We do of course know and understand that not everyone causes their own financial problems. We also fully understand that some people live in poverty and destitution.
You make some very good points Have a credit card, tho pay it off frequently, use it for consumer protection I don’t have a fixed budget, tho enough to cope with the unexpected, I had vets, and plumbing unexpected issues, having enough savings, not to have worried. Retirement was unexpected due to health, luckily things are ok, due to some benefits, and some other money.
I have a very low income after my rent atm I have $70 a fortnight, it's tough atm but I still have a budget and a EF started with a tiny amount in it. Um just because I have a small amount of money doesn't mean that it can't be well managed. and this has come by me learning how to bake everything by scratch ,me learning how to grow my own vegetables making sure I don't have any debt at all, I do not have any debt payments, I do not have any credit cards, And I'm constantly learning how to upgrade my own circumstances with the money I've got it's difficult because I'm ill um I got a immune disorder after I had a bout of covid , and I'm still in recovery a couple of years. just today I spent $7 on Mark Downs in the supermarket, and I turned it into five dinners and four lunches all in the freezer. But I said I'm constantly learning and I'm constantly working on how to live a low-income lifestyle but how to do it effectively and efficiently so that I'm not actually missing out on anything. And it's something that's affecting my children as well so my children are mostly grown up and um and I said to one of them for your birthday do you want money or do you want me to do a mini fruit garden for you and she said to me a mini fruit garden Because she loves to grow veggies as well, So I got a big black plastic seedling tray, And I started alpine strawberries and goji berries, And rock melon and some watermelons from scratch and she got an absolute tray of different fruits and berries that she could put straight into her garden for her birthday and I had some seeds leftover to put some stuff in my own garden so it was a win win and I think sometimes it's just about thinking outside the box as well. I love living my frugal lifestyle, I do not have a dishwasher, I do not have a dryer, I don't even have a television anymore, it broke and I didn't even bother replacing it.
I live, quiet well, below the poverty line here in the States. I live on less than $1000 a month on Social Security. As soon as I receive my money, I make sure all my bills are paid and what I'm putting in savings. With what's left is what I get to spend on things I can't get on food stamps. I don't eat out, I cook all my food, from scratch. I don't purchase premade food or boxed/canned meals. I eat very healthy with fresh or frozen veggies, and a little meat. I have a nice pantry full of things I eat during an emergency. Yes, I'm only one person, but if people put their heads to it, they can do it too. Oh, my home and car are both very old but are paid for. I don't believe in using credit cards. If I don't have the cash to get what I want, I don't get it. I do a lot of shopping at thrift stores when I need something. Very seldom do I purchase anything new.
I live a similar life as a pensioner in my 70s. But I have a little financial wiggle room as I inherited my country home and land and have free gas heat from the wells on the property. I eat out very seldom, maybe twice a year, at a real restaurant. I don't buy much of anything new or otherwise for myself or my household. I'm trying to use up what I have already. And my car is 14 years old and getting a few rust spots. But it runs great! So each morning I journal my gratitudes. I seldom am tempted to splurge on anything big but reward myself with one modest item per month. And pay in cash for that. I don't feel deprived but have to be cautious not to discuss my frugal ways as my children who live in metro areas get upset hand try to buy me stuff or give me money! I love me deeply but finally told them only to buy me things I could use up like gourmet coffee or lotions.
Pam, what you don't mention, besides the food stamps, are all of the other programs you access as a person living below the poverty level, that make it possible for you to be okay. You are using what you have wisely, but if those programs are taken away, as some politicians wish, you and millions of others, will suffer greatly. I'm really praying that they are not successful at gutting the social programs in the US.
Pam if you worked all of your adult life the median amount is $1500/month on social security. I am glad you qualify for food stamps and in your income bracket. Food pantry, heating assistance, housing assistance etc. You are managing your money the best you can. Your children are trying to assist you because they realize the reason you get such a low income is because you stayed home and raised your children.
I’m always thinking how lucky we are to have the Internet and so many people doing free content for us. Remember when I was a student I had to go to a library, order a book a few years or even decades old, and wait for a few days or a month to read it in a reading room without the opportunity to take it home. So, I had to take notes to remember. And now I can watch a fresh educational video during the bus journey. Thank you!
When my mother got married to my father in the sixties she took out her pension to buy a fridge. That was common. Decades later after good and bad times my parents retired on quite a low pension. My mom told me, hadn‘t she bought that fridge then, she could now buy a fridge every single month.
The depression of the 2007 era was an eye opener and a lesson learned! No consumer debt ever again! Never a balance on CCs! Savings was key. Retirement savings #1 gave us the cushion. Now we still live frugally and the USA is back to being worse than broke. Frugality is key.
My husband and I are going through a rough financial time right now. (As well as emotional) So glad we have a stockpile of food and some savings. Instead of a crisis, it’s an inconvenience.
My husband and I went through a HUGE financial crisis around 2008 - we could have ended up with less than nothing after decades of carefully running a business and employing hundreds of people. The crisis happened due to circumstances beyond our control and other people's illegal behaviour. I can imagine the stress you're under because we've been there. My 2 cents is to be very kind and gentle with each other and to deliberately look for the little pleasures - going for a walk, picking some flowers or greenery from the garden, scrubbing something and enjoying the shiny end result - free stuff that you can get pleasure from. Prayer and meditation also helped us both. We got through it, learned a lot, turned a corner and we are back on track - and our relationship is stronger than ever. It's good that you see it as an inconvenience because it shows you've a positive attitude. All the very best wishes that you turn the corner very soon. Cheers from a soggy rainy Sydney Australia!
Hi Jane and Mike! Having watched this channel for ages I finally subscribed! I am 60 years old and live in the UK with my husband and two grown sons! I am a spender by nature but have taken so much of your good advice. We now have sinking funds, save 10% of income first and are mindful about spending! We are debt and mortgage free also. Thanks so much for your helpful content on this channel!
I would like to say "You are most welcome", seeing as I am one of those who "broke trail". (this is a term used here to describe the ones who made their way through the bush, or through the deep snow, so that others could follow and improve the situation.) I got tired of the male workers commenting on the colour of my underwear as I was required to lean over huge equipment to pull off the printer paper....yes, printers in those days were the size of a couple of washing machines. So I bought a lovely pantsuit and wore that. Was called into the office and asked why I didn't ask permission! Luckily my boss was a dear, kindly old gentleman and was very understanding. Those were very strange times, on the one hand, I was out hunting for moose with my father and no-one had problems with that, and on the other, I was supposed to ask permission to wear pants. Just didn't make sense to me.
This is my second month of following your idea of no spending at all, the last seven days of the month. The first month it was hard to remember. This month, that goal feels different. It is a small goal, and certainly not stress inducing. This month it just feels like a relief to just accept that we will only use what is already in the house. No fighting the idea ... just doing it.
Great video! I worked in finance, and what made me become careful and financially conservative was seeing clients living beyond their means, and clients who never worried about the future. I met so many people who never changed their ways, and were constantly taking out debt consolidation loans. We are culturally entitled and want it all now. This is why I wish everyone would watch you Jane, because you are telling us we can live very well without that shiny new thing.
Tell it sister! I know so many women a generation older than me who supported politicians who worked against equal pay who are now facing an underfunded retirement, especially if their husbands have passed away and his retirement earnings or Social Security went away or were cut drastically. Working to keep that from happening to me.
The points that Jane is speaking about are really crucial to grasp early on. We are trying to get our 3 young adult children to learn them now and not have to repeat the mistakes my husband and I made when we first started out as a married couple.
Hi Jane, I was born in 1955.Growing up in our house money and savings were never discussed, but, jobs with pensions were a big topic. My father had a union job with a pension that he was very proud of. When I came of working age I too worked a union job,. I remember on more than one occasion going to work telling myself I am working for my pension, and now being retired I am glad I did. Your chat today was spot on by the way, thank you.
Good day Jane. Many if the things you mention I have done. Very un educational decisions. It’s never too late to start with a clean slate and not do the past mistakes. Thanks again and have a great day. I enjoy being frugal. Baby steps but doing well.
Hello Jane and Michael, You name the financial mistake, At some point in my life I probably made it. Now in my sixties and I have crawled out from under wreckage to also be debt and mortgage free. I'm still putting a little away here and there because frugality has become my life style. It's never too late. The sooner the start the better.
I've always told my children that there are no scholarships for retirement. They started saving for retirement as soon as they got out of school (with no debt). They taught their husbands as well. My husband and I never planned on collecting social security. We figured if it was available, it will be gravy. We saved and planned without figuring it in. This has paid off well for us.
Great point! Do the hobby, but don't spend much on it!! We have to remember that the crafting/art companies are trying to sell you as much as they can, even if you don't need it!!!
You are spot on about the middle class disappearing in the U.S. One big mistake I see people making in the U.S., or at least in my state, is that a lot of people do not want to go back to work. When covid hit and the world came to a stop, people got laid off or offered huge severances to leave their jobs. Now we have a shortage of workers. Hawaii is a tourist state, but we do not have enough workers to service the tourists. A lot of our small family owned restaurants are closing due to lack of employees. A lot of people just don't want to work and are living on their savings. That is not too smart if you're a young person or a middle aged person. Another problem I see is the people who decided to retire prior to Covi-19. A lot of them did not expect inflation to soar as fast and as high as it has. Some of these people are now having to take on part-time work or go back full time work to make it.
@@FrugalQueeninFrance Our state gave out a lot of free food boxes to those that drove up to our stadium and in many communities. There were some stimulus checks form the Federal Government. There also was a stimulus of three hundred per month per child for six months of the last calendar year. Lots' of people got huge unemployment checks weekly too. Some are living off of savings.
I spent a good portion of my life being the grasshopper in the story of The Ant and the Grasshopper. I am 63 this year, and scurrying like heck before my life's winter comes.
I think this was one of your best money chats yet. I lost my job and had to stop putting into my retirement fund, but now Iam back on my feet and it's a good reminder that I need to get back on track now that Iam able. Thank you.
Thank you for talking about this hard topic! Yes we have made mistakes too! Since getting really clear and frugal with our budget we are able to save $100-200 a month and then we put our two extra checks per year (equals $3800) and our bonus ($1000) and our tax return ($2800) all into savings. This is $7600 automatically going to savings per year which is about 15 percent of our income. On top of this is our monthly savings which isn’t much but it’s something! ❤thank you so much for your wonderful and honest and very helpful videos!
I agree a lot of people make problems for themselves. I also know feom experience that continual health problems, can eat up any savings you have. We have always saved. When i was 27, i ended up having a hysterectomy and was off work for 1 year. We had 2 small children and our savings for 3 months went to having a cleaning lady coming in every day to clean house, cook childcare, etc while i lay in bed. The cleaning lady had to lift my children onto the bed so i could read books to them and play with them in bed.
Jane: So many good, valid points in your chat today! I would like to add this when saving for retirement (and of course, this is something that I didn’t do or think of until it was too late): if you receive a “bonus”/incentive pay from your job, do not treat it as “fun” money! Take that bonus/incentive money and immediately deposit it back into your retirement plan/401K plan! It’s known as delayed gratification.
I will never forget, when I was 6 years old, I went to the store with my mom. I had 25 cents to spend, I wanted to buy some candy so I asked my mom how much I would have left if I bought this candy, so she told me, I didn’t think I would have enough left so I didn’t buy it. Oh how I wish I had stayed that way lol.
Hi Jane. Another great vídeo 😊. In my opinion in Portugal people have too much debt and dont take responsability for their bad choises. I have only a morgage of my house which i plan to pay very soon . Altough we have a medium income me and my husband, we are Both very frugal, and try to produce at the garden vegetables, fruits and even eggs. Love from Portugal.
I received little financial education, and struggled for years. But you're right, I was being passive. I changed my mindset and educated myself. There's so much good information out there, it helped me get out of debt and embrace frugal living.
Hi we were saving up for a new drive and went to a home exhibition, going to the biggest drive layer we made enquiries about cost per metre, a paved drive would cost. We were laughed at they would not give us a rough idea at cost. We were told not to worry we could use credit. A couple of years later when we had saved up the money we did not use that company.
The biggest financial mistake I see so many make is to think the government or "somebody" is going to take care of them during their lifetime. Like you said, we need to make better decisions from here onward. Unfortunately so many won't.
Every point was spot on! It's also important to match your priorities with your budget. For instance, I keep financing Christmas. SO I've decided no more yarn for my hobby until I can get that all paid off. It is costing me more money in interest on the debt, so I'll tackle that before I buy anymore yarn.
Such a good video, I was born in 1953 so thank you for acknowledging how unfair pay was then. I still work but only part time now. I agree with so much that you have said.
@@kirstenlind-pedersen5184 That’s incredible and shows what can be done but you had to work hard. I’ve also been self employed most of my adult life. Are you still working?
Good morning An emergency fund is extremely important. I 'm trying to save 6 months of living expenses. I contribute monthly until I reach my goal. Every January, I go out to add to my stock pile. Thanks for sharing with us. Valuable information.
Very good video! Between your channel and Prime of Midlife you sure give us food for thought! I may be Canadian but there’s always something I can relate to. Things are definitely happening here too! Thank you Jane & Mike and because I mentioned her channel Karen. 🙂
Thanks for this reminder to save for retirement. It's now my plan once we have an emergency fund. I wish I had discovered your channel years ago. Anyway, onwards and upwards.
Due to a prognosis from doctors 15 years ago i decided not to put extra money into retirement (on top of what my employer legally has to put in) thinking i wouldnt reach the age of retirement. Only recently have i realised that my health is actually great so far and i most likely will need that retirement fund after all which im totally thrilled about. We tripled the amount going into the fund each fortnight as of last year which not only benefits the fund but in australia is taken out pretax so it will put me in a lower tax bracket. It really was worth looking into.
Took me many years to be debt free, now that I am I frown if I was to have to go into debt. I will save to pay in cash. I call it a rainy day fund which I have, I am working on the sinking fund since beginning of year. I watched many videos this week to make shampoo, conditioner, face serum, moisturizers from herbs and flowers which I grow, all are expensive in retail. We are growing our own vegetables and fruit which we started a year ago. Thank you for all your videos and sending me on a safe journey.
I worked after my child went school , it was only part time but for the first 10 years was not allowed into the pension fund because I was part time. In 1992 the law was changed and they had to allow us into the pension fund. I worked as a carer for Cheshire County Council. I don't get a full state pension because I finished work 1968 until 1973 to bring up my child. In 1977 you got credit towards state pension any years before were just lost.
Thank you so much for this video. I managed to retire at 60 (I'm in my mid-seventies now) with four work-based pensions and a state pension after being lucky enough(??) to work for 43 years, together it's not a fantastic amount but enough to live on, with some extra for savings. and holidays. I give myself pocket money each month and use that for my hobbies. If I want something special which I haven't budgeted for I save up for it. Budgeting is the key to good financial planning, but as you get older you don't want the worry of financial problems, so definitely start young on your financial journey, but at my age, a bucket of health is worth more than a bucket of wealth. Thank you for sharing these great ideas.
Good evening, you said it beautifully, this is how everyone should hear it and not the usual but, over and over again, until people realize it and start thinking about how to live debt-free and look forward to a peaceful retirement. Thank you, thank you very much, very good work, thank you. Greetings from the Czech Republic
I was never taught to save or budget. Consequently, I made loads of mistakes for many years. I have been determined to educate my children, who are all now grown up and doing financially well. If someone had talked to me about money management when I was a teenager I think my adult life would have been easier. Thank God I woke up eventually.
That sounds like my life. My parents felt that anything to do with finances was adult business so never talked to us kids about it. I also never learned about finances in school, so, I made a lot of mistakes when I was younger. Now in my later years, I’m debt free, living below my means…I just wished I had woken up when I was younger; but I guess better late than never!
I am retirement age now in USA and saw as a child in the 60s women could not get decent jobs and were lower paid than men for same job. I see women now getting $800/month because they cared for children and the home. Many were cast aside with no provisions for their future. Many trusted their husbands for financial security. Big mistake. I tell everyone young people need some training or schooling to get a decent paying job. I agree with you many people have no idea of their financial situation. As far as hobbies I found myself buying many cross stitching supplies. I quit buying. Had to get a handle on it. I used some of it but no more spending. Complete what I have. Paying myself first was a concept I could not understand until my 50s. I started saving a percentage of my wages. Made the biggest difference. I was never taught money management and wish I had known what I know now.
Good talk Jane , I never used H P payment I didn’t believe in it , I saved until I had the savings to buy new , my thoughts was if you have it now and pay later the product you want to purchase it not yours until you finished paying for it , and I remember thinking what happens if i get sick or get made redundant , then the stress would be how to finish paying it off , It was my parents that taught me to pay myself first, the school only taught me life skills cooking, sewing, etc I was in school years the same time as you, and started working full time at age of 17 , I worked part in the last year of school , after school for a few hours, which was an eye opener in the working world,
What a brilliant mid-week money chat Jane and hopefully a wake-up call for those who still have time to make a difference to their future financial security.
Willful ignorance, what a powerful term. Great chat again, hitting a few nerves. In regard to finance and the time after a working (paid) life, I see willful ignorance as in remarks like: you don't need as much when you are pensioned off, or, that's in the misty distant future, time will tell, I will see then. Now we are pensioners I am so glad we thought about our time after our working life and geared some of our financial goals towards that as well. If you are lucky, there is time after a working life, and it may be a very long time. I hate to think what our circumstances would be like if we had not, not to mention all; the stress as we get older and older!
Love your videos. I was curious why you/Michael decided to retire so early? My husband didn't retire until he was 67, mostly because we needed the insurance benefits. However, the extra income was a big help as well. We don't live on a super tight budget like you need to do but I like living a thrifty lifestyle. It's the way I grew up. dee
We retired because we could. You’d retire if you could. A super tight budget doesn’t mean we’re poor, on the contrary we have enough. We’re never cold, we’re never hungry, we have all the resources we need and pay cash for everything. We also have universal healthcare.
I agree fully. Not just people but family members too. Our daughter has used us like a bank. She's an adult with kids and a husband. They both work full time jobs that pay rather well. Problem is there always broke. The answer is like most others is spending more than they earn and not saving anything.
@@marilynthomson9564 OHhhh yesssss there is .... We'd be the worst parents in the world to hear her tell it . Then the issue of her loosing her job . That involves where they bought this vehicle that the engine crapped out. We loaned them $9500.00 to get a new engine installed. We were nickeled and dimed to death getting paid back. Then she wanted chicken and goats but she couldn't have them in town where they live. So I fixed up coops and pens for them and now we care for her animals. She says she's to busy now, no time. They've got free day care while they work. We've got the kids about 85% of the time . What's most strange about all this is I'm not even her biological father.... Just an ole stick in the mud step dad that she claims that I'm nursing home material. Her biological father has never had much to do with her . Sad
@@FrugalQueeninFrance Your so right ma'am. I've tried to stop enabling them, but I just can't help from not wanting to see the kids suffer because of the parents poor decision making.
It's hard to say NO, but it's much better for them in the long run. They get used to someone to rescue them, and aren't willing to do the hard work to change. I watched this happen with my older brother, and he was still depending on my parents when he was in his late 50's. I don't want that to happen with my kids. If I haven't spent everything I have when I pass, they can share what's left then. Sounds harsh to some, but makes them self sufficient.
When I started my part time job 7 years ago, they offered matching pension contributions.… I RAN to HR to sign up!!! I need to work another 5 years..that will give me 12 years of contributions albeit part time... if the opportunity for full time arises in the last couple of years of working... I will do it! Increasing my pension and my savings for retirement!!!
My husband developed a heart condition and spent several days in various years in the hospital. He is currently on his 3rd pacemaker. He has consequently had 😅 24:16 high doctor/hospital bills. We paid them off, but it certainly knocks a hole in savings thru no fault of our own. He always ate well, was nit a smoker or drinker,but the electrical mechanism of his heart just went awry.
@@barbarabarber4485 the worst part of that, if you lived in a country with universal healthcare like France, Germany or the UK, his illness wouldn't have caused you any financial worries, stresses or any bill.
My husband had a heart attack in 2021 and hasn’t returned to work. Luckily his company have a generous system but it could be so easily have been much harder. Thankfully I’m in the U.K. so no medical debt other than £100 a year for prescriptions 10:51 my bedroom is full of fabric 😂 I do need to start using it up.
I’m sorry to hear that and I’m glad he received some help. Examples like this reinforces my point that we should have no debt and savings. I know that savings dwindle but they can help. I hope that you were able to continue working and saving for your own pension.
@@FrugalQueeninFrance I don’t actually work. I stay at home with our kids. We worked out I would have been working for about £25 a week after childcare and work expenses. My pension currently has about £7k in.
Hi Jane,those times were hard as I come from a pit town & my mam was a cleaner,dad was ill.Nobody ever mentioned a pension,as far as I remember we were taught how to write a cheque.Straight into a factory after finishing school & hated it but I was from a poor background & didn’t study as I should have.Boyfriend that took everything & bad choices as you said.I would like to think a young person sees your video & thinks right let’s get on the right track.There seems to be a problem now that parents are giving their grown up kids a constant flow of money to maintain their social life of cocktails etc,we were lucky to get half of cider lol 👍🏻
In those times, the was an acceptance by the poor that you’re born poor and you’ll die poor. We saw that change, you can start as nothing and become financially ok. What changed as I said was Thatcherism. Not everything she did was bad, many a poor family turned out a millionaire by following her mindset.
Begining in1995 I was supported by a disability pension. I've never considered retirement. I thought if I'm home most the time buy decor to enjoy. Now since viewing frugal living channels; I've decided to save every penny. I appreciate frugal channels as it's made a difference to my control over money I receive from the government. Thanking God for the taxpayers that I'm not homeless because I can't work I'm saving $1,000 monthly from here on . Blessings Maria
My parents were born in the 50s in Hong Kong. They grew up in poverty. So they were trained to save and also make it financially more comfortable for their children. To not have to starve like they did. But its all individual minds. Some are bad with money even with a poor upbringing. Just have to make the tough decision yourself.
Hello from across the pond, in Canada. :) I am a long time subscriber, and appreciate all of your videos, but this was one of your best yet! Thank you for the inspiration and motivation!
Great video. I think the "planning for retirement" is the biggest hot button. I recently tried to have a conversation with my 25 year old daughter and got the "eye roll". HAH. I can't say I did a good job with my own planning, and am desperately trying to help make her future as secure as possible. Who knows what these kids will be facing down the road?
The biggest mental 'trick' for me to save money is to wake up each day being thankful for what I have! What I find crazy is the credit scoring system. The more items of debt you have had and paid off, the better it is. This needs to be good if you want/need a mortgage. My son has a low credit score (in his 30s) because he has always saved and paid cash for everything, despite low paid jobs. Can anyone explain the logic of that system? (I know it proves you can handle debt but beyond that?)
It’s crazy! My credit score has dropped significantly since I’ve cleared my credit card. Once my last debt is paid in June I’m sure it will drop again. 🙄🙁
I can’t express how much I appreciate and learn from your videos. I’m a 70 baby and I was never thought about finances or retirement. I started learning about finances when I had my son and TH-cam videos. Thank you 🙏🏽
Such good points especially about saving and planning for retirement. The small 'management' tasks really matter; checking on various tiny work pensions from years ago, putting savings in the best savings rates I can get, checking that all NI years are funded, tracing any forgotten pension pots - individually some of these retirement planning details are small wins , but collectively they will make a real difference to retirement income.
I am 66 and my parents struggled financially. It taught me that I was responsible for my own finances. Unfortunately, the lessons were more about "should" with no concise method of "how." Today, there is such an expanse of info that it can easily be overwhelming. If I had to start somewhere, I would record all of my expenses. I've always known my income... I don't know why there is such pushback from recording expenses. numbers have to be exact, or they don't mean a thing. Thanks Frugal Queen for your vlog. Your concepts were different than I have heard others speak about lately. Would love to see a drill down series from you.
Very good video. I am lucky enough to be debt and mortgage free. I also learned the debt lesson when i was younger. Now my debt “tolerance” is zero. I do use a credit card to pay all my bills but pay it off every month to get miles for my plane flights for vacation. I have to chuckle at your hobby reference. I am a knitter and i have what i call SABLE. Stash accumulation beyond life expectancy. So I am now not buying any yarn and using my stash.
Oh dear, I’m so guilty of buying yarn “just in case” or “oo, that’s pretty” and I could stock a small shop! I’ve stopped buying now. I only buy for the shawls that I am making to sell. X
Don't assume you have years to get your finances in order .. disaster, tragedy can strike at any time and it's very hard to get your finances in order when you only have a certain amount of time left. My eldest daughter and her partner are now in the process of buying a house, one that they can actually afford. Too many times people look at the monthly repayments and not the overall cost.. a half million pound house? That's half a million pounds people! A £40,000 car.. might be repayments of £400 a month but that's £40,000 that you're spending without thinking! Imagine you have 25 years left to live..what do you want to achieve in that time ? and you're right Jane, people need to take control now :) x
Love your point of this video, pay yourself first. It is hard, but my goal is 10% of take home pay towards saving. The only debt I have is my mortgage, but I dont see that as a problem, as my mortgage is cheaper than renting a home in this area. (And it is investing and saving too) Thankful for getting a new job last year, its a state job, at a school, not the best pay, but it has the best pension plan you can get.
As I said, schools can’t teach everything. We live in a sink or swim world where people must take responsibility for their own learning of life skills.
The schools have to teach the curriculum, which comes from the government. The government is influenced by banks ( credit card companies). They don’t want people knowing how much they are really paying in interest!
We like to go to open mic nights to play and sing. They are generally free but held in pubs where drinks can vary in price. You feel obligated to buy a drink. It really adds up as a hobby. Perhaps we should try busking to get some cash back!
The emergency fund for me is a big one. At a recent union meeting, where we were discussing the possibility of going on strike, so many people agreed that they live paycheque to paycheque and couldn't last for a couple of weeks let alone a few months. I was so relaxed at that meeting because I knew that I had over 6 months of expenses in my EF. It took time to get there, but how much better I sleep at night knowing that I have that $$$ saved. Great video!😂
I think one of the biggest financial mistake here in the US is I see many people going into retirement with a house payment. Some as much as 30 years. Thank you Jane for tackling some of the hard stuff too! Most of us are debt free to some really hard work but the good feeling and relief is so worth it!
Your right 👍. Our home and vehicle's are all paid for. Just paying for utilities, insurance, and groceries. I don't drive much anymore but my wife does most all the driving. I have a 2013 pickup with 73000 miles on it that's garaged 99% of the time.
Yes! My parents were still paying on a mortgage payment in their 60s! Then my dad got Cancer and passed away and my mom is left with the mortgage payment at 73. The accountant says she may have to get a reverse mortgage on the home equity later on if the money my dad saved for retirement runs out. My parents made a lot of financial mistakes while I was growing up. My husband and I are not going to make that same mistake. We are not holding Consumer credit card debt, we are saving to pay for a house in cash, we saved to pay for a new car in cash, no car payment and putting enough away in savings for retirement each month. My parents had really good incomes but lacked the financial skills and goals to make the most of their money. I did the same until I moved in with my husband and learned to be a saver and financially savvy.
I wasn’t able to get into a home until 53 with a 30 year. I have a low interest rate. I plan on paying it down enough to be paid off by 65. Right now I’m stacking cash for the inevitable car replacement. I also have gone down in hrs as I need to take kid to therapy. I’m just very frugal and don’t buy stuff. Have very few clothes. Don’t eat much and I’m a light/ ghost load nazi. I probably could qualify for food stamps but it would be a hassle to apply for
@@juliedickson1721 I understand Julie. We bought our first home in our mid 40’s. We will make extra payments until we can pay it off, and only then can we retire. We have a long way to go but consider ourselves very fortunate to have been able to buy into our market at all.
It was a very tough year last year. And very scary. Unexpected expenses of 12k which came out of savings. A lesson learned that our emergency fund did not contain enough savings. The absolute cost blowout on everything from feeding ourselves to medical needs and home car insurances. 2023 and it’s budget did not take into account the increases this with vet and home repair unexpected expenses our saving account took a hit. This year 2024 we will be only spending on emergency things for our home etc and concentrating on more saving to our accounts. We only hope the price hikes will not continue this year. We are pensioners own everything we have thankfully. Fingers crossed this year will see us move forward 😊
@@FrugalQueeninFrance Oh yes, I was looking for a little rack for my garden plants (my hobby) and just found one!! I spray painted it yesterday...my plants are so happy! I don't miss shopping at the retail stores...I just wait and find what I am looking for at a yard sale or thrift store...eventually!
I moved to a country where I didn't earn enough (as a foreigner) to get a credit card for the first two years. For the first time in my adult life, I had to live within my means. No overdrafts, loans, cards or cheque cashing services. My finances improved dramatically. Two years later when I could have a card, I had a small credit limit and paid it off every month without fail. Came home with some savings too!
Young adults need to start saving as soon as they have that first job. If a company offers a 401K (U.S.), get it done. Ignore it, and it sometimes matches your contribution.
I look forward to your videos and really enjoy them all. I just wanted to tell you that I believe this video has been my favorite so far! I have always been a reader and naturally curious and I know that has helped me to become more financially knowledgable than I would have been otherwise and for the most part it was something I enjoyed. Thanks for all you do!
My biggest money mistake was thinking that I would have my pension to live on at retirement, then in 2009, my company told us they would no longer provide a pension, instead, they introduced a 401k and stated they would match up to 3%. So at 45, I had to start putting money into the 401k to fund my retirement.
Fabulous video Jane and Mike . Thank fully although I am not able to nurse at the moment I am so glad I paid into my nhs pension for many years and if not working in nhs I have always paid into pension scheme with other employers . I saw many colleagues opt out of pensions which never made sense to me
I appreciate all your advice. Thank you. I have now a stock pile of food. I'm sad I reached 60 last year and have spent my pension over the years on things like decor. My hobby is making religious crosswords gifting to church leaders. I now choose saving my pension. Volunteering over the years has given me joy. My electric bill in today is half of what it could've been. I changed my supplier and used minimal electricity. I've studied food prices and nutrition on youtube and have done well. Cutting back helps. Can I suggest to save for retirement 🤔. It's very important on all income.
I think the problem of my generation ( I'm born 84) is the late start to paying in a pention. My husband is 42 and has only got 2 very small pension pots in companies he's worked in for less than 2 yrs, he's very ignorant about paying it and it's not on his radar at all. Me on the other hand has paid a pension most of my adult life from mid 20s however I'm a stay at home mum right now and don't see any significant income changes in the next few years, my children are very young. Were outgrowing our home and that's the next thing on our list.
This was our first month ever of no spend. It really makes you think about your spending habits. We have saved £400 this month, which is going to our emergency fund. It does help you sleep at night, knowing you have a bit of a cushion behind you just in case. March will be another no spend month, and hopefully that too can go in emergency fund. We’ve never been massive spenders, and have saved for the big things, and have lots of good secondhand items in our home. You two gave us the idea for no spend, and we thank you.
Dolly Parton sang "One is only poor if they choose to be "! It's much more about how you feel on the inside about your life. And you feel much more in control and less helpless if you manage your money.
We were those people at one time. Good income but no savings. We simply made dumb decisions. It was totally our fault and it’s time for people who do make good money start being honest and make better decisions. I have 2 family members right now that while not struggling have made poor decisions and unfortunately paying for those decisions.
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We do of course know and understand that not everyone causes their own financial problems. We also fully understand that some people live in poverty and destitution.
So why doesn’t your title reflect that knowledge?
@@hopenield8234 because people do actually cause their own financial problems.
@@hopenield8234 did you actually watch this video because it is clearly explained.
You make some very good points
Have a credit card, tho pay it off frequently, use it for consumer protection
I don’t have a fixed budget, tho enough to cope with the unexpected, I had vets, and plumbing unexpected issues, having enough savings, not to have worried.
Retirement was unexpected due to health, luckily things are ok, due to some benefits, and some other money.
I have a very low income after my rent atm I have $70 a fortnight, it's tough atm but I still have a budget and a EF started with a tiny amount in it. Um just because I have a small amount of money doesn't mean that it can't be well managed. and this has come by me learning how to bake everything by scratch ,me learning how to grow my own vegetables making sure I don't have any debt at all, I do not have any debt payments, I do not have any credit cards, And I'm constantly learning how to upgrade my own circumstances with the money I've got it's difficult because I'm ill um I got a immune disorder after I had a bout of covid , and I'm still in recovery a couple of years. just today I spent $7 on Mark Downs in the supermarket, and I turned it into five dinners and four lunches all in the freezer. But I said I'm constantly learning and I'm constantly working on how to live a low-income lifestyle but how to do it effectively and efficiently so that I'm not actually missing out on anything. And it's something that's affecting my children as well so my children are mostly grown up and um and I said to one of them for your birthday do you want money or do you want me to do a mini fruit garden for you and she said to me a mini fruit garden Because she loves to grow veggies as well, So I got a big black plastic seedling tray, And I started alpine strawberries and goji berries, And rock melon and some watermelons from scratch and she got an absolute tray of different fruits and berries that she could put straight into her garden for her birthday and I had some seeds leftover to put some stuff in my own garden so it was a win win and I think sometimes it's just about thinking outside the box as well. I love living my frugal lifestyle, I do not have a dishwasher, I do not have a dryer, I don't even have a television anymore, it broke and I didn't even bother replacing it.
I live, quiet well, below the poverty line here in the States. I live on less than $1000 a month on Social Security. As soon as I receive my money, I make sure all my bills are paid and what I'm putting in savings. With what's left is what I get to spend on things I can't get on food stamps. I don't eat out, I cook all my food, from scratch. I don't purchase premade food or boxed/canned meals. I eat very healthy with fresh or frozen veggies, and a little meat. I have a nice pantry full of things I eat during an emergency. Yes, I'm only one person, but if people put their heads to it, they can do it too. Oh, my home and car are both very old but are paid for. I don't believe in using credit cards. If I don't have the cash to get what I want, I don't get it. I do a lot of shopping at thrift stores when I need something. Very seldom do I purchase anything new.
You are doing your very best and better than many
Amazing job!!! 🎉❤
I live a similar life as a pensioner in my 70s. But I have a little financial wiggle room as I inherited my country home and land and have free gas heat from the wells on the property. I eat out very seldom, maybe twice a year, at a real restaurant. I don't buy much of anything new or otherwise for myself or my household. I'm trying to use up what I have already. And my car is 14 years old and getting a few rust spots. But it runs great! So each morning I journal my gratitudes. I seldom am tempted to splurge on anything big but reward myself with one modest item per month. And pay in cash for that. I don't feel deprived but have to be cautious not to discuss my frugal ways as my children who live in metro areas get upset hand try to buy me stuff or give me money! I love me deeply but finally told them only to buy me things I could use up like gourmet coffee or lotions.
Pam, what you don't mention, besides the food stamps, are all of the other programs you access as a person living below the poverty level, that make it possible for you to be okay. You are using what you have wisely, but if those programs are taken away, as some politicians wish, you and millions of others, will suffer greatly. I'm really praying that they are not successful at gutting the social programs in the US.
Pam if you worked all of your adult life the median amount is $1500/month on social security. I am glad you qualify for food stamps and in your income bracket. Food pantry, heating assistance, housing assistance etc. You are managing your money the best you can. Your children are trying to assist you because they realize the reason you get such a low income is because you stayed home and raised your children.
I’m always thinking how lucky we are to have the Internet and so many people doing free content for us. Remember when I was a student I had to go to a library, order a book a few years or even decades old, and wait for a few days or a month to read it in a reading room without the opportunity to take it home. So, I had to take notes to remember. And now I can watch a fresh educational video during the bus journey. Thank you!
Thanks for watching
Yes, isn't it great we can learn almost anything online.
When my mother got married to my father in the sixties she took out her pension to buy a fridge. That was common. Decades later after good and bad times my parents retired on quite a low pension. My mom told me, hadn‘t she bought that fridge then, she could now buy a fridge every single month.
The depression of the 2007 era was an eye opener and a lesson learned! No consumer debt ever again! Never a balance on CCs! Savings was key. Retirement savings #1 gave us the cushion. Now we still live frugally and the USA is back to being worse than broke. Frugality is key.
It absolutely is!
My husband and I are going through a rough financial time right now. (As well as emotional)
So glad we have a stockpile of food and some savings. Instead of a crisis, it’s an inconvenience.
Thanks for sharing
My husband and I went through a HUGE financial crisis around 2008 - we could have ended up with less than nothing after decades of carefully running a business and employing hundreds of people. The crisis happened due to circumstances beyond our control and other people's illegal behaviour. I can imagine the stress you're under because we've been there. My 2 cents is to be very kind and gentle with each other and to deliberately look for the little pleasures - going for a walk, picking some flowers or greenery from the garden, scrubbing something and enjoying the shiny end result - free stuff that you can get pleasure from. Prayer and meditation also helped us both. We got through it, learned a lot, turned a corner and we are back on track - and our relationship is stronger than ever. It's good that you see it as an inconvenience because it shows you've a positive attitude. All the very best wishes that you turn the corner very soon. Cheers from a soggy rainy Sydney Australia!
Hi Jane and Mike!
Having watched this channel for ages I finally subscribed!
I am 60 years old and live in the UK with my husband and two grown sons!
I am a spender by nature but have taken so much of your good advice. We now have sinking funds, save 10% of income first and are mindful about spending!
We are debt and mortgage free also.
Thanks so much for your helpful content on this channel!
Welcome aboard!
I would like to say "You are most welcome", seeing as I am one of those who "broke trail". (this is a term used here to describe the ones who made their way through the bush, or through the deep snow, so that others could follow and improve the situation.) I got tired of the male workers commenting on the colour of my underwear as I was required to lean over huge equipment to pull off the printer paper....yes, printers in those days were the size of a couple of washing machines. So I bought a lovely pantsuit and wore that. Was called into the office and asked why I didn't ask permission! Luckily my boss was a dear, kindly old gentleman and was very understanding. Those were very strange times, on the one hand, I was out hunting for moose with my father and no-one had problems with that, and on the other, I was supposed to ask permission to wear pants. Just didn't make sense to me.
You certainly blazed a trail. Women after you are very grateful for that.
You’re awesome! You stood your ground and found a creative solution. I’ll bet you rocked that pantsuit, Louise! Thank you for being a trailblazer.
@@allisonmodaff5635 I did, actually. ha ha.
This is my second month of following your idea of no spending at all, the last seven days of the month. The first month it was hard to remember. This month, that goal feels different. It is a small goal, and certainly not stress inducing. This month it just feels like a relief to just accept that we will only use what is already in the house. No fighting the idea ... just doing it.
You can do it! Thanks for sharing.
Great video! I worked in finance, and what made me become careful and financially conservative was seeing clients living beyond their means, and clients who never worried about the future. I met so many people who never changed their ways, and were constantly taking out debt consolidation loans. We are culturally entitled and want it all now. This is why I wish everyone
would watch you Jane, because you are telling us we can live very well without that shiny new thing.
Aging and retirement is inevitable. I have no idea why people ignore it.
Tell it sister! I know so many women a generation older than me who supported politicians who worked against equal pay who are now facing an underfunded retirement, especially if their husbands have passed away and his retirement earnings or Social Security went away or were cut drastically. Working to keep that from happening to me.
Yep! I feel for them. However anyone of my age and younger knew to go out, get a career and save for their future.
Here in the UK we have had the Equal Pay Act since 1970. I hope equality has caught up in your country.
The points that Jane is speaking about are really crucial to grasp early on. We are trying to get our 3 young adult children to learn them now and not have to repeat the mistakes my husband and I made when we first started out as a married couple.
I hope at least that they are paying into a pension
Hi Jane, I was born in 1955.Growing up in our house money and savings were never discussed, but, jobs with pensions were a big topic. My father had a union job with a pension that he was very proud of. When I came of working age I too worked a union job,. I remember on more than one occasion going to work telling myself I am working for my pension, and now being retired I am glad I did. Your chat today was spot on by the way, thank you.
Thanks Barbara. I had grandparents who were retired so I understood that we would age.
Good day Jane.
Many if the things you mention I have done. Very un educational decisions. It’s never too late to start with a clean slate and not do the past mistakes. Thanks again and have a great day. I enjoy being frugal. Baby steps but doing well.
Thanks Rosa
Hello Jane and Michael,
You name the financial mistake, At some point in my life I probably made it. Now in my sixties and I have crawled out from under wreckage to also be debt and mortgage free. I'm still putting a little away here and there because frugality has become my life style.
It's never too late. The sooner the start the better.
Thanks so much
You are an inspiration 🎉way to go!! It’s not how many times you have failed it’s getting up one more time than you’ve fallen!!
I've always told my children that there are no scholarships for retirement. They started saving for retirement as soon as they got out of school (with no debt). They taught their husbands as well. My husband and I never planned on collecting social security. We figured if it was available, it will be gravy. We saved and planned without figuring it in. This has paid off well for us.
Good to hear that
"No scholarships for retirement" love it
This is 100% truth. You hit the nail on the head. We’re all accountable for ourselves. Keep up the good work. Thank you
You are so welcome
Great point! Do the hobby, but don't spend much on it!! We have to remember that the crafting/art companies are trying to sell you as much as they can, even if you don't need it!!!
Thanks for watching
You are spot on about the middle class disappearing in the U.S. One big mistake I see people making in the U.S., or at least in my state, is that a lot of people do not want to go back to work. When covid hit and the world came to a stop, people got laid off or offered huge severances to leave their jobs. Now we have a shortage of workers. Hawaii is a tourist state, but we do not have enough workers to service the tourists. A lot of our small family owned restaurants are closing due to lack of employees. A lot of people just don't want to work and are living on their savings. That is not too smart if you're a young person or a middle aged person. Another problem I see is the people who decided to retire prior to Covi-19. A lot of them did not expect inflation to soar as fast and as high as it has. Some of these people are now having to take on part-time work or go back full time work to make it.
So if they’re not working how are they not starving ?
I think may workers went to school for training and/or found better paying jobs
@@FrugalQueeninFrance Our state gave out a lot of free food boxes to those that drove up to our stadium and in many communities. There were some stimulus checks form the Federal Government. There also was a stimulus of three hundred per month per child for six months of the last calendar year. Lots' of people got huge unemployment checks weekly too. Some are living off of savings.
@@TheDiana1988 exactly! They still work they just didn’t stay in their previous job.
@@kakelinga I think they just moved on and found a different or better job.
I spent a good portion of my life being the grasshopper in the story of The Ant and the Grasshopper. I am 63 this year, and scurrying like heck before my life's winter comes.
Wow. Well said! I was born in 1961 in the US and this is all so true.
Thanks Julie
This was such a great video Thank You
Thanks very much
I think this was one of your best money chats yet. I lost my job and had to stop putting into my retirement fund, but now Iam back on my feet and it's a good reminder that I need to get back on track now that Iam able. Thank you.
You can do it!
Thank you. You put so much effort in your videos. You’re making a difference in many lives. 💚💚💚
I try
Thank you for talking about this hard topic! Yes we have made mistakes too! Since getting really clear and frugal with our budget we are able to save $100-200 a month and then we put our two extra checks per year (equals $3800) and our bonus ($1000) and our tax return ($2800) all into savings. This is $7600 automatically going to savings per year which is about 15 percent of our income. On top of this is our monthly savings which isn’t much but it’s something! ❤thank you so much for your wonderful and honest and very helpful videos!
Thanks Cara and we’ll done to you too
Hello from Romania. I am paying carrefoul attention💖
Thanks for coming
I agree a lot of people make problems for themselves. I also know feom experience that continual health problems, can eat up any savings you have. We have always saved. When i was 27, i ended up having a hysterectomy and was off work for 1 year. We had 2 small children and our savings for 3 months went to having a cleaning lady coming in every day to clean house, cook childcare, etc while i lay in bed. The cleaning lady had to lift my children onto the bed so i could read books to them and play with them in bed.
Sorry to hear that. However, you didn’t cause your own problems.
Jane: So many good, valid points in your chat today! I would like to add this when saving for retirement (and of course, this is something that I didn’t do or think of until it was too late): if you receive a “bonus”/incentive pay from your job, do not treat it as “fun” money! Take that bonus/incentive money and immediately deposit it back into your retirement plan/401K plan! It’s known as delayed gratification.
Thanks for sharing!!
I will never forget, when I was 6 years old, I went to the store with my mom. I had 25 cents to spend, I wanted to buy some candy so I asked my mom how much I would have left if I bought this candy, so she told me, I didn’t think I would have enough left so I didn’t buy it. Oh how I wish I had stayed that way lol.
Thanks for watching
Hi Jane. Another great vídeo 😊. In my opinion in Portugal people have too much debt and dont take responsability for their bad choises. I have only a morgage of my house which i plan to pay very soon . Altough we have a medium income me and my husband, we are Both very frugal, and try to produce at the garden vegetables, fruits and even eggs.
Love from Portugal.
Thanks for sharing!!
I received little financial education, and struggled for years. But you're right, I was being passive. I changed my mindset and educated myself. There's so much good information out there, it helped me get out of debt and embrace frugal living.
You got this!
I absolutely loved everything you have said. 👋👋👋👋👋
Thanks very much
Hi we were saving up for a new drive and went to a home exhibition, going to the biggest drive layer we made enquiries about cost per metre, a paved drive would cost. We were laughed at they would not give us a rough idea at cost. We were told not to worry we could use credit. A couple of years later when we had saved up the money we did not use that company.
That is awesome!
The biggest financial mistake I see so many make is to think the government or "somebody" is going to take care of them during their lifetime. Like you said, we need to make better decisions from here onward. Unfortunately so many won't.
Nobody is coming to help us, it’s getting worse and people need resilience and determination to make it.
Every point was spot on! It's also important to match your priorities with your budget. For instance, I keep financing Christmas. SO I've decided no more yarn for my hobby until I can get that all paid off. It is costing me more money in interest on the debt, so I'll tackle that before I buy anymore yarn.
Thanks Jennifer, I hope you’re also saving for retirement too.
Powerful !!!!
Strong words that needed to be said and heard .
Thank you
Such a good video, I was born in 1953 so thank you for acknowledging how unfair pay was then. I still work but only part time now. I agree with so much that you have said.
Thanks Jan. It has to be acknowledged that women were not given that clear message as they didn’t have all the opportunities
@@kirstenlind-pedersen5184 That’s incredible and shows what can be done but you had to work hard. I’ve also been self employed most of my adult life. Are you still working?
You go Jane! You are so right, and somebody has to say it.
Thanks so much
Good morning
An emergency fund is extremely important. I 'm trying to save 6 months of living expenses. I contribute monthly until I reach my goal. Every January, I go out to add to my stock pile.
Thanks for sharing with us. Valuable information.
Great job!
Very good video! Between your channel and Prime of Midlife you sure give us food for thought! I may be Canadian but there’s always something I can relate to. Things are definitely happening here too! Thank you Jane & Mike and because I mentioned her channel Karen. 🙂
Please do!
Another great video Jane and Mike! Taking responsibility for your own finances is the 'adult' thing to do.
Very true.
Thanks for this reminder to save for retirement. It's now my plan once we have an emergency fund. I wish I had discovered your channel years ago. Anyway, onwards and upwards.
Glad it was helpful!
Due to a prognosis from doctors 15 years ago i decided not to put extra money into retirement (on top of what my employer legally has to put in) thinking i wouldnt reach the age of retirement. Only recently have i realised that my health is actually great so far and i most likely will need that retirement fund after all which im totally thrilled about. We tripled the amount going into the fund each fortnight as of last year which not only benefits the fund but in australia is taken out pretax so it will put me in a lower tax bracket. It really was worth looking into.
Thanks for sharing
Took me many years to be debt free, now that I am I frown if I was to have to go into debt. I will save to pay in cash. I call it a rainy day fund which I have, I am working on the sinking fund since beginning of year. I watched many videos this week to make shampoo, conditioner, face serum, moisturizers from herbs and flowers which I grow, all are expensive in retail. We are growing our own vegetables and fruit which we started a year ago. Thank you for all your videos and sending me on a safe journey.
Love that!
Watched this so important Video again today. (09/04/2023Just to remind me.thank you Jane & michael
Thanks for sharing
I made the same mistake in my early jobs of not paying into a pension. I'm regretting it now.
We all do. We knew we should but we ignored it.
I worked after my child went school , it was only part time but for the first 10 years was not allowed into the pension fund because I was part time. In 1992 the law was changed and they had to allow us into the pension fund. I worked as a carer for Cheshire County Council. I don't get a full state pension because I finished work 1968 until 1973 to bring up my child. In 1977 you got credit towards state pension any years before were just lost.
Thank you so much for this video. I managed to retire at 60 (I'm in my mid-seventies now) with four work-based pensions and a state pension after being lucky enough(??) to work for 43 years, together it's not a fantastic amount but enough to live on, with some extra for savings. and holidays. I give myself pocket money each month and use that for my hobbies. If I want something special which I haven't budgeted for I save up for it. Budgeting is the key to good financial planning, but as you get older you don't want the worry of financial problems, so definitely start young on your financial journey, but at my age, a bucket of health is worth more than a bucket of wealth. Thank you for sharing these great ideas.
You’re a wise woman who made preparations.
You are so right. Jan, I love how you tell us we have the personal power
We do and we’re all responsible for ourselves
Οne of your most powerful videos . Thank you for bringing forward good british common sense.......
Thanks very much
Good evening, you said it beautifully, this is how everyone should hear it and not the usual but, over and over again, until people realize it and start thinking about how to live debt-free and look forward to a peaceful retirement. Thank you, thank you very much, very good work, thank you. Greetings from the Czech Republic
Thanks for sharing!!
I was never taught to save or budget. Consequently, I made loads of mistakes for many years. I have been determined to educate my children, who are all now grown up and doing financially well. If someone had talked to me about money management when I was a teenager I think my adult life would have been easier. Thank God I woke up eventually.
You and me both
That sounds like my life. My parents felt that anything to do with finances was adult business so never talked to us kids about it. I also never learned about finances in school, so, I made a lot of mistakes when I was younger. Now in my later years, I’m debt free, living below my means…I just wished I had woken up when I was younger; but I guess better late than never!
I am retirement age now in USA and saw as a child in the 60s women could not get decent jobs and were lower paid than men for same job. I see women now getting $800/month because they cared for children and the home. Many were cast aside with no provisions for their future. Many trusted their husbands for financial security. Big mistake. I tell everyone young people need some training or schooling to get a decent paying job. I agree with you many people have no idea of their financial situation. As far as hobbies I found myself buying many cross stitching supplies. I quit buying. Had to get a handle on it. I used some of it but no more spending. Complete what I have. Paying myself first was a concept I could not understand until my 50s. I started saving a percentage of my wages. Made the biggest difference. I was never taught money management and wish I had known what I know now.
Thanks for watching. Thankfully women after they learned that they had to earn their own income, pensions and independence
Good talk Jane , I never used H P payment I didn’t believe in it , I saved until I had the savings to buy new , my thoughts was if you have it now and pay later the product you want to purchase it not yours until you finished paying for it , and I remember thinking what happens if i get sick or get made redundant , then the stress would be how to finish paying it off , It was my parents that taught me to pay myself first, the school only taught me life skills cooking, sewing, etc I was in school years the same time as you, and started working full time at age of 17 , I worked part in the last year of school , after school for a few hours, which was an eye opener in the working world,
Glad to hear that and I hope you saved for your own pension too.
What a brilliant mid-week money chat Jane and hopefully a wake-up call for those who still have time to make a difference to their future financial security.
Like I said, people need to do everything they can to get the money together for retirement and to stay out of debt.
Willful ignorance, what a powerful term. Great chat again, hitting a few nerves. In regard to finance and the time after a working (paid) life, I see willful ignorance as in remarks like: you don't need as much when you are pensioned off, or, that's in the misty distant future, time will tell, I will see then. Now we are pensioners I am so glad we thought about our time after our working life and geared some of our financial goals towards that as well. If you are lucky, there is time after a working life, and it may be a very long time. I hate to think what our circumstances would be like if we had not, not to mention all; the stress as we get older and older!
You made good decisions.
Love your videos. I was curious why you/Michael decided to retire so early? My husband didn't retire until he was 67, mostly because we needed the insurance benefits. However, the extra income was a big help as well. We don't live on a super tight budget like you need to do but I like living a thrifty lifestyle. It's the way I grew up. dee
We retired because we could. You’d retire if you could. A super tight budget doesn’t mean we’re poor, on the contrary we have enough. We’re never cold, we’re never hungry, we have all the resources we need and pay cash for everything. We also have universal healthcare.
I agree fully.
Not just people but family members too.
Our daughter has used us like a bank. She's an adult with kids and a husband.
They both work full time jobs that pay rather well.
Problem is there always broke.
The answer is like most others is spending more than they earn and not saving anything.
Nothing wrong with saying no.
Stop funding them and enabling them. You’re not helping.
@@marilynthomson9564 OHhhh yesssss there is ....
We'd be the worst parents in the world to hear her tell it .
Then the issue of her loosing her job . That involves where they bought this vehicle that the engine crapped out.
We loaned them $9500.00 to get a new engine installed. We were nickeled and dimed to death getting paid back.
Then she wanted chicken and goats but she couldn't have them in town where they live. So I fixed up coops and pens for them and
now we care for her animals. She says she's to busy now, no time.
They've got free day care while they work. We've got the kids about 85% of the time .
What's most strange about all this is I'm not even her biological father.... Just an ole stick in the mud step dad that she claims that I'm nursing home material.
Her biological father has never had much to do with her . Sad
@@FrugalQueeninFrance Your so right ma'am. I've tried to stop enabling them, but I just can't help from not wanting to see the kids suffer because of the parents poor decision making.
It's hard to say NO, but it's much better for them in the long run. They get used to someone to rescue them, and aren't willing to do the hard work to change. I watched this happen with my older brother, and he was still depending on my parents when he was in his late 50's. I don't want that to happen with my kids. If I haven't spent everything I have when I pass, they can share what's left then. Sounds harsh to some, but makes them self sufficient.
When I started my part time job 7 years ago, they offered matching pension contributions.… I RAN to HR to sign up!!! I need to work another 5 years..that will give me 12 years of contributions albeit part time... if the opportunity for full time arises in the last couple of years of working... I will do it! Increasing my pension and my savings for retirement!!!
You keep at it
My husband developed a heart condition and spent several days in various years in the hospital. He is currently on his 3rd pacemaker. He has consequently had
😅 24:16 high doctor/hospital bills. We paid them off, but it certainly knocks a hole in savings thru no fault of our own. He always ate well, was nit a smoker or drinker,but the electrical mechanism of his heart just went awry.
@@barbarabarber4485 the worst part of that, if you lived in a country with universal healthcare like France, Germany or the UK, his illness wouldn't have caused you any financial worries, stresses or any bill.
My husband had a heart attack in 2021 and hasn’t returned to work. Luckily his company have a generous system but it could be so easily have been much harder. Thankfully I’m in the U.K. so no medical debt other than £100 a year for prescriptions
10:51 my bedroom is full of fabric 😂 I do need to start using it up.
I’m sorry to hear that and I’m glad he received some help. Examples like this reinforces my point that we should have no debt and savings. I know that savings dwindle but they can help. I hope that you were able to continue working and saving for your own pension.
@@FrugalQueeninFrance I don’t actually work. I stay at home with our kids. We worked out I would have been working for about £25 a week after childcare and work expenses. My pension currently has about £7k in.
Hi Jane,those times were hard as I come from a pit town & my mam was a cleaner,dad was ill.Nobody ever mentioned a pension,as far as I remember we were taught how to write a cheque.Straight into a factory after finishing school & hated it but I was from a poor background & didn’t study as I should have.Boyfriend that took everything & bad choices as you said.I would like to think a young person sees your video & thinks right let’s get on the right track.There seems to be a problem now that parents are giving their grown up kids a constant flow of money to maintain their social life of cocktails etc,we were lucky to get half of cider lol 👍🏻
In those times, the was an acceptance by the poor that you’re born poor and you’ll die poor. We saw that change, you can start as nothing and become financially ok. What changed as I said was Thatcherism. Not everything she did was bad, many a poor family turned out a millionaire by following her mindset.
@@FrugalQueeninFrance Oh true,I agree 🙂
Begining in1995 I was supported by a disability pension. I've never considered retirement. I thought if I'm home most the time buy decor to enjoy. Now since viewing frugal living channels; I've decided to save every penny.
I appreciate frugal channels as it's made a difference to my control over money I receive from the government. Thanking God for the taxpayers that I'm not homeless because I can't work I'm saving $1,000 monthly from here on . Blessings Maria
Thanks for watching and commenting
My parents were born in the 50s in Hong Kong. They grew up in poverty. So they were trained to save and also make it financially more comfortable for their children. To not have to starve like they did. But its all individual minds. Some are bad with money even with a poor upbringing. Just have to make the tough decision yourself.
Thanks Lin.
Hello from across the pond, in Canada. :) I am a long time subscriber, and appreciate all of your videos, but this was one of your best yet! Thank you for the inspiration and motivation!
Awesome! Thank you!
Great video. I think the "planning for retirement" is the biggest hot button. I recently tried to have a conversation with my 25 year old daughter and got the "eye roll". HAH. I can't say I did a good job with my own planning, and am desperately trying to help make her future as secure as possible. Who knows what these kids will be facing down the road?
Poverty in their old age if they don’t do everything humanly possible to have a pension fund
Lol, I have a lot of yarn but I make holiday, birthday, new baby gifts. I don’t buy store gifts anymore.
The biggest mental 'trick' for me to save money is to wake up each day being thankful for what I have!
What I find crazy is the credit scoring system. The more items of debt you have had and paid off, the better it is. This needs to be good if you want/need a mortgage. My son has a low credit score (in his 30s) because he has always saved and paid cash for everything, despite low paid jobs. Can anyone explain the logic of that system? (I know it proves you can handle debt but beyond that?)
It’s crazy! My credit score has dropped significantly since I’ve cleared my credit card. Once my last debt is paid in June I’m sure it will drop again. 🙄🙁
Other than à mortgage, no one should take out debt.
Thanks Jane ❤❤ PS That’s a really nice colour on you 🎉
I can’t express how much I appreciate and learn from your videos. I’m a 70 baby and I was never thought about finances or retirement. I started learning about finances when I had my son and TH-cam videos. Thank you 🙏🏽
You are so welcome!
Such good points especially about saving and planning for retirement. The small 'management' tasks really matter; checking on various tiny work pensions from years ago, putting savings in the best savings rates I can get, checking that all NI years are funded, tracing any forgotten pension pots - individually some of these retirement planning details are small wins , but collectively they will make a real difference to retirement income.
Thanks very much
I am 66 and my parents struggled financially. It taught me that I was responsible for my own finances. Unfortunately, the lessons were more about "should" with no concise method of "how." Today, there is such an expanse of info that it can easily be overwhelming. If I had to start somewhere, I would record all of my expenses. I've always known my income... I don't know why there is such pushback from recording expenses. numbers have to be exact, or they don't mean a thing. Thanks Frugal Queen for your vlog. Your concepts were different than I have heard others speak about lately. Would love to see a drill down series from you.
Thanks for watching
Very good video. I am lucky enough to be debt and mortgage free. I also learned the debt lesson when i was younger. Now my debt “tolerance” is zero. I do use a credit card to pay all my bills but pay it off every month to get miles for my plane flights for vacation.
I have to chuckle at your hobby reference. I am a knitter and i have what i call SABLE. Stash accumulation beyond life expectancy. So I am now not buying any yarn and using my stash.
Very wise
Oh dear, I’m so guilty of buying yarn “just in case” or “oo, that’s pretty” and I could stock a small shop! I’ve stopped buying now. I only buy for the shawls that I am making to sell. X
Wise words. Thank you!!
You are so welcome!
Great video as always. Thank you Jane and Mike!
Our pleasure!
Jane & Mike, thanks and “amen”
Thanks very much
Thank you for this video!🙂☮️
You are so welcome!
Don't assume you have years to get your finances in order .. disaster, tragedy can strike at any time and it's very hard to get your finances in order when you only have a certain amount of time left. My eldest daughter and her partner are now in the process of buying a house, one that they can actually afford. Too many times people look at the monthly repayments and not the overall cost.. a half million pound house? That's half a million pounds people! A £40,000 car.. might be repayments of £400 a month but that's £40,000 that you're spending without thinking! Imagine you have 25 years left to live..what do you want to achieve in that time ? and you're right Jane, people need to take control now :) x
They certainly do.
Love your point of this video, pay yourself first. It is hard, but my goal is 10% of take home pay towards saving. The only debt I have is my mortgage, but I dont see that as a problem, as my mortgage is cheaper than renting a home in this area. (And it is investing and saving too) Thankful for getting a new job last year, its a state job, at a school, not the best pay, but it has the best pension plan you can get.
You can do it!
Yes, agree with it all, and ,yes, I really think it should be taught in school.
As I said, schools can’t teach everything. We live in a sink or swim world where people must take responsibility for their own learning of life skills.
The schools have to teach the curriculum, which comes from the government. The government is influenced by banks ( credit card companies). They don’t want people knowing how much they are really paying in interest!
We like to go to open mic nights to play and sing. They are generally free but held in pubs where drinks can vary in price. You feel obligated to buy a drink. It really adds up as a hobby. Perhaps we should try busking to get some cash back!
I think a couple of drinks is ok, it’s not that you’re spending thousands on things you don’t use.
The emergency fund for me is a big one. At a recent union meeting, where we were discussing the possibility of going on strike, so many people agreed that they live paycheque to paycheque and couldn't last for a couple of weeks let alone a few months. I was so relaxed at that meeting because I knew that I had over 6 months of expenses in my EF. It took time to get there, but how much better I sleep at night knowing that I have that $$$ saved. Great video!😂
Thanks for sharing
I think one of the biggest financial mistake here in the US is I see many people going into retirement with a house payment. Some as much as 30 years. Thank you Jane for tackling some of the hard stuff too! Most of us are debt free to some really hard work but the good feeling and relief is so worth it!
I always think that a mortgage should only be available if you can pay if off by 65. We were glad to get rid of ours by 52.
Your right 👍.
Our home and vehicle's are all paid for. Just paying for utilities, insurance, and groceries. I don't drive much anymore but my wife does most all the driving. I have a 2013 pickup with 73000 miles on it that's garaged 99% of the time.
Yes! My parents were still paying on a mortgage payment in their 60s! Then my dad got Cancer and passed away and my mom is left with the mortgage payment at 73. The accountant says she may have to get a reverse mortgage on the home equity later on if the money my dad saved for retirement runs out. My parents made a lot of financial mistakes while I was growing up. My husband and I are not going to make that same mistake. We are not holding Consumer credit card debt, we are saving to pay for a house in cash, we saved to pay for a new car in cash, no car payment and putting enough away in savings for retirement each month. My parents had really good incomes but lacked the financial skills and goals to make the most of their money. I did the same until I moved in with my husband and learned to be a saver and financially savvy.
I wasn’t able to get into a home until 53 with a 30 year. I have a low interest rate. I plan on paying it down enough to be paid off by 65. Right now I’m stacking cash for the inevitable car replacement. I also have gone down in hrs as I need to take kid to therapy. I’m just very frugal and don’t buy stuff. Have very few clothes. Don’t eat much and I’m a light/ ghost load nazi. I probably could qualify for food stamps but it would be a hassle to apply for
@@juliedickson1721 I understand Julie. We bought our first home in our mid 40’s. We will make extra payments until we can pay it off, and only then can we retire. We have a long way to go but consider ourselves very fortunate to have been able to buy into our market at all.
We have to educate ourself - this is the key and we have to remember to stary resiliant to ads and unnecessery spending.
Wise words Anna
It was a very tough year last year. And very scary. Unexpected expenses of 12k which came out of savings. A lesson learned that our emergency fund did not contain enough savings. The absolute cost blowout on everything from feeding ourselves to medical needs and home car insurances. 2023 and it’s budget did not take into account the increases this with vet and home repair unexpected expenses our saving account took a hit. This year 2024 we will be only spending on emergency things for our home etc and concentrating on more saving to our accounts. We only hope the price hikes will not continue this year. We are pensioners own everything we have thankfully. Fingers crossed this year will see us move forward 😊
We add to our EF every year to make up the increase in the cost of living. When you get back to square one, then it’s time to set up sinking funds.
On the subject of hobbies...that's why I shop yard sales, and thrift stores. Lots of great items for my hobbies for a fraction of the price!
I Hope you spend more time doing your hobbies instead of buying for them.
@@FrugalQueeninFrance Oh yes, I was looking for a little rack for my garden plants (my hobby) and just found one!! I spray painted it yesterday...my plants are so happy! I don't miss shopping at the retail stores...I just wait and find what I am looking for at a yard sale or thrift store...eventually!
❤
I moved to a country where I didn't earn enough (as a foreigner) to get a credit card for the first two years. For the first time in my adult life, I had to live within my means. No overdrafts, loans, cards or cheque cashing services. My finances improved dramatically. Two years later when I could have a card, I had a small credit limit and paid it off every month without fail. Came home with some savings too!
Same. It really makes you have to make the tough decisions because you have nothing to fall back on.
Great mid week money chat!
Thanks very much
Young adults need to start saving as soon as they have that first job. If a company offers a 401K (U.S.), get it done. Ignore it, and it sometimes matches your contribution.
Very true
Very strong message
I look forward to your videos and really enjoy them all. I just wanted to tell you that I believe this video has been my favorite so far! I have always been a reader and naturally curious and I know that has helped me to become more financially knowledgable than I would have been otherwise and for the most part it was something I enjoyed. Thanks for all you do!
I'm so glad!
My biggest money mistake was thinking that I would have my pension to live on at retirement, then in 2009, my company told us they would no longer provide a pension, instead, they introduced a 401k and stated they would match up to 3%. So at 45, I had to start putting money into the 401k to fund my retirement.
Sorry to hear that
Fabulous video Jane and Mike . Thank fully although I am not able to nurse at the moment I am so glad I paid into my nhs pension for many years and if not working in nhs I have always paid into pension scheme with other employers . I saw many colleagues opt out of pensions which never made sense to me
We’ve all seen it
I appreciate all your advice. Thank you. I have now a stock pile of food. I'm sad I reached 60 last year and have spent my pension over the years on things like decor. My hobby is making religious crosswords gifting to church leaders. I now choose saving my pension. Volunteering over the years has given me joy. My electric bill in today is half of what it could've been. I changed my supplier and used minimal electricity. I've studied food prices and nutrition on youtube and have done well. Cutting back helps. Can I suggest to save for retirement 🤔. It's very important on all income.
It’s the most important thing to do as we will all age
I think the problem of my generation ( I'm born 84) is the late start to paying in a pention. My husband is 42 and has only got 2 very small pension pots in companies he's worked in for less than 2 yrs, he's very ignorant about paying it and it's not on his radar at all. Me on the other hand has paid a pension most of my adult life from mid 20s however I'm a stay at home mum right now and don't see any significant income changes in the next few years, my children are very young. Were outgrowing our home and that's the next thing on our list.
He needs to pay. No one will look after him when he's old.
I love your hard chats ❤️
Thanks for watching
Fabulous advice throughout this video, thank you!
You are so welcome!
This was our first month ever of no spend. It really makes you think about your spending habits. We have saved £400 this month, which is going to our emergency fund. It does help you sleep at night, knowing you have a bit of a cushion behind you just in case. March will be another no spend month, and hopefully that too can go in emergency fund. We’ve never been massive spenders, and have saved for the big things, and have lots of good secondhand items in our home. You two gave us the idea for no spend, and we thank you.
Thanks for sharing
Dolly Parton sang "One is only poor if they choose to be "! It's much more about how you feel on the inside about your life. And you feel much more in control and less helpless if you manage your money.
Thanks Janet.
It totally is about how you think and feel about yourself
We were those people at one time. Good income but no savings. We simply made dumb decisions. It was totally our fault and it’s time for people who do make good money start being honest and make better decisions. I have 2 family members right now that while not struggling have made poor decisions and unfortunately paying for those decisions.
Yep, it’s a choice to do that,