Zero debt yet I still clean my own house, my husband keeps our lawn. Not paying for manicures or pedicures. I cook healthy meals at home. It’s just our lifestyle. We are homebodies so we don’t spend money on movies or concerts. I am in a very content season of life. I wish this for everyone.
We paid off our house last Friday! What a feeling it is to be debt free. It was possible by buying a modest home - less than we could have afforded. Our cars are paid off. They are 10 years old but still run great as we take care of them. Seriously you will not believe the freedom you feel when you don’t owe a thing. Of course you still have normal expenses but it’s nice to be able to have room in budget for a few treats. It’s a journey!!
I’m two months away from paying off my car 100%. I may even bite the bullet and just do it this month !!!! I’ve got to look at my numbers. I’m writing down EVER SINGLE PENNY I spend to see where it goes and where I can save. And I also closed out my Starbucks account on the app !!!! I feel so awesome !!!!
Keeping up in car maintenance so your car lasts as long as possible. Keep the inside of your car fairly neat as a messy car can make you think about wanting a clean and shiny new car.
As a child I was taught to save but not be cheap. I continued those savings even if it was only $2 that week. I impressed this on my husband and my daughter. Living below our means allowed us to save for the layoffs/strikes of work. The 4 months of unpaid leave needed to take care of our premature baby, the lost working hours as I fought cancer, and my husband and I taking early retirements 100% debt free. We were not deprived during those years we learned to be creative. I always had a garden ( the veggies fed us and the flora created a show stopping oasis), my husband hunted for bonus meat, we traveled and tent camped all over North America. A canoe and kayak were our boats of choice the bass boat came later when we could pay cash. When everyone was buying 55" TVs, we enjoyed our 32". I still use the cassette clock radio I had from the 70s, our washer and dryer are 30+ years old. We paid cash and sweat equity to update our home. We retired as millionaires and we still garden, still camp, enjoy a baseball game as entertainment, watch the free stations on our 32" inch tv. Habits Bonus: we will be giving our larger home to our daughter and her family. They will sell their small home and we will build a "granny pod" for us on the property. Our burial arrangements and plot will be paid for and we will be able to leave them a nest egg to add to their own savings. Because my parents were frugal we will be able to assist our children and our grands. Hopefully this continues in our family. Thank you for all you do.
My personal lesson is to weigh out each purchase. So if I want a new blouse - what do I have that could work, is this something I can wear again etc etc. you would be surprised at how you so many times have exactly what you need already. Use it up, wear it out, make do or go without!!! It’s funny also that all the times I’ve stressed over an outfit for an event- looking back I don’t remember what I wore- just how the event was and the people I was with!!!!
ZERO BASE budget- unique every month- tell every dollar where to go before the month starts- cash envelopes for food, clothing, cosmetics, haircuts, entertainment, and BLOW categories. Been doing this for almost 20 years and I'm DEBT FREE including the house and EARLY RETIRED. Favorite lesson from your channel that has taught me the most is trying at least one NO SPEND/ LOW SPEND month each year. GREAT insights as always, Kate!
Never stop learning about personal finance. This is why I love your channel Kate! Your channel keeps me focused on the prize! I'm 67 and still learning! I entered the savings arena late, so everyone who is younger PLEASE start investing in a ROTH or IRA. Happy Frugal Friday everyone!
I found your channel last year when I was 36! I say the same thing all the time…I wish I could go back in time and start investing when I was younger! So much catching up to do. I’m teaching my 18 year old the importance of this now so she doesn’t lose time the way I have
I think what scares a lot of people about frugality is the prospect of having NO choices, NO freedom, because of having to say “NO” to old spending habits. It’s a fear of restriction, of deprivation, of not having any fun - and of what other people will think. But Kate is living proof that a few strategic “NOs” in the short term can lead to REAL freedom and choices in the future!
Paid off house a few months ago and can’t believe how that has curbed wanting to buy things. I thought it would be the opposite. Still keeping our frugal ways but now not living with the stress that we “can’t afford it”. What I realized is we just bought freedom and that “high” does not dissipate like buying things! 🎉
This is amazing. I wish we hadn't bought so much house 9 years ago, but we refinanced when it was low, so even though the payment is high it's less than any other house we could buy in the area. I'm so happy for you. We'll get there someday!
I cannot tout the importance of the emergency savings and the budget buffer enough! I recently had to flee a relationship where I had not been working when I found out my child's safety was compromised. I was a stay-at-home homeschool Mom, so I wasn't working but I've always had a budget buffer and I was able to dip into my major emergency savings to cover moving and living expenses. I now just have some sporadic house painting jobs but I am bringing in enough to cover basic monthly expenses and put away a bit of savings. This month, however, I had to go to the dentist and get the tires changed on my vehicle which puts me outside of my current monthly income but I have sinking funds saved up for medical expenses and vehicle expenses.
Got a good laugh when you said 'The Jones are broke!' The question I've asked myself is - Why should I go into debt buying something I really don't like just to impress someone I don't know and/or doesn't know me?' But if I feel I have to do that for a friend, that person isn't really a friend.
We bought our house in 1973, paid it off in 7 years and have never moved. It cost $30000 and now is worth a million!! We have 0 debt and save 70% of our income as retirees. I don't budget but I do SAVE FIRST and have cut all of our expenses and we are always careful and don't waste money. There's usually money left over at the end of the month and then I deposit that in savings too. We currently have a couple growth CD's that we can deposit to that earn 5.25%. We are very blessed! Love your videos Kate!
Best advice I ever got that just worked for me is.... Pay yourself first. 401k contributions come straight from your check,, so you don't see it, then I also pay myself first by having my check "split" between 3 accounts with 3 different institutions. My checking, my savings, and a Roth. THEN, I pay my bills and play with whatever is left over.
I personally stumbled on a small idea. It's been a game changer for me. I take the extra money in my checking account when a month ends and throw it in my savings after the new money has arrived. It's a little chunk of change that adds up quickly. I hadn't heard of a budget buffer, but that's also an idea that sounds like it has good merit.
Kate, I love that you refer to Dave Ramsey's plan often. This also changed my life a few years ago. I listen to every suggestion you give . I am always trying to learn. 😊
Am so happy I found you several years back. I always struggled with money management. Your knowlege, encouragement and consistency helped find peace of mind and savings for the first time ever. Thank you Kate for being here for all off us who need and appreciate great guidance. ❤😊❤
I subscribe to everything you listed here! One of the biggest things I learned is to know myself. By this I mean, realizing I don’t like to travel but always felt I needed to have that awesome (by others standards) vacation or I was missing out. I have friends and family that go all the time. Never home, always having adventures. I used to think something was wrong with me because I have no desire to live that life. Not anymore. I have accepted that’s not what makes me happy. I would rather spend my money on a good meal out and another dog!!! There is always room for one more!! Lol!😂😂😂😂
I have always had to be frugal to make ends meet and stay out of debt. This engendered a mindset of paying off anything early that could be paid off early. My mortgage was paid off 8 years early and was one big whoop whoop moment! This year I had some work done on the house that, for the same cost as paying on the day, was payable after a year with no interest. This will be paid off in full when it falls due, free loans like that are OK with me. This year is the first time that I have come across zero based budgeting, and I love it! There is huge satisfaction in coming in below what is a modest budget to start with. This doesn't mean that I am living a life of deprivation, just that I put my money where it gives me value in life. (I just had a week's holiday with a couple of friends, but it was all budgeted for, so fine.) I think that consistently challenging myself to live economically is good for creative thinking and gives my little old brain something to work on. A recent discovery is Olio, a system where volunteers collect unsold supermarket food, or stuff donated by other businesses, and offer it free to arranged collections. Always good to reduce wastage. Thanks for another great video, Kate, love it!
Dear Kate: My mother taught me, "There are only two things money can't buy: true love and homegrown tomatoes!" The Millionaire Next Door is one of my favorites, I'm so pleased you found it, too.
I am debt and mortgage free and budget monthly making sure I know where every pound is going. I also have a sinking fund for things that as paid less than monthly. I also have a 12 month funded emergency fund. I track all my spending every month. I save 10% of my income and also try to save any additional income that comes my way no matter how small that amount is.
Zero based budgeting. I don't do cash envelopes anymore since money started coming up missing in my house when my ex lived with me. I just haven't gone back since.
May I say that you are teaching your frugality wonderfully to the next generation. The "real" part of the video for me was when you said that debt SUCKS. I am totally 100 percent with you on that. It can suck the life right out of you if you let it, but don't you ever let it. Thanks, Kate, for another great video.
Trying to get me and my husband out of debt but every time I think this is going to be the month that we can get a lot of stuff accomplished then one thing comes up and then another. I know it won't be always like this but at times it is just enough to say I throw in the towel and give up. But I keep telling myself it is worth it and we can get through it.
I am in the same boat, Samantha. I keep pushing through and try to continuously trim the budget where I can. I am also finding things around my house to sell on FB Marketplace. It will all work out; it is discouraging, though, to have things come up and throw a wrench in plans.
I use a combination of ways to budget. Envelopes for property taxes and water bill. Will be changing to semi annual insurance payments for car & house to lower the cost; will use envelope for that. As I get paid monthly, I usually pay almost all household expenses at the same time, which works well. My charitable giving comes out of my checking account on a monthly basis, so is budgeted for. I do use your easy budgeting method and it works well for me.
I use Zero base budget, I also use cash envelopes for my variable spending. That last one is so much fun, whatever is not spent in the envelopes at the end of the month goes into my traveling sinking fun. Love you Kate, Happy Mother’s Day 🌹
I appreciate that you don’t have a sponsor yet and we don’t have to hear a commercial while you’re speaking. Even though you are interrupted by commercials, I don’t mind that thank you for the inspiration. My husband and I are debt-free. I only have one tip for your listeners, always keep one credit card Are assets are worth let me just say a bunch but we don’t have a credit so it’s hard to purchase something you now if we have to get a loan which we don’t do often we are downsizing and looking at moving from a house to a condo and it’s difficult to move money around or borrow money with absolutely no credit to keep us credit score is my suggestion. We are both 69 and debt-free.
Thanks for sharing Kate & Kaden 👍 To share mine off the top of my head 😂 Live below my means, pay myself first, give/share, budget buffer, set aside an amount every month for replacements for example microwave or fridge builds up to be ready when needed, have money in account ready for monthly expenses to come out i.e. May income is for June expenses ready for first of June. Keep learning 🙌
My favorite is the BUDGET of course! But my favorite tip is using the K.A.T.E. Method, especially that “A”, Adjust! That flexibility provides such a sense of freedom for me, which equals financial peace. BUT THAT BONUS TIP!!! ❤
Interest is a two headed beast. When I am earning it, it is so beautiful. When paying it, it will eat you alive with no remorse. I always try to remember this when considering debt and it almost always makes me run away
I use zero based budgeting so any money not otherwise utilized for a purpose after setting aside for savings can be extra to pay down the mortgage. The portion of the regular mortgage payment going to interest is so large in the first years, so my extra principal contributions reduces the loan and all that interest paid over the years.
I watched this morning and just re-watched. I loved reading all the comments! I only put enough into my 401K for matching so the rest can go in the Roth account. I work with lots of young people who eat fast food lunch daily but I pack my breakfast, lunch and snacks religiously. I even had a spare breakfast in the freezer to share give to a more fiscally responsible co-worker today. I recently got rid of cable TV and I'm not missing it but loving the savings. I'm being more conscientious about every dollar I spend and will be returning a top I bought at Costco last night on a whim because that $10 could serve me better.
Zero base budgeting has worked for my family and me for years. I check my spending each day and this action has helped me "tweak" my spending and keep on budget.
Happy frugal Friday Kate! We finally secured a bigger place to live this time last week, which will help our frugal life because we will enjoy being at home more, and will have the space to buy supplies in bulk, cook in bulk and hang out laundry more to dry.
The one that works for me and I always mess up when I change it is the antibudget Where I have a survival budget, anything else I don't buy, I do without, I delay, I make it a big deal...
You have helped me to take the time each month and really track where my money goes. It has opened my eyes to a number of things I didn’t realize and it helps me going into the next month. We work too hard for our money not to know where it is going. I am going to check my local library for the book so I can learn more. Have a blessed day.
100% Kaden! Cuts impulse spending at the grocery store. My biggest change has been paying myself first. After necessary expenses, money goes to savings and investments. The leftover is my "fun" money.
I have learned the absolute value of giving a bit of charity $.. I give a tip to the woman at the Dollar Tree who was the only one who showed up to work that day for example.
I do not come from a wealthy family, but I had an uncle who was a "millionaire next door". He and his family had a nice, but fairly modest home and for years hw drove an ol Ford Bronco until the wheels about fell off...and they always had modest vehicles. He wore jeans and plaid button down shirts...his wife dressed in modest clothing and she still LOVES to thrift shop. They kept their wealth on the down-low. You'd never have guessed.... Great video! I'm doing my K-Squad thing and paying off devt. I'm about to pay off a medical bill in a few days!! YAY! Happy Mother's Day and God bless!
I am debt free except for a mortgage on a flat I don’t live in any longer. I am SO excited to tell you that I found a buyer!!! I bought it overpriced (2007) so I will still have a 20k debt after selling, but I will get rid of that debt in about 18months. My biggest method is creating a budget in which I include some wants and some pocket money and find out how much I can save that month (usually 25% or more) and set that money aside as soon as I get my paycheck. I also keep my emergency fund as a buffer in my checking account as I am not tempted to spend it anyway: I like to see it grow.
This was such a helpful video. My husband walked out on me last summer and I was totally shut out of finances so suddenly tackling things myself was really scary (we didn't have a mortgage though, so that was good!). Once I actually delved in, checked my credit score etc, I felt so much better having a plan. Now 6 months on, I've paid down almost all the debt, got a payrise at work and now I'm onto savings goals for an emergency fund and making a plan to be able to get a mortgage for my own house in a couple of years!
Hi Kate! Sinking funds has been a huge help with our finances! Saving a little bit every pay for Christmas (for example) has given me peace knowing i will have the funds and not need to turn to credit cards!
I make a yearly budget where the months are different because of the Water bill every 3 months. The new part of the budget is the pay Scott cell and I treat that like a bill now. I try to go for Zero at the end of the budgets but I'm happy the end is a positive number.
Kate, I just wanted to report that from Christmas until May I did “no-spend,” except for groceries, gas and bills, of course. In May I bought a couple new tops and a bunch of gardening stuff, and I WILL be getting stuff this summer, new swimsuit and a bunch of other stuff, but am going to try to do another two months of no-spend later this year (not December!). Just wanted to tell you so you could pat me in the back, lol! Love you, Kate!!! ❤
I just started the Dave Ramsey thing and I drained 10k towards my debt. I have 7k on my truck and 7 k on my wife’s suv. Still sucks not having a good savings but I’m ready to not owe anyone anything. Great video
When I bought my house. I managed to save at at least 3 months of monthly expenses. I was living in my house, about 4 yrs. When I was diagnosed with cancer. The following year, new management came in, and I was let go. I was going back to the Dr's and hospital to check for any cancer cells. That money came in handy. I was out of work for 2 and half months. You just never know what life going to throw at you. (And i was single during that)
Happy Frugal Friday! Loved the all the advice, but the bonus tip provided by Mr. Kaden was my favourite! I try to be in the habit of making my list on a post-it note, and sticking it to my phone. It’s a fool-proof way to ensure the list makes it out the door with me!
I hear what you're saying about investing. I regret it too. On the upside, it's something I've now passed on to my young adult kids. So you're helping multiple generations!
Perfectly timed! I have to stay home this long weekend because the painter is coming (this is money that was already spent), so I'm going to use these ideas to make it an enjoyable weekend without spending any more money!
I use my cellphone pad to put my monthly budget = money in money out. I just retired in March. One of my goals is to be 1 month ahead on mortgage payment. Next 1 month of expenses saved.
Going to listen to this twice. It is encouraging music 😀🎶 to my eager ears. Continuing t strive towards lower spending and more savings. 🤑 Thanks Kate and Kaden. Well said young man. 👏👏👏
I really like how you explain things in terms that are relatable to real life circumstances. We are not all in a position to invest right now. I am focused on a debt repayment which I hope will be finished in about 10 months with my plan in place. Then only a small mortgage left. I will drive my 10 year old car til it drops by keeping it in shape. Upkeep and repairs much cheaper than a car payment. My honda will be with me for a long time to come. Thanks for the thoughtful way you speak to everyone by letting them know we are all in different places in our financial situations and to be patient but persistent.
These are all great financial lessons! I've also learned many of these during the past several years...One of the greatest lessons I've learned is the dangers of debt. Debt has been a great burden on me over the years and I'm so glad to be debt free! I've also learned the value of saving small amounts of money. Plus the value of negotiating. I've saved tons of money through negotiating.
So, my phone is so courteous to me, and because of that I miss most of your lives and premiers on Friday mornings. If I haven't yet touched my phone in a day, it mutes notifications from social media sites. Anyway, I encourage everyone with a paid off car to continue making their car payment into their savings account so they can pay cash for the next car.
Regrets are the thief of joy. HOWEVER, my biggest regret is that for years I was pretty bad with money. I didn’t spend loads on stuff - but I just didn’t realise how much was going out every month. I’m in my 50’s now and whilst I’m much more sensible I so wish I’d been better before. So if you’re reading my comment and are younger than me, start saving and following lovely Kate’s advice today. You will NOT regret it 🤗
I learned in my early 20s to stay out of debt - pay off your credit cards every month! If you can’t do that don’t buy it. This excludes house payments of course. Very few can pay cash for a home. But I think even car payments should be avoided if at all possible. This rule is the base for all the others. It’s virtually impossible to find financial freedom if you owe money.
Kate- about a year ago my husband and I were able to pay off our mortgage which were increíble happy about, but I haven’t shared with with family members to avoid any weird feelings. What are your thoughts in this?
HONESTLY...I wouldn't even say a word. This is when moving in silence paid OFF! SO PROUD OF YOU! If anyone ever asked, I'd be truthful, but for now I'd just enjoy the bliss of no house payment with your husband! WAY TO GO!!!!! THIS IS AMAAAAZING!
Happy frugal Friday, Kate! Awesome video! A lot of awesome information! The past few months, I’ve been using the EveryDollar budgeting system! Which I just added into my three account, budgeting method! I do that every dollar budget, then placing them into my three account budgeting Areas! I love all the information on this video :-) everybody have an awesome frugal Friday!
Do you do a whole month or per pay check ? Oh yea !! When I was a young nurse I would have had a ton of money ! I was fairly frugal BUT I wish I would have invested bc now they’ve stopped the pensions !! I am soooo glad my husband started the 401k 30 years ago when we got married !
Just wanted to comment on how articulate you are. I get people edit stuff to make it look more put together, etc. but btw the obvious edits you’re a great speaker. Perhaps a Ted Talk is in your future?
I like YNAB. Not a fan of the big-name guy for many reasons, but he does have a way of communicating some good ideas. I also don't agree with Jesse (YNAB) on everything (such as his view on college). But I cobble together what works for me. So far, that's been an s-ton of work to stay ahead of poverty and I am *finally* in a position to execute plans to get out of debt, including student loans which I unapologetically took for my doctorate.
I'm 25 and I live alone, right across the street from my favorite coffee shop. My life-changing personal finance tip: Denying myself the weekly pleasure of a fancy latte and muffin won't make me a millionaire when I retire, but consistently adding to my IRA and 401(k) will. Pay yourself first!
Zero debt yet I still clean my own house, my husband keeps our lawn. Not paying for manicures or pedicures. I cook healthy meals at home. It’s just our lifestyle. We are homebodies so we don’t spend money on movies or concerts. I am in a very content season of life. I wish this for everyone.
Thank you so much for sharing with us Cheryl!
Me too!
Frugal = Freedom ❤❤❤
I received a raise and have put this into savings. Didn’t have it before. Live off my previous income.
So true, same here.
We paid off our house last Friday! What a feeling it is to be debt free. It was possible by buying a modest home - less than we could have afforded. Our cars are paid off. They are 10 years old but still run great as we take care of them. Seriously you will not believe the freedom you feel when you don’t owe a thing. Of course you still have normal expenses but it’s nice to be able to have room in budget for a few treats. It’s a journey!!
Congratulations 🎉
🎉
CHRIS! THIS IS AMMMAAZING! This is so inspiring! I'm SO proud of you! THANK YOU FOR SHARING!
Great going !
Bravo!!!
Ii am 55 wich I knew about frugality in my youth but as long as we're breathing there's always room for improvement
I’m two months away from paying off my car 100%. I may even bite the bullet and just do it this month !!!! I’ve got to look at my numbers. I’m writing down EVER SINGLE PENNY I spend to see where it goes and where I can save. And I also closed out my Starbucks account on the app !!!! I feel so awesome !!!!
This is so exciting Heather! WAY TO GO!
06/01/21 How's it going now with paid off car?
Keeping up in car maintenance so your car lasts as long as possible. Keep the inside of your car fairly neat as a messy car can make you think about wanting a clean and shiny new car.
Good one!
As a child I was taught to save but not be cheap. I continued those savings even if it was only $2 that week. I impressed this on my husband and my daughter. Living below our means allowed us to save for the layoffs/strikes of work. The 4 months of unpaid leave needed to take care of our premature baby, the lost working hours as I fought cancer, and my husband and I taking early retirements 100% debt free. We were not deprived during those years we learned to be creative. I always had a garden ( the veggies fed us and the flora created a show stopping oasis), my husband hunted for bonus meat, we traveled and tent camped all over North America. A canoe and kayak were our boats of choice the bass boat came later when we could pay cash. When everyone was buying 55" TVs, we enjoyed our 32". I still use the cassette clock radio I had from the 70s, our washer and dryer are 30+ years old. We paid cash and sweat equity to update our home. We retired as millionaires and we still garden, still camp, enjoy a baseball game as entertainment, watch the free stations on our 32" inch tv. Habits
Bonus: we will be giving our larger home to our daughter and her family. They will sell their small home and we will build a "granny pod" for us on the property. Our burial arrangements and plot will be paid for and we will be able to leave them a nest egg to add to their own savings. Because my parents were frugal we will be able to assist our children and our grands. Hopefully this continues in our family.
Thank you for all you do.
My personal lesson is to weigh out each purchase. So if I want a new blouse - what do I have that could work, is this something I can wear again etc etc. you would be surprised at how you so many times have exactly what you need already. Use it up, wear it out, make do or go without!!! It’s funny also that all the times I’ve stressed over an outfit for an event- looking back I don’t remember what I wore- just how the event was and the people I was with!!!!
Love this! THANKS CHRIS! (and congrats again!)
Love that jingle.😂
Great words of wisdom.
ZERO BASE budget- unique every month- tell every dollar where to go before the month starts- cash envelopes for food, clothing, cosmetics, haircuts, entertainment, and BLOW categories. Been doing this for almost 20 years and I'm DEBT FREE including the house and EARLY RETIRED. Favorite lesson from your channel that has taught me the most is trying at least one NO SPEND/ LOW SPEND month each year. GREAT insights as always, Kate!
Thank you so much!!!!
You're ways have paid off big time 🎉
Never stop learning about personal finance. This is why I love your channel Kate! Your channel keeps me focused on the prize! I'm 67 and still learning! I entered the savings arena late, so everyone who is younger PLEASE start investing in a ROTH or IRA. Happy Frugal Friday everyone!
YAS!
Automated savings to pay my taxes i learned from you , thankyou.
I found your channel last year when I was 36! I say the same thing all the time…I wish I could go back in time and start investing when I was younger! So much catching up to do. I’m teaching my 18 year old the importance of this now so she doesn’t lose time the way I have
Yass🙌❤️
I think what scares a lot of people about frugality is the prospect of having NO choices, NO freedom, because of having to say “NO” to old spending habits. It’s a fear of restriction, of deprivation, of not having any fun - and of what other people will think. But Kate is living proof that a few strategic “NOs” in the short term can lead to REAL freedom and choices in the future!
This channel makes saving money a lot more fun, finding a frugal community has been such a gamechanger!!
Thank you so so much Carrie🙏❤️
Live below your means. Loved "The bigger you can get get that gap between what you earn and what you spend- the more you can save".
😍❤️🙏
I love what you said Kate:” money buys freedom”. Austin (TH-camr ) said something similar money doesn’t buy happiness … it gives you choices”
Absolutely ❤️🙌🙏
Paid off house a few months ago and can’t believe how that has curbed wanting to buy things. I thought it would be the opposite. Still keeping our frugal ways but now not living with the stress that we “can’t afford it”. What I realized is we just bought freedom and that “high” does not dissipate like buying things! 🎉
This is amazing. I wish we hadn't bought so much house 9 years ago, but we refinanced when it was low, so even though the payment is high it's less than any other house we could buy in the area. I'm so happy for you. We'll get there someday!
I cannot tout the importance of the emergency savings and the budget buffer enough! I recently had to flee a relationship where I had not been working when I found out my child's safety was compromised. I was a stay-at-home homeschool Mom, so I wasn't working but I've always had a budget buffer and I was able to dip into my major emergency savings to cover moving and living expenses.
I now just have some sporadic house painting jobs but I am bringing in enough to cover basic monthly expenses and put away a bit of savings. This month, however, I had to go to the dentist and get the tires changed on my vehicle which puts me outside of my current monthly income but I have sinking funds saved up for medical expenses and vehicle expenses.
Impressive! Good role model as a parent
Got a good laugh when you said 'The Jones are broke!' The question I've asked myself is - Why should I go into debt buying something I really don't like just to impress someone I don't know and/or doesn't know me?' But if I feel I have to do that for a friend, that person isn't really a friend.
We bought our house in 1973, paid it off in 7 years and have never moved. It cost $30000 and now is worth a million!! We have 0 debt and save 70% of our income as retirees. I don't budget but I do SAVE FIRST and have cut all of our expenses and we are always careful and don't waste money. There's usually money left over at the end of the month and then I deposit that in savings too. We currently have a couple growth CD's that we can deposit to that earn 5.25%. We are very blessed! Love your videos Kate!
I learned that was a few dollars here and a few dollars add up to a lot at the end of the year! Example $10 a week for fast food = $520 a year, etc.
Best advice I ever got that just worked for me is.... Pay yourself first. 401k contributions come straight from your check,, so you don't see it, then I also pay myself first by having my check "split" between 3 accounts with 3 different institutions. My checking, my savings, and a Roth. THEN, I pay my bills and play with whatever is left over.
Love it Chris!
I personally stumbled on a small idea. It's been a game changer for me.
I take the extra money in my checking account when a month ends and throw it in my savings after the new money has arrived. It's a little chunk of change that adds up quickly.
I hadn't heard of a budget buffer, but that's also an idea that sounds like it has good merit.
Thank you Shawna! So glad you are here!
Kate, I love that you refer to Dave Ramsey's plan often. This also changed my life a few years ago.
I listen to every suggestion you give . I am always trying to learn. 😊
Very grateful for those lessons🙏❤️
Am so happy I found you several years back. I always struggled with money management. Your knowlege, encouragement and consistency helped find peace of mind and savings for the first time ever. Thank you Kate for being here for all off us who need and appreciate great guidance. ❤😊❤
You are very welcome! I'm so glad my channel can be helpful! You ROCK!
I subscribe to everything you listed here! One of the biggest things I learned is to know myself. By this I mean, realizing I don’t like to travel but always felt I needed to have that awesome (by others standards) vacation or I was missing out. I have friends and family that go all the time. Never home, always having adventures. I used to think something was wrong with me because I have no desire to live that life. Not anymore. I have accepted that’s not what makes me happy. I would rather spend my money on a good meal out and another dog!!! There is always room for one more!! Lol!😂😂😂😂
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Yes! I get that!
I have always had to be frugal to make ends meet and stay out of debt. This engendered a mindset of paying off anything early that could be paid off early. My mortgage was paid off 8 years early and was one big whoop whoop moment! This year I had some work done on the house that, for the same cost as paying on the day, was payable after a year with no interest. This will be paid off in full when it falls due, free loans like that are OK with me.
This year is the first time that I have come across zero based budgeting, and I love it! There is huge satisfaction in coming in below what is a modest budget to start with. This doesn't mean that I am living a life of deprivation, just that I put my money where it gives me value in life. (I just had a week's holiday with a couple of friends, but it was all budgeted for, so fine.) I think that consistently challenging myself to live economically is good for creative thinking and gives my little old brain something to work on.
A recent discovery is Olio, a system where volunteers collect unsold supermarket food, or stuff donated by other businesses, and offer it free to arranged collections. Always good to reduce wastage.
Thanks for another great video, Kate, love it!
Dear Kate: My mother taught me, "There are only two things money can't buy: true love and homegrown tomatoes!" The Millionaire Next Door is one of my favorites, I'm so pleased you found it, too.
That’s a quote by Guy Clark - Texas Legend - from a song called “Homegrown Tomatoes. “ Worth a listen and full of wise thoughts about the title. 🙂
@@ThankfulQue Delighted to discover the origin of that pearl of wisdom, thanks! 😊
Thank you so much Linda!
I am debt and mortgage free and budget monthly making sure I know where every pound is going. I also have a sinking fund for things that as paid less than monthly. I also have a 12 month funded emergency fund.
I track all my spending every month. I save 10% of my income and also try to save any additional income that comes my way no matter how small that amount is.
Zero based budgeting. I don't do cash envelopes anymore since money started coming up missing in my house when my ex lived with me. I just haven't gone back since.
May I say that you are teaching your frugality wonderfully to the next generation.
The "real" part of the video for me was when you said that debt SUCKS. I am totally 100 percent with you on that. It can suck the life right out of you if you let it, but don't you ever let it.
Thanks, Kate, for another great video.
Thank you so so much!!!! Appreciate you!
Trying to get me and my husband out of debt but every time I think this is going to be the month that we can get a lot of stuff accomplished then one thing comes up and then another. I know it won't be always like this but at times it is just enough to say I throw in the towel and give up. But I keep telling myself it is worth it and we can get through it.
YESSSS Samantha!!!!!!!
When this happens to me, I try to remember that -control what I can & go to plan B and reset and move forward where you are.
I am in the same boat, Samantha. I keep pushing through and try to continuously trim the budget where I can. I am also finding things around my house to sell on FB Marketplace. It will all work out; it is discouraging, though, to have things come up and throw a wrench in plans.
I use a combination of ways to budget. Envelopes for property taxes and water bill. Will be changing to semi annual insurance payments for car & house to lower the cost; will use envelope for that. As I get paid monthly, I usually pay almost all household expenses at the same time, which works well. My charitable giving comes out of my checking account on a monthly basis, so is budgeted for. I do use your easy budgeting method and it works well for me.
I use Zero base budget, I also use cash envelopes for my variable spending. That last one is so much fun, whatever is not spent in the envelopes at the end of the month goes into my traveling sinking fun. Love you Kate, Happy Mother’s Day 🌹
Thank you so so much Rosamond!!!!!
I appreciate that you don’t have a sponsor yet and we don’t have to hear a commercial while you’re speaking. Even though you are interrupted by commercials, I don’t mind that thank you for the inspiration. My husband and I are debt-free. I only have one tip for your listeners, always keep one credit card Are assets are worth let me just say a bunch but we don’t have a credit so it’s hard to purchase something you now if we have to get a loan which we don’t do often we are downsizing and looking at moving from a house to a condo and it’s difficult to move money around or borrow money with absolutely no credit to keep us credit score is my suggestion. We are both 69 and debt-free.
Thanks for sharing Kate & Kaden 👍 To share mine off the top of my head 😂 Live below my means, pay myself first, give/share, budget buffer, set aside an amount every month for replacements for example microwave or fridge builds up to be ready when needed, have money in account ready for monthly expenses to come out i.e. May income is for June expenses ready for first of June. Keep learning 🙌
YASS!!! Thank you Sandra!
May income is for first of June??? Am i missing something Sandra? Beth
@@bethc9924 Ready to be used from 1st June through to 30 June. Does that make sense?
My favorite is the BUDGET of course! But my favorite tip is using the K.A.T.E. Method, especially that “A”, Adjust! That flexibility provides such a sense of freedom for me, which equals financial peace.
BUT THAT BONUS TIP!!! ❤
Yassss Val🙌❤️🥰
Money can buy you the freedom! I totally agree!
Budget, budget and budget, automated savings, sinking funds, home entertainment, cooking at home, plus being grateful and content.
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Interest is a two headed beast. When I am earning it, it is so beautiful. When paying it, it will eat you alive with no remorse. I always try to remember this when considering debt and it almost always makes me run away
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I use zero based budgeting so any money not otherwise utilized for a purpose after setting aside for savings can be extra to pay down the mortgage. The portion of the regular mortgage payment going to interest is so large in the first years, so my extra principal contributions reduces the loan and all that interest paid over the years.
I watched this morning and just re-watched. I loved reading all the comments! I only put enough into my 401K for matching so the rest can go in the Roth account. I work with lots of young people who eat fast food lunch daily but I pack my breakfast, lunch and snacks religiously. I even had a spare breakfast in the freezer to share give to a more fiscally responsible co-worker today. I recently got rid of cable TV and I'm not missing it but loving the savings. I'm being more conscientious about every dollar I spend and will be returning a top I bought at Costco last night on a whim because that $10 could serve me better.
Zero base budgeting has worked for my family and me for years. I check my spending each day and this action has helped me "tweak" my spending and keep on budget.
Happy frugal Friday Kate! We finally secured a bigger place to live this time last week, which will help our frugal life because we will enjoy being at home more, and will have the space to buy supplies in bulk, cook in bulk and hang out laundry more to dry.
Congratulations 🎊🎈
@@KateKaden thanks
The one that works for me and I always mess up when I change it is the antibudget
Where I have a survival budget, anything else I don't buy, I do without, I delay, I make it a big deal...
You have helped me to take the time each month and really track where my money goes. It has opened my eyes to a number of things I didn’t realize and it helps me going into the next month. We work too hard for our money not to know where it is going. I am going to check my local library for the book so I can learn more. Have a blessed day.
This makes me so happy! Thank you Patricia! Proud of you!
I love Kaden’s advice! I make a list and then see what I can live without, to make that list as small as possible!
I needed to stop eating out and buy grocery items that are on loss leader sales to make your menu around….saves tons of money!
WAY TO GO WENDY!!! YASS!
Weekly budget and zero based monthly budget works for me
YASSS!
100% Kaden! Cuts impulse spending at the grocery store. My biggest change has been paying myself first. After necessary expenses, money goes to savings and investments. The leftover is my "fun" money.
Yass!!!! 🙌🙏❤️ Thank you Elizabeth!
I have learned the absolute value of giving a bit of charity $.. I give a tip to the woman at the Dollar Tree who was the only one who showed up to work that day for example.
I love how Kaden is playing with your hair...how loving!
Thank you Marsha. He is the sweetest:)
Hello Kate! My favourite ones are: Live below your means & Invest ❤
YASS! Thanks so much!
Zero based budgeting. I second that notion. Tracking spending and living within your means.
Setting up sinking funds was a game changer for me!
I do not come from a wealthy family, but I had an uncle who was a "millionaire next door". He and his family had a nice, but fairly modest home and for years hw drove an ol Ford Bronco until the wheels about fell off...and they always had modest vehicles. He wore jeans and plaid button down shirts...his wife dressed in modest clothing and she still LOVES to thrift shop. They kept their wealth on the down-low. You'd never have guessed....
Great video! I'm doing my K-Squad thing and paying off devt. I'm about to pay off a medical bill in a few days!! YAY!
Happy Mother's Day and God bless!
Thank you so much!
06/01/24 "KSquad thing" 👍😂 how's your debt payoff going?
Started with Dave Ramsey. I now have an emergency fund of 1 years expenses and a budget buffer. 🎉
Favorite tip, use a budget and follow it.
I am debt free except for a mortgage on a flat I don’t live in any longer. I am SO excited to tell you that I found a buyer!!! I bought it overpriced (2007) so I will still have a 20k debt after selling, but I will get rid of that debt in about 18months.
My biggest method is creating a budget in which I include some wants and some pocket money and find out how much I can save that month (usually 25% or more) and set that money aside as soon as I get my paycheck. I also keep my emergency fund as a buffer in my checking account as I am not tempted to spend it anyway: I like to see it grow.
Think in the future. Having a financial goal & stay on course toward it.
YAS!
This was such a helpful video. My husband walked out on me last summer and I was totally shut out of finances so suddenly tackling things myself was really scary (we didn't have a mortgage though, so that was good!). Once I actually delved in, checked my credit score etc, I felt so much better having a plan. Now 6 months on, I've paid down almost all the debt, got a payrise at work and now I'm onto savings goals for an emergency fund and making a plan to be able to get a mortgage for my own house in a couple of years!
I am SO PROUD OF YOU! WOW! In 6 months you have accomplished so much! You've got this! I'm so glad you are here:)
Hi Kate! Sinking funds has been a huge help with our finances! Saving a little bit every pay for Christmas (for example) has given me peace knowing i will have the funds and not need to turn to credit cards!
My super frugal grandma always said: Don´t spend money you don´t have! It´s that easy! Love from Germany 💕
Always a good reminder , live below your means😊
YASS! Absolutely!
I make a yearly budget where the months are different because of the Water bill every 3 months. The new part of the budget is the pay Scott cell and I treat that like a bill now. I try to go for Zero at the end of the budgets but I'm happy the end is a positive number.
Way to go Scott!
Kate, I just wanted to report that from Christmas until May I did “no-spend,” except for groceries, gas and bills, of course. In May I bought a couple new tops and a bunch of gardening stuff, and I WILL be getting stuff this summer, new swimsuit and a bunch of other stuff, but am going to try to do another two months of no-spend later this year (not December!).
Just wanted to tell you so you could pat me in the back, lol! Love you, Kate!!! ❤
Wow! Well heck yeah! Here’s a HUGE pat on the back!!! 👏🏻 LOVE THIS! So proud of you!!!!
Great tips, Kate and Kaden 🙌
Thank you so much🙏❤️
I just started the Dave Ramsey thing and I drained 10k towards my debt. I have 7k on my truck and 7 k on my wife’s suv.
Still sucks not having a good savings but I’m ready to not owe anyone anything. Great video
Way to go!!!
When I bought my house. I managed to save at at least 3 months of monthly expenses. I was living in my house, about 4 yrs. When I was diagnosed with cancer. The following year, new management came in, and I was let go. I was going back to the Dr's and hospital to check for any cancer cells. That money came in handy. I was out of work for 2 and half months. You just never know what life going to throw at you. (And i was single during that)
Happy Frugal Friday!
Loved the all the advice, but the bonus tip provided by Mr. Kaden was my favourite!
I try to be in the habit of making my list on a post-it note, and sticking it to my phone. It’s a fool-proof way to ensure the list makes it out the door with me!
Thank you so much🙏❤️
I hear what you're saying about investing. I regret it too. On the upside, it's something I've now passed on to my young adult kids. So you're helping multiple generations!
Yass🙌❤️
Perfectly timed! I have to stay home this long weekend because the painter is coming (this is money that was already spent), so I'm going to use these ideas to make it an enjoyable weekend without spending any more money!
I LOVE perfect timing! YAAASSS!
I use my cellphone pad to put my monthly budget = money in money out. I just retired in March. One of my goals is to be 1 month ahead on mortgage payment. Next 1 month of expenses saved.
You are changing my life today, about my financial life. Thank you
I’m so glad you are here🙏🥰
Going to listen to this twice. It is encouraging music 😀🎶 to my eager ears. Continuing t strive towards lower spending and more savings. 🤑 Thanks Kate and Kaden. Well said young man. 👏👏👏
I just listened for the second time. I listened this morning and tonight I'm getting ready for my financial meeting with myself.
I love this comment. THANK YOU SO MUCH JUDY!!!!!
Thank you so much Lynne!
I really like how you explain things in terms that are relatable to real life circumstances. We are not all in a position to invest right now. I am focused on a debt repayment which I hope will be finished in about 10 months with my plan in place. Then only a small mortgage left. I will drive my 10 year old car til it drops by keeping it in shape. Upkeep and repairs much cheaper than a car payment. My honda will be with me for a long time to come. Thanks for the thoughtful way you speak to everyone by letting them know we are all in different places in our financial situations and to be patient but persistent.
Thank you so so much Deborah! That means a lot to me. I appreciate you!
I learned about envelope stuffing and it has been fantastic for me.
Time for a Kate binge ❤❤
YASSSSSS!!!! Thanks for that!!!
These are all great financial lessons! I've also learned many of these during the past several years...One of the greatest lessons I've learned is the dangers of debt. Debt has been a great burden on me over the years and I'm so glad to be debt free! I've also learned the value of saving small amounts of money. Plus the value of negotiating. I've saved tons of money through negotiating.
Thank you Fred!
Watching from the Philippines. Useful advice
I started by one bill at a time paid it off and then the next unil I was done. I did not have too many so it was easy.
So, my phone is so courteous to me, and because of that I miss most of your lives and premiers on Friday mornings. If I haven't yet touched my phone in a day, it mutes notifications from social media sites. Anyway, I encourage everyone with a paid off car to continue making their car payment into their savings account so they can pay cash for the next car.
So glad that I found your channel!! You are awesome thanks for the tips!
Thank you so much🙏❤️ I’m so glad you are here!
Thanks Kate!😊
Pay myself first...i learned that too late but i am working hard to do better
Paying myself fist has allowed me to be debt free. Having sinking funds to pay for upcoming expenses is a game changer.
Thank you Loretta!
Kate its you thats effective and ive learnt from.❤❤❤❤❤. Your the reason i do what i do. Great video kate.p.s you was mentioned in my vid today ❤
You did!? 😍 I will come check it out!!!!
I freaking love this channel! I have been listening to you for a long time! You inspire me to do better! Thank you! Greets from Germany
Laura you just made my day! Thank you SO MUCH!
Regrets are the thief of joy. HOWEVER, my biggest regret is that for years I was pretty bad with money. I didn’t spend loads on stuff - but I just didn’t realise how much was going out every month. I’m in my 50’s now and whilst I’m much more sensible I so wish I’d been better before. So if you’re reading my comment and are younger than me, start saving and following lovely Kate’s advice today. You will NOT regret it 🤗
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Thanks Kate and Kaden ❤ Happy Mother's day!!
Thank you so much!!!
I learned in my early 20s to stay out of debt - pay off your credit cards every month! If you can’t do that don’t buy it. This excludes house payments of course. Very few can pay cash for a home. But I think even car payments should be avoided if at all possible. This rule is the base for all the others. It’s virtually impossible to find financial freedom if you owe money.
Thank you Mare!
I loved this ❤ and now I'm commenting...ty 🙏
Thank you so much Alyce!
Kate- about a year ago my husband and I were able to pay off our mortgage which were increíble happy about, but I haven’t shared with with family members to avoid any weird feelings. What are your thoughts in this?
HONESTLY...I wouldn't even say a word. This is when moving in silence paid OFF! SO PROUD OF YOU! If anyone ever asked, I'd be truthful, but for now I'd just enjoy the bliss of no house payment with your husband! WAY TO GO!!!!! THIS IS AMAAAAZING!
Happy frugal Friday, Kate! Awesome video! A lot of awesome information! The past few months, I’ve been using the EveryDollar budgeting system! Which I just added into my three account, budgeting method! I do that every dollar budget, then placing them into my three account budgeting Areas! I love all the information on this video :-) everybody have an awesome frugal Friday!
Are you loving Everydollar? I LOVE IT!
@@KateKaden heck yeah, Kate! :-)
06/01/24 3 account budgeting method... Tell me more please
Do you do a whole month or per pay check ? Oh yea !! When I was a young nurse I would have had a ton of money ! I was fairly frugal BUT I wish I would have invested bc now they’ve stopped the pensions !! I am soooo glad my husband started the 401k 30 years ago when we got married !
I like zero base budgeting. Also home ownership is a good investment
Just wanted to comment on how articulate you are. I get people edit stuff to make it look more put together, etc. but btw the obvious edits you’re a great speaker. Perhaps a Ted Talk is in your future?
Jackie, that is one of the best compliments I have ever received! THANK YOU SO MUCH!
I like YNAB. Not a fan of the big-name guy for many reasons, but he does have a way of communicating some good ideas. I also don't agree with Jesse (YNAB) on everything (such as his view on college). But I cobble together what works for me. So far, that's been an s-ton of work to stay ahead of poverty and I am *finally* in a position to execute plans to get out of debt, including student loans which I unapologetically took for my doctorate.
Kaden you are very right! Thank you ❤️
Awesome video! We love your channel and would love to see more frugal meals! Thanks for all you do! 🤩🫶
Best pep talk ever!
Thank you so much Laura!
I'm 25 and I live alone, right across the street from my favorite coffee shop. My life-changing personal finance tip: Denying myself the weekly pleasure of a fancy latte and muffin won't make me a millionaire when I retire, but consistently adding to my IRA and 401(k) will. Pay yourself first!
YASSSS Olivia!!!!
With me, my budgetting plan is Pay myself first..