability but shes aware and never encourages me to spend what i dont have.
My thing: today I was so close to order a beautiful gift which had an amazing sale price for a friend and the moment the homepage asked for my adress I stopped and thought "wait! That 13€... its no spent.". Ived closed the homepage and havent felt guilty at all because I planned and Budgeted already for something else before this month and I was so proud to not just order "because". 🎉😊
Ha ha I was talking to a lady at dg store I go in there often but am cutting down I told her about your Chanel and she is now hooked lol 😂 so she followed me around with my list and helped me to buy only what is on my list ha ha. It was so fun and I realized how I do the impulse grab (she stopped me saying is that on the list and why are we buying off the list...I saved so much money) . We also are talking strategy on how to get out of debt and our goals lol ❤....we are accountability buddies.
Love this! DG used to be my downfall! Now I try to be strategic, use coupons, shop Saturday only to get the extra $5, and shop from my list! Does make a difference! So glad you found someone to partner up with! Helps tremendously!
Great video: All 5 tips are gems. For January, I'm doing no-spend/low spend which includes a pantry challenge (my freezer desperately needs it!) and looking for ways to reduce expenses (cable, phone, etc.). Also, importantly, I'm frequently watching/listening to my favorite TH-camrs/Podcasters: (you (Kate Kaden), Under the Median, Centsible Living with Money Mom), who keep me motivated with all the ideas, encouragement, and coaching:. I am near retirement and I am paying off my mortgage before I retire so I have the fire in my belly to accomplish this life goal!
I watch for sales on produce. Recently I bought 10 pounds of Yukon Gold potatoes for $3.99. That gives me 2 potatoes a day for 18 days. I bought 10 pounds of onions for $2.77. That lasts me a month. I count my vegetables and portion them out. E.G. four prunes a serving. six brussels sprouts per serving. One carrot per serving. I eat two meals a day. I use containers rather than baggies or saran wrap. I make delicious baked beans from 1 cup of dry beans. Soak them overnight. Then cook low and slow until tender. About 2.5 hours on the stovetop. 1 cup of beans swells. It makes 5 servings at about 15 cents a serving. One serving of kale is two large leaves, washed, cut, and cooked in boiling water for seven minutes or until tender. Drain. Save the pot liquor for a hot nutritious beverage
Love this! Most Americans eat WAY too much food - compare the serving sizes of today to the serving sizes our grandparents ate - so you’re saving money now AND improving your health, which saves money in the future!
What I'm doing this month cut down on debt is watch your channel, read the free PDF I downloaded of the book you mentioned while I listen to the free audio book of the same. Thanks for these great idea!
I saw a tip on one of the comments from a past video where someone commented that they take the last 3 digits (at least once a week) from their account balance and move it to savings. When that savings account gets to 100.00 they make an extra payment of 100.00 towards a debt! I implemented this. It's also a "fun" game lol. In addition to this your saving 10% is doable! I love the way you break it down further into weekly. It clearly is an eye opener. A 100 mile journey starts with a single step as the saying goes! Very true!
I round up everything I write in my checkbook. It generally creates a buffer quickly ($5.03 = $6) once it hits $500, I transfer $300 to a debt or savings. I always leave a $200 buffer for “unexpected surprises” that might come up.
Have a great week! 😊 one specific thing this week was planning every meal, tracking every meal and doing it all the night before. No surprises. Also helpful to see what fresh produce I might need. Results are already better than all of last year.🤗
To save more I have decided to do a no buy year starting this month. I sold an extra vehicle which reduced my car insurance, My health insurance premiums were cut in half, and I reduced a couple of other bills so going forward Im saving on all of those each month. I started a Roth IRA and a high yield savings account with Betterment and have added to those. Ive been debt free for years but now Im focused on saving for retirement.
Awesome tips! I really have to get back into putting a little from my paycheck into a separate account. My one tip would be just to have grace with yourself! If you make an impulse purchase, don't get frustrated, but just try to figure out why you made that impulse purchase and try to do better in the future. I wound up making an impulse purchase on January 1st and I was soo mad at myself. I discussed it with my hubby and instead of getting mad, he just explained that these things happen and was able to help me figure out why I made the purchase. He also was the one who suggested that I just extend No Spend January until February 1.
Definely spend time with non spenders (not users though). I work with a spender, but I offer her alternatives (we made 2 wks muffins, had fun, didn't drive anywhere & saved $8).
Im making a big push on decluttering and putting those things on marketplace that i should have done ages ago!!! Im trying to build back my emergency fund that got erroded while i was on maternity leave! So lots of free outings with the kids to the park/ beach etc with Family bring a shared snack for the kids like cut apples or homemade muffins!!!
Great video as always, Kate, and Happy New Year! :) you've inspired me to pay off my mortgage early so I've gone ahead and setup $250 monthly payments on the principal. It should knock off 10 years from my loan 🎉🎉🎉
this year when I got my credit card statement, I had paid zero interest and had gotten $255 in cash back. I am somebody who used to pay a minimum on a $10-$15,000 balance. It feels good I'm going to do this again in 2024 at this time I'm going to save the cash back for Christmas instead of just plugging it back into my payments.
I am all in on the no spend January. I am debt free right now and want to stay that way. I am a senior and only receive $1300/month. I am using up the things in my pantry and freezer before making any other purchases and being mindful of what groceries I buy. I am happy to say I got some gift certificates for Christmas that have made things easier. I am going to put a transfer order on my checking to savings acct for that 10% right now. I am an artist and occasionally sell some of my work, this gives me that slush fund that is sometimes needed. Your suggestions, are very practical, especially for younger people as well as elders like me.
I'm on Social Security. I'm a renter. I'm anticipating rent to go up AGSIN this summer. I'm also going to turn 65 in December and have to decide IF I can afford traditional Medicare. That will cost around 400.00 a month. So, to SEE IF that is even going to be possible for me to do, I am throwing that rent increase and 400.00 premium money into a savings account NOW and attempting to live on 25.00 a week. So far, I have stayed on target, but 25.00 is really not sustainable, but for now, it is helping me to save a cushion.
How I’m saving this year- I’m selling my house and purchasing a less expensive home that actually fits my needs and desired lifestyle much better. This reduces my cost of living as far as a mortgage, but also utilities and the general cost of living will decrease too. Not to mention improving my quality of life! Good quality of life generally increases good habits (spending lol) and decreases bad ones 😊
I’m meal prepping and doing a no/low buy this year. Canceling all the streaming subscriptions except TH-cam premium, and Amazon Prime. Doing all beauty shop treatments myself. I want to pay off my car ASAP and then build up my emergency fund back to 6 months of expenses. 2023 was a hard year health wise and I lost income. But I’m getting at it this year 🎉
No takeout We have a pantry that is way too full, not complaining! But we need to USE IT UP! So the grocery shopping is at a bare minimum for the foreseeable future as well. Im looking for stuff around my house to sell and hage an interview saturday for a part time job (along with my full time) to get to my 6 month emergency fund. We are getting it done Kate! you freaked me out when you put it that way in the video. we are paying interest every month to HOLD on to a debt. like its some privilege or something?!? SO done with it!!
At the onset of '22 we began an effort to condense open containers, use up open containers, and use unopened containers of this and that collecting dust in cupboards et al as a decluttering effort. By the end of '22 we were doing much the same as a frugality measure while also shifting mindset as to just why we were holding on to special items for special occasions; I did some mighty fine diy bathed in some mighty fine scented soaps. We continued this into 2023 and found that we were able to better fund our financial goals without running out of stuff or adequate alternatives by using up what we owned and also making do. (Except shampoo right before Christmas which we had purchased in quantity some time before at an excellent price and didn't monitor for replacement.) At this time we will be doing much the same into 2024. For example, the other half's lined, flannel hoodies are on thier death legs and he's got a number of nicer(ish) casual dress jackets in the closet that I paid no more than $10 for but most were $5 or less at the thrift store. This month, we will be cutting up the thin, torn, oil stained hoodies and replacing at least some of them with the closet jackets. We can better afford to use the nicer jackets than buy a new or used flannel hoodie.
Thank you. I have set up an additional bank account. This month I received a little extra income so it will be transferred over today. Also, it is my goal to save at least $400 a month so I’ll be transferring that as well on auto transfer. Now I’ve got to compare that amount to the 10% you mentioned. 😅 wish me luck. The $400 is basically coming from grocery and fast food expenditures; and Amazon. They are going to miss me. 😢
I' m listening to "12 Week Year" book...and ordered the workbook...SO FASCINATING!!! Change your mind...change your life! Thanks Kate for suggesting! Also will do your book club videos!!
I switched to reusable and refillable stuff a few months ago, saving money and going low waste (dishwashing liq, handwash, sanitary napkins and such). The refils cost a lot less. the other thing is diluting liquid soaps and shampoos ..which btw still does the job great and they last like 3 months at least. First time on a no spend January and I have spent only half of my weekly grocery budget🎉🙌
I am doing a no-spend January as a kick start to a had push year. School loans (final debt) will be paid off in two months and I have some major savings/investment goals so I am returning to a practice I had at the beginning of my journey and that is to journal something everyday to encourage myself. Sometimes it is just writing down what I did or did not spend. Other times it is detailing an idea or plan or maybe going back over the past year of my savings and investments and writing out the gains. It doesn't matter what, it is just to keep it foremost in my mind in a positive way. There is minimal negative written down unless I learned something from it that I can use to encourage myself.
I love that!! I'm keeping a journal of expenses for Jan. So far no money put on my credit card for the first 4 days of Jan. That really motivates me to keep going! I also come back to Kate's videos to keep me on track if I get the itch to spend.
This month we've had a whirlwind financial adventure having to do with some out of the ordinary business and expenses that we've had to see to. (Long story!) I paid off a store credit card that I'd paid down to around $600....now it's paid in full! We are having to "beans and rice" it a little to have made that happen...but it's well worth it. We then realized that we'd have to buy a set of tires for my husband's truck (he's had to plug two tires numerous times recently....ugh) ...but we bought a good gently used set from a neighbor. Again, we're shoved further into our emergency pantry, but that's what it's for. I'm grateful for what we've been able to do. I am the person in our family much like the author of the book that you mentioned (and her Mom). I am a "figure-it-outer". Tough times make tough people. ; ) God bless!
Good, encouraging video! I'm naturally thrifty, but need to work on saving more since I'm about a year away from retirement. Our income will decrease by half and that scares me. Going to increase my bi-weekly auto save.
Maybe consider a side hustle that you could continue after retirement. I'm selling items on Poshmark and I know my husband would also find a small job after he retires for extra income.
I love your content! Yes! Get out of debt and save for emergencies! My husband and I are in our 60's. I wish we had your content when we were younger. It took years of trial, error, tantrums, pouting, discipline, sacrifice, etc. But now.....furnace goes out, new furnace and air conditioning....$20,000?! Meh, ouch, but not devasting, doable. It took a lot to get here, and we are still vigilant, which is why I follow your work. Support and encouragement is crucial. Thank you for doing what you do! You make me hopeful for others.
Isn't that just crazy?!! $20,000 for a new HVAC!! About 2 years ago our heater starting making a horrible noise. We had hvac guy come out. They suggested a new system. 😡 My husband googled the issue, ordered the part online for about $80 and with a YT video replaced it. Works fine!!!! Makes me sad and angry to think they we might have replaced our entire system and spent $20,000 instead of $80.
Made a new budget (realistic one) and plan to stick to it. Monitor where all every dollar goes. Also save extra $400 a month (me extra monthly income). Wish me luck😃
At the beginning of this month, I had the intention of doing no spend / no eating out. But then I wanted to be able to spend time with multiple friends over some meals, so I will be doing your capsule grocery list and shop at a less expensive grocery store. And no takeout / to go orders for myself. I already save about 20% of my take home pay, but want to add more to my retirement funds.
This month I am doing the no spend January. So far 5 days in and doing well! I am working on paying off my debt and once I am debt free I will start fully funding my sinking funds.
I tried the nickel a day strategy for the 1st 7 months this year. If you transfer a nickel a day + one more nickel every day for a year to savings you end up with $3339.75 by the end of the year. I did it until it was something like $75-$80 a week. Gave me the buffer in my vacation fund I needed at the time. I will do this every year now for as many months as I can handle it, and it was fun!
Someone once said to me, "If you say yes to buying this thing, you are saying to no to a million other things." Think very carefully about what you are buying. Is there something you already own that could serve the same purpose? That question right there usually stops me in my tracks. My one thing I'm doing this month is staying out of thrift stores. There's something about the mentality of being in a thrift store and finding a bargain that pulls the rug out from under me. It's a different thing than, say, seeing something on Amazon that looks like a good buy. In a thrift store, I'm also trapped by the feeling that it won't be there tomorrow if I don't snag it today. Plus the idea of "I'm here now and I don't know when I'll ever be back" trips me up. Just staying out of those places is my only recourse.
Mr. Money Mustache rocks. Thank you for introducing me to his work, Kate. And for anyone interested, Tim Ferriss has a great interview with him on TH-cam that was conducted in 2017 and hits on so many points regarding the nature of real happiness. Definitely worth a listen..
YASSS! Love both of them! Thank you for sharing this!
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Have a new savings project this week. Each week I set aside the number of the week: €1 week 1 + ... €52 week €52. If my calculations are correct it should amount to €1378 at the end of the year and be painless.
Modest changes ahead for me. Switching my cut/color from 5 to 6 weeks; already have my supplies for next Xmas (sewing waffle linen/cotton toweling I bought last year on sale, etc.) and thrifting some others); focusing on reducing waste; donating $ throughout the year rather than at year‘s end; and increasing retirement contribution from my part-time job.
I too am a fan of Marie Forleo. I’m attending one of her “free “ workshops next week on time management. For my no spend trick I am doing MWF each week of no extra spending. So far so good, but it’s week one!
I going to cut back on eating out. It’s hard because my whole family constantly goes out to eat we have an abundance of food at home. Literally! I have a goal to buy a car in 6 months and I need to save as much as possible.
One of my pet peeves is going out with friends/ coworkers and splitting the bill by the number of people present. Yeah NO! I enjoy your company and budget the meal for myself not the few that want me to pick up part of their tabs. I was actually told I was cheap. Let's just say there was a conversation. Pick your peers, carefully.
I’m working on getting our grocery bill down. I don’t need to spend as much as I do with just 2 people and I want to save more to put it towards travel & remodeling. We have a car loan and that is all, it’s under 3% so we are not trying to pay it off too quickly. We tithe and save more than 10%, we have been getting cd’s when we reach a certain amount.
Bless! Thank you for this video - I feel more confident I'm going to be doing so many things to help my situation. Definitely spending less and earning more and speaking to creditors. I screwed myself getting into debt. Avoid it as best you can, everyone!!!
Wise words once again. At the beginning of every year, most of us need to be reset in our thinking and doing. Great video. I'd like to take a moment, with your permission to give a shout out to the youtube channel, frugalfull. She is a subcriber here and is starting her own frugal channel. Unfortunately she fell at the end of the year on ice, and has shattered part of her arm. She could really use some new subscribers watching her videos to boost her income during this difficult time. Thank you Kate for all you do here.
I'm doing No Spend January for a start, will probably keep it up through the year. Eating from our pantry to lower the grocery bill. Need to build our safety net back up as last year we had a lot of big expenses (braces on our eldest for one).
I would love for someone to talk about what to do when you are married for 30 years and you are learning and growing with money but your spouse is not. My husband I do not agree on what we should spend our money on. I wish there was more guidance with this topic. Great video Kate!
***Correction: The interest is per YEAR not MONTH. I got a little excited and said the wrong word. I’m human. I apologize. The point is…avoid debt…***
Don't worry about it, everybody makes mistakes :) The points still stand and these are great tips we can all listen to.. for literally free! Be kind people.
My online savings account pays interest monthly so it works for me! Happy New Year Kate xxx
Buy nonperishable household items in bulk
Too funny. I was just going to comment on this and saw your correction. 😅
My Dad , who was an excellent money manager and investor, always said , “If you want to buy something , how many hours of your wages would it take to pay for it? Are you willing to give x amount of hours to buy it?”. It puts a thought provoking aspect on nearly every purchase.
YESS!! Love that Barbara. Wise words from Dad!
Oh how funny cuz I made pretty much the exact same comment before I read yours 😂 great minds
That is exactly what I do. 9 out of 10 times my answer is a resounding no.
Love this. The framing of buying the thing is perfect.
I have physical disabilities and limitations. I always say how much of my time does it take to pay for whatever it is that I'm wanting to buy. I had someone tell me recently I thought about money completely differently than anyone else. So glad to be debt-free and have paid the mortgage down pretty well in the past year.
I've gotten so much crap for raising my son to live zero debt. No regrets here! He makes even large purchases cash in full. He's learned to make sacrifices to achieve his big goals and have patience.
Great job!
That’s really amazing .. my parents did same to us.. I was told to use as much as cash I wanted but never to get credit card until I am responsible.. that paid off so well in life.. as I don’t have lot of credit debt at all ..
Thats just straight up good parenting.
For years, I had a secured credit card with a $1000 credit limit that I kept for emergencies and paid a $35 annual fee. Finally I realized it made more sense to cancel that card and just deposit the $1000 into a high yield savings account earning 4% instead. I still have access to the money, but now I earn $40 instead of paying $35.
Brilliant! Thank you for sharing that.
These small amounts don't seem like much, but fees can literally nickel and dime us right out of our discretionary cash.
Smart.
Since starting no spend January, I am not running through drive throughs with my teen grandson! I’m becoming that Nanny that says, “We have good food at home.”😂 I am also teaching him why! I’m already shocked at how much I’m saving!
That is amazing!!!
I also try not to eat out as much ✌️
Great lessons for your grandson! 👏
Your comment reminded me of a meme I saw on Facebook that said “Once I started spending my own money I realized my mom was right-we DO have food at home” lol
@@TC-fx5zu When my niece got her first job her mom told her she needed to start buying her own clothes. Her mom said my niece learned real quick about how good shopping at TJMaxx was vs Abercrombie 🤣
I realized how much food I had in my house but was spending $350-500/month on groceries for 2 people (not including pets) 🤯So this month, we're eating as much as we can from the pantry, fridge, and freezer before going to the store! We're a week in and we barely made a dent!
Start laying serious attention how how many of units of each food you are eating per meal, per week, and per month. This will give you a better picture of how much you "should" stockpile in your larder. For 1 year you will need 365 units for daily eating, 52 for weekly, amd 12 for monthly. HOWEVER, when sitting with your calculator and tally sheet you may determine that eating oatmeal every morning for a year is a breakfast solution. Until you've done that for a good 2 weeks to 1 month, you won't know how much oatmeal fatigue you are likely to have. The same with all the other foods. A finanancial pinch may transcend fatigue over any one single food in the larder but the tastebuds will still know and silently grumble over yet another can of tuna fish being opened. Once you get a good cadence down then you can proactively determine just how many months of food you want to stockpile and proactively put caps on the number of units you will stockpile. Super sales, excellent prices, and "the last time you'll that pride again" can lead you to exdeed your quantity cap but you will have an idea going in how many months or years worth to stop at.
YASSS!
That's me too here. Working on not spending in general but also just pantry shopping. Today was a loss: I bought a gas station coffee and hunny bought a donut. No worries though, we have the rest of the month to win still! It's about progress not perfection!
I’m so guilty of this! Over buying food
I never saved much until I got out of debt a few years ago so I’m playing catch-up at age 63. Now I earn $6000/mo. and live on less than $1800, saving 70% of my take-home pay. I don’t own a house or car, but I’ve been able to reduce every expense and still live comfortably. I rent a nice apartment, eat well, travel and buy whatever I want. I just wish I’d started earlier because the runway is so much shorter now.
I involved my children in budgeting and money management from an esrly age and also did penny savings etc etc. Now my children are young adults,debt free with savings and emergency funds and my son purchased his car in full no credit needed 😊
I am shopping at Aldi. It saves me at least $150-200 a month in groceries compared to other stores in my area.
Also, I used the pick up service. Saves me money as I don’t go in the store to end up tempted at items I don’t need. 😊
I rely on Aldi but my list has gotten shorter because of fails of their fresh produce.
An excellent tip someone shared with me and I still use it is to calculate how many hours of work it would take to buy that item. For example if you want a $300 pair of shoes and you make $25 an hour then to pay for them would require 12 hours! That for me really puts things in perspective and 99.9 percent of the time it absolutely wasn’t worth that amount of work. I hope this helps someone. I appreciate you and your videos 😊
YAS!
And remember to calculate that as take home income. Which is much less than 25 an hour.
@@lovechangesusThis. I only bring home approximately $.65 of every $1 I make or $65 of every $100. That’s much less than $100.
This month is No spend, No extras, No going out, No flirting with any temptations for me. It is aiming for the Gold: growing Savings. Success feels so good! $$$ ❤😂❤ Thanks Kate and Best of Success to all the K-Squad. 🎉🎉🎉
2023 was the worst year for us financially, everything that could go wrong did. We made it through because I had built up an emergency fund previously (now all gone unfortunately, and starting again). The only dept we have is 4 years left on a mortgage at 1.6%. We are not big earners. If we can do it then anyone can. It takes time and effort. Willing to help anyone who needs some advice. Best wishes.
Just curious how much was your emergency fund?
I gave both of my kids a copy of The Simple Path to Wealth for Christmas. Both are debt free. So proud of them!
Sue and I decided last year that 2023 would be a year that we create a 3 month emergency fund. OK great, but once we hit 3 months that seemed easy so we went for 6 moths. And so forth. On Dec 30 it was official we have 9 full months in our emergency fund. In 1 years time we saved 9 months expenses in a savings account. That is crazy! We also put quite a bit into our 401Ks. We really didn't think too much about it but looking back over the last year we hardly spent any money, we spent no money, zero bucks on unnecessary stuff.
YASSS!!!!
I cancelled groomer for the dogs. Savings for next month - 2 scripts were monthly and filled for 90 days saving 41.99 for Feb & March. Working to improve health so I can get off scripts completely.
Way to go!
I cancelled all my streaming services and got to save $100 I didn’t know I was spending until I started doing my budget this year 🙏🏼
My husband and I are doing the no spend January. I recently lost my job so that makes it easier not to spend since I'm home more now. I had to go into JoAnn fabrics this week to buy something for my sewing machine. I looked at all the things I usually looked at but with one difference. I told myself with each item I picked up (and wanted to buy) " You have plenty at home. You don't need any more." It worked! This was the first time I went into JoAnns and bought only what I needed! It felt so good!
Kate, thank you for all the awesome content. I am learning so much from your great practical advice!
You should get a medal for that!! I've been looking at Hobby Lobby because I need some new canvases. But I doubt I'd get out of there with just the two canvases I need.
Hi Kate. I actually started doing a savings account called “10% Fund”. Every Friday I immediately transfer 10% of our take home pay into it. My husband actually increased his 401K contributions to the maximum amount. We will be getting a decreased amount in our paychecks, but we can do it. I’ve been trying to do a “capsule grocery list” and am cooking more at home. Thank you for all the great advice 😘😊
YASSSS Rachel!
I want to start this january with saving ten percent of my income. Cook more and cutting eating out.
You can do it!!!!
We are doing "No Spend January" and the three rivers "Pantry Challenge" at the same time. This is the 3rd year of NSJ and the 2nd of the pantry challenge, but the 1st year combining them.
Some think we are nuts and there is no way (just makes me more determined). Hubs is on board completely and loves this new way to start the new year.
Have a great day!!!
Wow that’s kol.. update us on how it went at end ..
That's the key. Everybody in the family (kids/husband) all have to be on the same page and understand the W factor. U have to work as a team..❤❤
Dawn 😊 What is the Pantry Challenge?
No spend January and pantry/freezer groceries for us, too!
Me too Dawn. I find it is something quite exciting and challenging to start the new year this way. It is too easy to feel a bit deflated after Christmas and go sale shopping to cheer ourselves up. Our way is cheering in itself and I additionally like to tread more lightly on the World and stop acquiring ‘stuff’ for the sake of it. Me and hubs are also eating very healthily on the pantry challenge! It’s all win, win!
I regularly do a limited spend but am currently trying to help a colleague at work with her financially situation so planning on doing Fugal February! We have discussions about how to track spending, money mindset, pay yourself first (savings) etc. plus creating a pay day routine, all ready to hit it big on 1st Feb. I am hopeful that if we support each other we can both gain something from the experience.
Not grocery shopping every week... Trying to stretch it out a couple days further each time... one way I am able to do this is because I switched us over to organic milk which has a much longer shelf life...the longer you stay out of the grocery store the better it is for your wallet...
This month I started a small savings challenge book. Each and every challenge will go towards my credit card debt. Once that whole book is done, along with my normal monthly payments, I should be mostly CC debt free. I'm very excited!!!
Spend Less is for me. I'm doing No Spend January and successfully avoided all the after Christmas sales, Macy's January sleepwear sales, tempting plants at Trader Joe's, clothing, and a subscription I almost fell for. So far so good.
My husband and I are retired. We set aside $150 each, $300 for groceries a month. We pay cash for groceries and don’t go over our budget. When we get close to the end of our money we pantry cook or freezer cook. We fix a cheap soup or eat BLT,s for dinner. We eat leftovers and never throw away any food. Even a little bit of beans or rice leftovers will be frozen to put in vegetable soup later. We live in a nice home and drive nice cars. I start buying Christmas presents in January that are on sale to save some money. Of course not everything can be bought on sale. We don’t eat fast foods because that is a huge expense. That $20 dollars will buy a lot of groceries.
I love frugal Fridays ❤ every week is a reminder of what is my current focus. Thank you, Kate, for all your hard work to consistently deliver such valuable, positive and inspiring content. ❤
I’m doing No Spend January and book club (creating a budget as a goal). I’ve stopped Amazon Prime and Disney+ subscriptions and looking into changing gas and electric provider as the last bill was eye watering! Also cutting down on grocery bill by reducing snacks bought. Kids are not going to be happy but they will be healthy! 😉 Thanks for all the brilliant tips Kate and K-Squad x
WAY TO GO NIA! This is AWESOME!
No other companies here.. utiities are kiling us and we are careful
Pay yourself 10% first has change my life for a couple of years. After 6 month or so i found out that i can save another 10% from those 90% that left. Now i save 50% that makes me proud
I am doing No Spend January and with only one week down, so far so good. Also in December I had a really good month at my antique mall booth. With this extra money I am paying off my last credit card which is the one I use for auto pay of all my bills. So even though I am carrying a small balance at the moment, there will be a NO BALANCE come next Tuesday.
Love Frugal Friday.
Last January I started the 10% savings from each paycheck. by august i increased it to 15%. This year i'm aiming for 20%. Also doing the no spend January and a pantry challenge
THIS IS AMAAAZING! I am SO proud of you!
This month we are staying home! It’s cold, we have subscriptions and workout equipment and new toys galore. We are skipping outings and staying in.
We have stopped eating out completely for January. I left the house yesterday to do errands around lunchtime and thought, I’ll just pick up something while I’m out. Then I had to stop and think, I’m choosing not to do eat out, so I packed some snacks before I left. Old habits die hard. It was just so automatic to say I’ll get something while I’m out.
One thing I think is missing is along with 3 months of cash. I believe everyone should have 3 months of food. It’s an investment. Saves you money because food costs will keep going up. Also food is a large bill. If you were to have loss of job and you had emergency fund and food stock, you’ll be ok.
Thanks for sharing with us!
Yes, yes, yes....Job seeking costs money between vehicle gas, computer hardware copies, maybe some resume paper, a notebook or more to keep things organized, media for computer backup copies, maybe some clothing even if it is thrift store ware, etc... For ourselves, we are moving into a more inclusive 3 month plan in 2024 to include the bills, money for fill-in groceries, vehicle gas, etc...The pantry is between somewhat and reasonably stocked; it will get a serious review before the year is over and likely in a few months because we are also juggling some bigger ticket items this year too. We definitely consider the larder to be a significant part of getting through leaner times.
I agree. My friends make fun of me because I have a pantry full of shelf-stable food. I didn't intentionally do this, just bought an extra can of soup or whatever when it was on sale. Mostly because I live in a cold climate and wanted to have food on hand in case I couldn't get to the store. I rarely eat out or get food delivered because I already have so much to choose from.
You have weird friends.😂 Everyone I know has months worth of pantry staples and meat in the freezer. We could eat for 6 months or more only buying fresh veg and fruit.
I already do the saving 10% and have created a cadre of like minded friends. I have been working on avoiding debt and that is the focus for this year. You are so right about being solution focused. I want to quit my regular job and have my partime job be my main source of income as it is much more flexible. I see avoiding debt as the solution to this problem. My expenses are low enough that I could live off of very little if I didnt have debt payments. So my side hustle and my regular 9-5 are working right now to funnel large amounts into debt payments to get rid of them. The goal is $15,000 in 6 months and I have a buffer of 2 more months if necessary. Yes it is a bit extreme but it is for a short season for long term benefit. Wish me luck!!!
You can do it!!!
The hubby and I are working on saving 10% (minimum) of our take home pay. Working on our emergency fund and also not letting family influence us to use credit cards. We have family members who think we’re broke or struggling because we only have one credit card which we pay off completely 😂 They can’t fathom why we won’t get more credit cards. How sad is that?!
I am doing my 4th year of no spend. Only buying essentials. Except for my buffer, I zero balance my chequing account, and put into tax free savings/investment account (Canada-TFSA). I do this monthly and at year end. Weekly, I grocery shop the loss leaders after looking into pantry and freezer to see if I need to stock up and meal plan around that. I also eat leftovers and if it will be too much to consume, I freeze portion sizes for another time. I also start looking for ways to cut spending, or finding Cashback or unused reward points to use at beginning of the year. I call that “find me the money” challenge. I also, take any accumulated change or money from $5 bill challenge and put it into investment account. I make a list of goals for the year and keep inventory of gifts I have budgeted for the year. If I follow my plan, I should hit my major savings goal this year. I keep a yearly spending/ savings journal and it is a place I write thoughts and strategies down.
WOW! Look at you go! Thank you for sharing with us Sandra!!!
We are participating in the no spend January that will probably be all year...to save money, we buy in bulk and pay less for items that we know we are going to use ... TP, Rice, beans, pet food etc. We currently are putting $1000 a month each into deferred compensation and that's secondary to our state retirements.. We recycle metal to make extra money and recycle pet food bags into garbage bags...I use to wash Ziploc bags to reuse but don't have time right now because we work so much. We carpool to work and our two main vehicles are diesel. We kept our AC/heater off for almost all of October, November and December and have only recently had to use the heater. We are installing new gas logs to heat the house cheaper. We cook in bulk for the week on the weekend to carry lunch to work. I use Ibotta, Rakuten, Retail me not, Capital one shopping, and Fetch to save/make money. I try to hang all our laundry on the clothes line but it has been colder lately and don't have time to wait for it to dry. If anyone has any other ideas for me, please let me know...I feel like I am squeezing so hard on this and cannot save/make any more money.
Thank you so much for sharing with us!
I used to work at Walmart for many years. They had an employee stock purchase plan that Walmart would add 15%up to a certain amount. I always maxed it out. It was like making 15% interest plus what ever the stock market did. They also used to have a profit sharing for employees.They also did a small 401k match. Even though Walmart was not the best employer I was able to retire at age 57.
The one thing I’m doing to save money is not eating out. I’m batch cooking, and freezing meals for later.
I’m also working hard at the no spend January!!
0:11
My friend and i just been to a museum in london..its free. I drove and we took our own food and drink...she is so supportive ,shes on big money im on disability but shes aware and never encourages me to spend what i dont have.
My thing: today I was so close to order a beautiful gift which had an amazing sale price for a friend and the moment the homepage asked for my adress I stopped and thought "wait! That 13€... its no spent.". Ived closed the homepage and havent felt guilty at all because I planned and Budgeted already for something else before this month and I was so proud to not just order "because". 🎉😊
Ha ha I was talking to a lady at dg store I go in there often but am cutting down I told her about your Chanel and she is now hooked lol 😂 so she followed me around with my list and helped me to buy only what is on my list ha ha. It was so fun and I realized how I do the impulse grab (she stopped me saying is that on the list and why are we buying off the list...I saved so much money) . We also are talking strategy on how to get out of debt and our goals lol ❤....we are accountability buddies.
OMG AMANDA!!!! I love this SO much!!!! WOW! I LOVE THISSSSS!
Love this! DG used to be my downfall! Now I try to be strategic, use coupons, shop Saturday only to get the extra $5, and shop from my list! Does make a difference! So glad you found someone to partner up with! Helps tremendously!
Great video: All 5 tips are gems. For January, I'm doing no-spend/low spend which includes a pantry challenge (my freezer desperately needs it!) and looking for ways to reduce expenses (cable, phone, etc.). Also, importantly, I'm frequently watching/listening to my favorite TH-camrs/Podcasters: (you (Kate Kaden), Under the Median, Centsible Living with Money Mom), who keep me motivated with all the ideas, encouragement, and coaching:. I am near retirement and I am paying off my mortgage before I retire so I have the fire in my belly to accomplish this life goal!
YASSS DEBRA!!!!
I watch for sales on produce. Recently I bought 10 pounds of Yukon Gold potatoes for $3.99. That gives me 2 potatoes a day for 18 days. I bought 10 pounds of onions for $2.77. That lasts me a month. I count my vegetables and portion them out. E.G. four prunes a serving. six brussels sprouts per serving. One carrot per serving. I eat two meals a day.
I use containers rather than baggies or saran wrap.
I make delicious baked beans from 1 cup of dry beans. Soak them overnight. Then cook low and slow until tender. About 2.5 hours on the stovetop. 1 cup of beans swells. It makes 5 servings at about 15 cents a serving.
One serving of kale is two large leaves, washed, cut, and cooked in boiling water for seven minutes or until tender. Drain. Save the pot liquor for a hot nutritious beverage
Love this! Most Americans eat WAY too much food - compare the serving sizes of today to the serving sizes our grandparents ate - so you’re saving money now AND improving your health, which saves money in the future!
Just finished day 17 of no spend year! Thanks Kate from the Isle of Wight UK 🇬🇧 ❤❤
What I'm doing this month cut down on debt is watch your channel, read the free PDF I downloaded of the book you mentioned while I listen to the free audio book of the same. Thanks for these great idea!
I saw a tip on one of the comments from a past video where someone commented that they take the last 3 digits (at least once a week) from their account balance and move it to savings. When that savings account gets to 100.00 they make an extra payment of 100.00 towards a debt! I implemented this. It's also a "fun" game lol. In addition to this your saving 10% is doable! I love the way you break it down further into weekly. It clearly is an eye opener. A 100 mile journey starts with a single step as the saying goes! Very true!
I round up everything I write in my checkbook. It generally creates a buffer quickly ($5.03 = $6) once it hits $500, I transfer $300 to a debt or savings. I always leave a $200 buffer for “unexpected surprises” that might come up.
@@tracyann9794 every little bit adds up!!
I started this too. Yesterday I moved 9.55 to savings. It doesn’t sound like much but it does add up. I’m also doing the penny challenge☺️
LOVE IT!
Have a great week! 😊 one specific thing this week was planning every meal, tracking every meal and doing it all the night before. No surprises. Also helpful to see what fresh produce I might need. Results are already better than all of last year.🤗
YASSS!!!
To save more I have decided to do a no buy year starting this month. I sold an extra vehicle which reduced my car insurance, My health insurance premiums were cut in half, and I reduced a couple of other bills so going forward Im saving on all of those each month. I started a Roth IRA and a high yield savings account with Betterment and have added to those. Ive been debt free for years but now Im focused on saving for retirement.
Awesome tips! I really have to get back into putting a little from my paycheck into a separate account.
My one tip would be just to have grace with yourself! If you make an impulse purchase, don't get frustrated, but just try to figure out why you made that impulse purchase and try to do better in the future.
I wound up making an impulse purchase on January 1st and I was soo mad at myself. I discussed it with my hubby and instead of getting mad, he just explained that these things happen and was able to help me figure out why I made the purchase. He also was the one who suggested that I just extend No Spend January until February 1.
YASSSSS!!!! Perfect!
Definely spend time with non spenders (not users though). I work with a spender, but I offer her alternatives (we made 2 wks muffins, had fun, didn't drive anywhere & saved $8).
Love this!
🎉 love these videos helps soo much
Im making a big push on decluttering and putting those things on marketplace that i should have done ages ago!!! Im trying to build back my emergency fund that got erroded while i was on maternity leave! So lots of free outings with the kids to the park/ beach etc with Family bring a shared snack for the kids like cut apples or homemade muffins!!!
LOVE THIS!
Great video as always, Kate, and Happy New Year! :) you've inspired me to pay off my mortgage early so I've gone ahead and setup $250 monthly payments on the principal. It should knock off 10 years from my loan 🎉🎉🎉
THIS IS AMAZING JULES!!! I am SO PROUD OF YOU!
this year when I got my credit card statement, I had paid zero interest and had gotten $255 in cash back. I am somebody who used to pay a minimum on a $10-$15,000 balance. It feels good I'm going to do this again in 2024 at this time I'm going to save the cash back for Christmas instead of just plugging it back into my payments.
This was great he said “ work is better when you do not need the money so true”
YESSS!!!!
I am all in on the no spend January. I am debt free right now and want to stay that way. I am a senior and only receive $1300/month. I am using up the things in my pantry and freezer before making any other purchases and being mindful of what groceries I buy. I am happy to say I got some gift certificates for Christmas that have made things easier. I am going to put a transfer order on my checking to savings acct for that 10% right now. I am an artist and occasionally sell some of my work, this gives me that slush fund that is sometimes needed. Your suggestions, are very practical, especially for younger people as well as elders like me.
I'm on Social Security. I'm a renter. I'm anticipating rent to go up AGSIN this summer. I'm also going to turn 65 in December and have to decide IF I can afford traditional Medicare. That will cost around 400.00 a month. So, to SEE IF that is even going to be possible for me to do, I am throwing that rent increase and 400.00 premium money into a savings account NOW and attempting to live on 25.00 a week. So far, I have stayed on target, but 25.00 is really not sustainable, but for now, it is helping me to save a cushion.
Love your videos! I've been watching them for years. You always have the best and most practical tips! Thank you for all that you do!
Thank you so so much Stephanie!
How I’m saving this year- I’m selling my house and purchasing a less expensive home that actually fits my needs and desired lifestyle much better. This reduces my cost of living as far as a mortgage, but also utilities and the general cost of living will decrease too. Not to mention improving my quality of life! Good quality of life generally increases good habits (spending lol) and decreases bad ones 😊
So true...couldn't have said it better
I’m meal prepping and doing a no/low buy this year. Canceling all the streaming subscriptions except TH-cam premium, and Amazon Prime. Doing all beauty shop treatments myself. I want to pay off my car ASAP and then build up my emergency fund back to 6 months of expenses. 2023 was a hard year health wise and I lost income. But I’m getting at it this year 🎉
YASS CASEY!
No takeout
We have a pantry that is way too full, not complaining! But we need to USE IT UP! So the grocery shopping is at a bare minimum for the foreseeable future as well.
Im looking for stuff around my house to sell and hage an interview saturday for a part time job (along with my full time) to get to my 6 month emergency fund.
We are getting it done Kate!
you freaked me out when you put it that way in the video. we are paying interest every month to HOLD on to a debt. like its some privilege or something?!? SO done with it!!
YASSSSS Christina!!!!
At the onset of '22 we began an effort to condense open containers, use up open containers, and use unopened containers of this and that collecting dust in cupboards et al as a decluttering effort. By the end of '22 we were doing much the same as a frugality measure while also shifting mindset as to just why we were holding on to special items for special occasions; I did some mighty fine diy bathed in some mighty fine scented soaps. We continued this into 2023 and found that we were able to better fund our financial goals without running out of stuff or adequate alternatives by using up what we owned and also making do. (Except shampoo right before Christmas which we had purchased in quantity some time before at an excellent price and didn't monitor for replacement.) At this time we will be doing much the same into 2024. For example, the other half's lined, flannel hoodies are on thier death legs and he's got a number of nicer(ish) casual dress jackets in the closet that I paid no more than $10 for but most were $5 or less at the thrift store. This month, we will be cutting up the thin, torn, oil stained hoodies and replacing at least some of them with the closet jackets. We can better afford to use the nicer jackets than buy a new or used flannel hoodie.
I’m doing my first No Spend January because of you, so thanks for that! I am trying to get out of student loan debt as quickly as possible.
Thank you. I have set up an additional bank account. This month I received a little extra income so it will be transferred over today. Also, it is my goal to save at least $400 a month so I’ll be transferring that as well on auto transfer. Now I’ve got to compare that amount to the 10% you mentioned. 😅 wish me luck. The $400 is basically coming from grocery and fast food expenditures; and Amazon. They are going to miss me. 😢
I' m listening to "12 Week Year" book...and ordered the workbook...SO FASCINATING!!! Change your mind...change your life! Thanks Kate for suggesting! Also will do your book club videos!!
We are cooking more at home and I use about 90% plants!
Way to go Ann!
I switched to reusable and refillable stuff a few months ago, saving money and going low waste (dishwashing liq, handwash, sanitary napkins and such). The refils cost a lot less.
the other thing is diluting liquid soaps and shampoos ..which btw still does the job great and they last like 3 months at least. First time on a no spend January and I have spent only half of my weekly grocery budget🎉🙌
I am using cloth, washable sanitary napkins now. Such a financial difference!! Save about $60 month. I am sewing them myself+ selling on Marketplace.
@@Sasa-pm7jc that's amazing! Wishing you abundance always!
@@Cloudwalker-pq3us Thanks!! You Tube has videos..
I am doing a no-spend January as a kick start to a had push year. School loans (final debt) will be paid off in two months and I have some major savings/investment goals so I am returning to a practice I had at the beginning of my journey and that is to journal something everyday to encourage myself. Sometimes it is just writing down what I did or did not spend. Other times it is detailing an idea or plan or maybe going back over the past year of my savings and investments and writing out the gains. It doesn't matter what, it is just to keep it foremost in my mind in a positive way. There is minimal negative written down unless I learned something from it that I can use to encourage myself.
Thanks for sharing with us Rev Ruthe!
I love that!! I'm keeping a journal of expenses for Jan. So far no money put on my credit card for the first 4 days of Jan. That really motivates me to keep going! I also come back to Kate's videos to keep me on track if I get the itch to spend.
This month we've had a whirlwind financial adventure having to do with some out of the ordinary business and expenses that we've had to see to. (Long story!) I paid off a store credit card that I'd paid down to around $600....now it's paid in full! We are having to "beans and rice" it a little to have made that happen...but it's well worth it. We then realized that we'd have to buy a set of tires for my husband's truck (he's had to plug two tires numerous times recently....ugh) ...but we bought a good gently used set from a neighbor. Again, we're shoved further into our emergency pantry, but that's what it's for. I'm grateful for what we've been able to do.
I am the person in our family much like the author of the book that you mentioned (and her Mom). I am a "figure-it-outer". Tough times make tough people. ; ) God bless!
"choose wisely who you spend your time with" is the best money advice I ever got. Thank you!
🙌❤️🙏
So happy you made the video available earlier I got to listen to you on my way to work
You got it! :)
Good, encouraging video! I'm naturally thrifty, but need to work on saving more since I'm about a year away from retirement. Our income will decrease by half and that scares me. Going to increase my bi-weekly auto save.
Maybe consider a side hustle that you could continue after retirement. I'm selling items on Poshmark and I know my husband would also find a small job after he retires for extra income.
I love your content! Yes! Get out of debt and save for emergencies! My husband and I are in our 60's. I wish we had your content when we were younger. It took years of trial, error, tantrums, pouting, discipline, sacrifice, etc. But now.....furnace goes out, new furnace and air conditioning....$20,000?! Meh, ouch, but not devasting, doable. It took a lot to get here, and we are still vigilant, which is why I follow your work. Support and encouragement is crucial. Thank you for doing what you do! You make me hopeful for others.
Thank you so much Sharon!
Isn't that just crazy?!! $20,000 for a new HVAC!! About 2 years ago our heater starting making a horrible noise. We had hvac guy come out. They suggested a new system. 😡 My husband googled the issue, ordered the part online for about $80 and with a YT video replaced it. Works fine!!!! Makes me sad and angry to think they we might have replaced our entire system and spent $20,000 instead of $80.
@susanf4857 it was for the furnace, Air exchange and air conditioner. It broke down 5-6 yrs ago and they fixed it. This time, it was unfixable.
Made a new budget (realistic one) and plan to stick to it. Monitor where all every dollar goes. Also save extra $400 a month (me extra monthly income). Wish me luck😃
Totally agree on who you spend your time with. So important!!
YASS!
At the beginning of this month, I had the intention of doing no spend / no eating out. But then I wanted to be able to spend time with multiple friends over some meals, so I will be doing your capsule grocery list and shop at a less expensive grocery store. And no takeout / to go orders for myself. I already save about 20% of my take home pay, but want to add more to my retirement funds.
I am the person that figures things out. Saving 10% of my take home pay is doable for me. Thanks for the idea 😊
We do no spend days, but we did set a few health goals that should actually save us a little money too. 🙌
YASSS Joel and Christy! Way to go!
This month I am doing the no spend January. So far 5 days in and doing well! I am working on paying off my debt and once I am debt free I will start fully funding my sinking funds.
Happy Frugal Friday!!!
I tried the nickel a day strategy for the 1st 7 months this year. If you transfer a nickel a day + one more nickel every day for a year to savings you end up with $3339.75 by the end of the year. I did it until it was something like $75-$80 a week. Gave me the buffer in my vacation fund I needed at the time. I will do this every year now for as many months as I can handle it, and it was fun!
Someone once said to me, "If you say yes to buying this thing, you are saying to no to a million other things." Think very carefully about what you are buying. Is there something you already own that could serve the same purpose? That question right there usually stops me in my tracks.
My one thing I'm doing this month is staying out of thrift stores. There's something about the mentality of being in a thrift store and finding a bargain that pulls the rug out from under me. It's a different thing than, say, seeing something on Amazon that looks like a good buy. In a thrift store, I'm also trapped by the feeling that it won't be there tomorrow if I don't snag it today. Plus the idea of "I'm here now and I don't know when I'll ever be back" trips me up. Just staying out of those places is my only recourse.
Thank you SO much for sharing with us Kathleen!
Mr. Money Mustache rocks. Thank you for introducing me to his work, Kate. And for anyone interested, Tim Ferriss has a great interview with him on TH-cam that was conducted in 2017 and hits on so many points regarding the nature of real happiness. Definitely worth a listen..
YASSS! Love both of them! Thank you for sharing this!
Have a new savings project this week. Each week I set aside the number of the week: €1 week 1 + ... €52 week €52. If my calculations are correct it should amount to €1378 at the end of the year and be painless.
YASSS YVETTE!
I’m doing 52 weeks saving challenge every year too
It is hardest in December. Some people do it backwards therefore
Modest changes ahead for me. Switching my cut/color from 5 to 6 weeks; already have my supplies for next Xmas (sewing waffle linen/cotton toweling I bought last year on sale, etc.) and thrifting some others); focusing on reducing waste; donating $ throughout the year rather than at year‘s end; and increasing retirement contribution from my part-time job.
Way to go Beth!
I too am a fan of Marie Forleo. I’m attending one of her “free “ workshops next week on time management. For my no spend trick I am doing MWF each week of no extra spending. So far so good, but it’s week one!
That is SO cool!
I going to cut back on eating out. It’s hard because my whole family constantly goes out to eat we have an abundance of food at home. Literally! I have a goal to buy a car in 6 months and I need to save as much as possible.
Thanks so much Kate! Your tips are invaluable! I am going to put aside the 10% starting at the end of the month! ❤😎
YASSSSS! I'm SO EXCITED for you! Game changer! :) You've got this!
No eating out! I cook every meal! Shopping my pantry and making smaller meals. Our portion sizes were ridiculous! 😮
One of my pet peeves is going out with friends/ coworkers and splitting the bill by the number of people present. Yeah NO! I enjoy your company and budget the meal for myself not the few that want me to pick up part of their tabs. I was actually told I was cheap. Let's just say there was a conversation. Pick your peers, carefully.
I can confirm, Everything is Figureoutable is life changing! I’m new here, and I’m loving your channel Kate!
Thank you Cozy punkin! I'm so glad you're here!!!!
Thank you my lovely for this video, much luv
So happy to be participating in No Spend January! Had to catch myself a couple times but so far so good.
YASS!
I’m working on getting our grocery bill down. I don’t need to spend as much as I do with just 2 people and I want to save more to put it towards travel & remodeling. We have a car loan and that is all, it’s under 3% so we are not trying to pay it off too quickly. We tithe and save more than 10%, we have been getting cd’s when we reach a certain amount.
Doing a low-spend 1st Quarter, saving 10% of my take-home pay, and making extra car payments.
Kate, you are wonderful. I just took this book out on my Libby Ap.
DAWN! I'm SO SO happy to see you! YAY!!!!
I love Everything Is Figureoutable!! Most excellent book.
Bless! Thank you for this video - I feel more confident
I'm going to be doing so many things to help my situation. Definitely spending less and earning more and speaking to creditors. I screwed myself getting into debt.
Avoid it as best you can, everyone!!!
🙌❤️🙏
Wise words once again. At the beginning of every year, most of us need to be reset in our thinking and doing. Great video. I'd like to take a moment, with your permission to give a shout out to the youtube channel, frugalfull. She is a subcriber here and is starting her own frugal channel. Unfortunately she fell at the end of the year on ice, and has shattered part of her arm. She could really use some new subscribers watching her videos to boost her income during this difficult time. Thank you Kate for all you do here.
Sally, thank you SO much for letting me know. I just went over, left her a comment and smashed the subscribe button!!!!!
I'm doing No Spend January for a start, will probably keep it up through the year. Eating from our pantry to lower the grocery bill. Need to build our safety net back up as last year we had a lot of big expenses (braces on our eldest for one).
Way to go Rachel!
I am the figure outer! No complaining…only solutions!
Boom! Awesome Penni!!
I would love for someone to talk about what to do when you are married for 30 years and you are learning and growing with money but your spouse is not. My husband I do not agree on what we should spend our money on. I wish there was more guidance with this topic. Great video Kate!
Good morning Kate!
Good morning Tina!
We are doing a low-spend January to help our budget and expenses. 😊
My January goal is to track every penny. Writing it down by hand in an accounting notebook
LOVE IT!