Who Inflation Hurts, Who It Helps And Who Doesn't Even Notice
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- เผยแพร่เมื่อ 3 ก.ค. 2022
- Inflation doesn't affect all people equally. Some are disproportionately affected more, others may benefit from inflationary pressures and even others still may not even really notice that it's happening. Which category do you fall into?
How is inflation affecting you?
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#inflation2022
Don't even notice category! Home mortgage is locked in and on its way to being paid off, cars are paid off, freezers are full of meat and veggies, and garden is growing great! We added insulation to our attic this spring so our utility bills are even down quite a bit. Until I got married last year, I lived on a modest income my entire adult life and being frugal was a necessity. I tried to live more 'extravagantly' once we became a two income household but I just couldn't do it - 'cause frugal is in my bones! I'm glad we've taken every opportunity to prepare ourselves.
I’ve been preparing for this my whole adult life .. I noticed the gas prices but every other area of my life has not phased me . But the best is my 26 year old son has been talking about meal Planing and switch his grocery store and now grocery bill cut in 1/2 ..
I love when twenty somethings start out on the right foot financially! Happy meal prepping to him, and I am glad you are in a good position! 😊
Haha, my grocery bills have actually gone down as well, because I find it so personally offensive how expensive everything suddenly is, that I have accepted the challenge as if grocery shopping is a competitive sport. I have been cooking all my meals from scratch since the pandemic hit, and I'm a pretty good cook, so I just kept doing that after realizing that I didn't get bored of my own cooking at all. It's much healthier as well. I've become more creative with ingredients, my food choices have become healthier, and I'm shopping in different places for better prices. Out of the 3 top expenses that we have (housing, transportation and food), food is by far the most flexible, and there is the biggest range. For example, I'm pretty sure that if you asked ten people how much they spent on food per month, the prices would vary by quite a lot. And it's not necessarily any healthier to spend more. I've also discovered that soups and stews are delicious and very cost effective, and taste even better as leftovers! Now I generally notice that if I eat out, I don't feel that great (or sleep that great) afterwards, and it is also so much more expensive than it used to be. Very happy to be able to satisfy my own food cravings myself!
"Frugality is in my bones".... I like that statement!
I really enjoy Erin Talks Money, the Lovely Jennifer and I are having the biggest trouble with Gas Prices. Living in the Thumb of Michigan, a rural area she has to drive 30 Miles to work and I have to drive 15 miles. The number of miles adds up over a months time, and with gas prices going from about $3.00 a gallon a year ago to $5.00 a gallon now it is costing us $50.00 to $60.00 more a week to fill up. This is about $250.00 more a month or $3000.00 a year. We are fortunate to be well established, not saying old. We would like to be spending that $3000.00 on something else. We are in the notice it very much category, but it is a cost of living rural. Please keep making these videos, so much useful information. Thanks Tom Harbor Beach Michigan.
Hey Tom! Thanks for watching! PS, I’m from Boyne City, MI so I get rural living. 😊
Holy crap, that was scary how accurate that example was for me… I make $40,000/year, spend $1425 on my mortgage, and about $350 on food… so I had small deviations, but that’s basically like exactly my life! But don’t worry, I’m still saving part of my income!
I'm not in the "doesn't even notice" camp of Erin's hair getting wavier and wavier each video.
Great post! Like you, we believe in living within our means here, though not as frugally as you. My wife and I were both raised in large families where money was stretched to its limit. We’re careful with how we spend our money, but we don’t live like misers, either. It seems to me that most people hate the idea of budgeting, though. Frugal living is not harmful to ourselves; it’s like having a healthy diet. I think that people see “frugal” and they think: “starvation diet”. LOL Those financial anorexics are misers; they hold their money in one hand and their misery in the other. Who wants to live like that?
Instead, people need to perceive frugal living (which I define as using no more than 50-80% of net income for expenses) as a financially healthy way of living. Sure, it’s great to eat fattening foods or have second servings at every meal, with desserts every time… but that doesn’t lend itself to a long life, or a healthy one. Keeping my daily calorie intake to 2,000 maximum is akin to keeping my budget well-within the monthly net income. Once in awhile I’ll splurge with a Baskin Robbins sundae (but I'm probably skipping dinner to do so!) In the same way, by having a surplus of money every month we have been able to meet some unexpected “emergencies” w/o a huge disruption to our lifestyle because our budget was never affected; we pulled from our surplus. (e.g. We cashed in some stocks.) Having a surplus also set us up to take advantage of unique situations, like the 2008 housing bubble. We refinanced our home at that time with a fantastic rate, and bought a lot of nice furniture at 1/3 of it’s normal costs (at one year/no interest). Paid it off before the year was up, of course.
I”ve edited this a lot but still can’t help but cringe a bit; it seems like I’m bragging here. Not meaning to do that; I apologize if it seems that way. I am just a big fan of eating at home instead of going to restaurants, renting DVDs or reading instead of going to the movies, having a working knowledge of how my money is being spent at all times instead of naively spending it as soon as it’s in my hand. I know of other families with larger incomes, larger homes, more costly vehicles… and they have to check their account before heading out to go someplace so they know how much money they can spend. If things are that tight, I wouldn’t go anywhere unnecessarily. These folks are living large, and their money now controls them instead of the other way around.
You didn’t mention cars as a major expense, which was a bit surprising. I’ve noticed that more and more people are sabotaging themselves with monster-sized car payments for luxury cars and SUVs that are, frankly, more than they can afford, but they get into these money-pits anyway. (And don’t even get me started with leasing!) Anyway, wanted to comment - like your take on inflation and lifestyle!
I was FRUGAL in my twenties…when I hit my thirties, I became frugal 😂 if that makes sense. I saved everything I could in my twenties because of a health scare - I got brain tumor and became paralyzed on the entire right side of my body. My twenties were very hard to sat the least - and I never knew if things were going to get worse. My thirties have been sooo much better….I feel so much healthier. Feeling healthier has allowed me to enjoy life more…and now Im willing to spend more to enjoy life….it’s a bit of a cause and effect situation.
I still prioritize health - I workout regularly, I eat a healthy diet, keep those calories in check just like you….but I treat myself as well! (But I’ve had a very healthy diet for the past 17 years - so adding the beans in didn’t change it much) 😊
Cars are a HUGE expense and you are so right, so many people do over extend themselves with vehicle - perhaps another video topic!! No matter what your income, the best thing you can do is live below your means - I like your 50-80% range! Life’s more fun when you don’t have stress over money, and living below your means helps to keep the stress at bay.
I am another one of “don’t even notice “, because new home ( super low energy and HOA which includes insurance and all lawn and outside maintenance costs) is still 1/4 cost of former home. I don’t eat any meat(for ethical reasons) , no debt of any kind , etc. A tank of has lasts me a month, as I only usually drive around town for certain things once or twice a week. While some of these things mentioned in this video reflect a definite real struggle for some people in whatever their circumstances are, many can be changed with better spending habits, as mentioned. With the lines at nearby restaurants, either a lot of people are either going “whatever!”, or going further into debt. Loads of drivers are still speeding burning more gas on interstate long distances, so I think this is mainly only affecting certain people in certain circumstances for the most part. Meat can go up 1000% for all I care, a bean burrito or chickpeas are my preference anyway, and both are damn cheap. Meat is definitely NOT a necessity!
Love to hear this!! Better spending habits make for a better life! 😊
Erin,.....I am in the ''Doesn't Even Notice''category. Retired at 58(3 years ago),...my girlfriend at 57. We downsized to 1 car,...gym, grocery stores,..and library within walking distance. Cooking healthy at home is still cheap, cheap, and really cheap. Travel off-season or mid-week.Recently got our apt renewal letter and rent went up a very reasonable 6%(greater Baltimore area). Stock market is down but haven't lost a second of sleep. Like you we are frugal and minimalists at heart(without denying ourselves anything important to us).Social Security starting in 2 months will just be ''fun money''.Inflation has not affected us at all.
A little more fun money is always good 😊 I’m glad your are having a great retirement!!
Great Blooper reel.
6:15 Engagement, CD=Certificate of Depreciation.
Enlightening video, and thank you. I had only watched a couple of your posts before and had hopped around and never made it to the outtakes. Having enjoyed those very much, I'll make sure to see the end of your posts.
The only change we have made is taking the car now when we used to take the pickup truck. Gas prices are rough.
I haven’t really noticed inflation except for rent. With groceries, I’m vegan, and so I’m not affected by meat and dairy prices. I’ve only noticed that bread got more expensive. Cars? Nicer luxury cars haven’t been hit like cheaper cars have. I like to drive a nice sporty car, and so I haven’t seen any price changes, except for Porsches but I wasn’t interested in any of them right now.
Rent though… is absurd. I’m a millennial, and I’ve perpetually been in a state of “not quite able to afford a house” my entire adult life. As soon as my income goes up, house prices skyrocket. So it’s always been an unobtainable dream for me. I’ve basically given up at this point, but nowadays my income far outweighs my expenses, so I might end up having enough savings and money made from investments in a few years that it might be possible. However, I have a chronic health condition that makes commuting impossible, which means I am constantly moving around for jobs. Owning a house hasn’t made much sense. Even if I bought one to rent out, I wouldn’t be able to get to the thing. At this point, I’ve just decided that I will rent forever, and put my money into other things, and have a nice car to make the times that I do drive a little more bearable. I’m also just 100% against being a landlord morally, especially single family homes. I think it’s one of the worst things in the world you can be to take advantage of people who have less. If you buy single family homes to rent out, you are scum of the earth.
We're fortunate to be in the "not notice" category. I do notice it, but it doesn't influence our lifestyle. I see how it impacts others and feel for them. And at the same time I feel gratitude for what my wife and I have built. Additionally, my retirement and VA increase the same % as the CPI.
Wonderful category to be in! It takes a lot of discipline to get there - but so worth it! 😊 Happy 4th Rob!!
I must admit…I watch your videos to the end just to see those cute bloopers! 🤗
we buy supermarket versions of food and drinks wherever possible, there are very few brands that are so superior that it's worth splurging. While we don't often buy soft drinks, Diet Coke is miles better than supermarket label version and definitely worth the extra cost. I'm struggling to think of another example and love paying upwards of half the cost of the brand name.
The last decade or so since the Great Recession of 2008 has made us all armchair students of macroeconomics, and inflation is the latest lesson to add to a long list that includes CDOs, asset bubbles, QE and supply chains. What I liked about today's video is that the great point you made regarding frugality being our best defense against inflation is how it underscores a general all-weather principle: the importance of our personal economic resilience. Frugality is just a part of a number of choices and adjustments we can make that can help us thrive amid whatever the global economy throws our way, be it represented as good news (the run-up in the stock market during the pandemic, leading to excesses like meme stocks) or bad (as with inflation). Underlying that resilience is financial literacy, and that is something you excel at teaching in a relatable, personable way.
Thanks David! I thinks it’s about controlling what you can…not much that we can do about the macro events…we are kind of along for the ride. Fascinating to watching, but no real influence. And I saw a meme the other day saying, “I’m tired of all these once in a lifetime things happening in my lifetime.” It feels true 😂 but every fermentation has probably felt that way
@@ErinTalksMoney One of the things you learn when you explore personal finance -- it's almost a cliche now -- is how much of finance is less about money, and more about behaviour. That means you come to learn as much about yourself as you do taxes, investing, real estate, etc. as you read personal finance books and the financial press, or watch splendid YT educators like yourself. This recognition goes to the point you make above: knowing what we can, and cannot control, is vital. As is true of much in life, we may not be able to influence external phenomena like inflation, but we can control how we respond to it.
Yay for us frugal people. I do sorry sorry for those that can't/choose not to cut back or buy cheaper things.
Erin your hair looks so beautiful. I notice it, but I just do the best with what I have. Thank you for another great video.
When I come to Texas, I will do your hair! 💁♀️
Trying to understand and relate the relationship between inflation and a savings account to my wife but cannot find a calculator. Example, if we have $100 in a savings account at 4% and inflation is at 15%, as traditionally measured, in 10 years the $100 has a buying power of $50. Thus and unless you exceed inflation you are not secure and are loosing in the larger game of life to create an estate for future generations. So is there such a calculator that can compare current savings rate of return to inflation and projects value in 5/10 or 20 years?
Some folks just fail to pay themselves first.
In a few short years inflation will wipe out my debt. My income already got a 6% raise just to compensate for inflation - while my mortgage is not going anywhere.
It's hurting some at the store and pump for me, but I got a good paying job for my area with a recent raise and can still get ahead. I'm putting more in the market while living a comfortable life.
I love the nuanced take on inflation! In my lifetime the cost of college has gone up about 10,000%, the cost of healthcare has almost moved almost as much. Working people have been experiencing inflation this whole time!
People forget that even in the 1970s inflation crisis, wages were outpacing inflation by about 1%! That's no longer true; comparatively speaking, things are worse now.
Edit/update: Congrats on swapping meat for beans! It's such a cost effective approach, and healthier too! Savings are so powerful over time!
You’re so right, it’s always been there…just more intense right now!
Another great video, Erin! When you were getting overheated and fanning yourself in the outtakes it reminded me of something. Before I retired as a cop, I started working an off-duty overtime job that paid my department for uniform officers to provide personal protection for a political commentator who had his own television program. One of the odd things was that the studio had to be maintained at 62 degrees during the filming, and this was like a 4-5 hour job. It could be 98 degrees outside but if you forgot to bring your winter jacket with you, well, you'd never make that mistake again. I asked once, why is it so damn cold in here? The answer was that while filming under the lights, the host would sweat, then they'd have to redo hair and makeup... So, it may go against the law of frugality but you may have to turn down that thermostat on recording days 🤣
Maybe ….haha, it would help
I’m spending about $300 more per month on gasoline, groceries, and utilities in 2022 vs 2021 without changing our lifestyle- our eating out spend is about the same- my base pay went up $333 per month so basically in the same position- could/should spend less at restaurants
The fact that you know these details 🙌🙌🙌
First thing, I would like to thank you and family for your service! 🙏❤️👍 2nd! I love your straight hair but you look beautiful with your hair done either way. 3rd! The outtakes where great. Enjoy the holiday.
Thanks for watching and thanks for the kind words! I hope you have a wonderful 4th!!
Beautiful advice from a beautiful lady, thanks Erin. Love the new hairdo. It really is all about what you keep. I'm retiring at 54 after saving for just a little over 20 years. Save and invest rinse and repeat year after year after year and before you know it you'll be a millionaire or maybe x2.
Had a truck for my construction company last year. Switched to a van this year to save on gas and maintenance and after I did the math I will save around $1500. Even though I loved my truck I thought it was a smart decision. Also I have a girlfriend that still respects me as a man despite my vehicle so that helps lol.
That's a huge fuel savings! 👏👏 I'm sure your girl would like you no matter what you drive!!
How do I buy i bonds?
Excellent outlook and explanation of inflation! Well done .
Loved the outtakes!
Another informative video thanks
By the way I really like the way you think.
Your hair does look amazing...
Great content Erin. One of your best! I just ran the numbers. My family spends less that 1% of our income on gasoline. So a 50% increase in gas price doesn't mean much to me at all. But for a typical American family spending, say, 7% of their income on gasoline, the increased cost of gasoline is painful. But here's my question Erin. I've never lived through a period of inflation before. Is it typical for the stock market to drop when there is high inflation? Or has the stock market been falling for a reason other than inflation? If inflation stays high should we expect to see the stock market drop? Or increase? Are companies able to increase prices to remain profitable in periods of increasing prices?
Some rise, some fall. Companies with pricing power, ie Colgate, General Mills, Hershey, AutoZone, Coors/booze, ect....(think things you need or place an importance on vs things you want ie travel- Carneval Cruise, new cars vs old, magazine subscriptions, boats, atv, ect. It also has a tendency to cause more mergers and acquisitions. Think of two struggling companies uniting to make one stronger company. In the 70s they also tried price controls, so the government could also effect certain companies (I believe they tried price controls on gas and many countries put price controls on food items such as wheat and rice - basic food staples to stave off protests and revolts.) Some other good investments, defensively speaking, is watching where the government spends money and has to like medical needs (though the defense industry - Lockheed Martin for example- could benifit because of new countries joining NATO and buying our jets, tanks, and such). There is also a REIT called FRT (Federal reality) that leases buildings to the government. Hope this helps.
Love the bloopers! Adds entertainment & highlights the difficulties "behind the scenes." 👍
Even though I'm frugal, inflation has affected me because I drive Uber and use a lot of gas. But inflation has helped me to reduce my spending in other areas such as food.
Stopped using Heinz?! I might have to establish some boundaries, in fear that this is becoming toxic relationship. I love being frugal but I doubt that I would ever consider buying a different ketchup. Keep up the hard work, we really appreciate your videos.
What has hurt us living in Dallas, TX is our home has doubled in value, which is great if I want to sell, but I don't want to sell/move, but this huge jump in home value is a corresponding increase in Taxes and insurance. With rising taxes and insurance our options are very limited.
I enjoy your videos, keep them coming. I do suggestion a video on the "best" time to start Social Security -- it amazing me that different views on SS from experts.
I want to do a SS video…BUT, I’m trying to get Laurence Kotlikoff to do an interview on the channel for that subject. He’s beyond brilliant and has two books on the subject - I’m going to keep trying because he provides really valuable information 😊
Thus the reason for Prop 13 in California. What you(Texas) is experiencing is what California went through in the 60's and 70's. It was so bad that people that had purchased their homes in the 50's and 60's were faced with losing their home because they couldn't pay their taxes. It was/is a serious problem.
10:25 Actually, in the Netherlands, they ARE making more land. It’s called “land reclamation”. I’ll admit that it’s uncommon. Happy Independence Day! I’m thankful to have had men like your husband to give us the country we have today (except for the current inflation & stock market, of course).
Happy independence day! I'm a big WWII buff - so we went on a tour of some WWII boats and submarines this past weekend - it was absolutely fascinating! Hopefully that stock market turns around for us soon!! 🙏
Your hair looks good today, by the way! Well, I mean, that’s not to say that the rest of your head doesn’t look good, too, or that your hair doesn’t always look good… I’m overthinking this. It means a lot that you make these quality videos and that you always put a lot of time into giving us good information. Thank you.
I'd say the only aspect of inflation I really noticed is gas. Pre-pandemic I ran about $60 a month and I'm now $90 a month. The impact is still fairly minimal in the greens scheme of things
Your hair looks great 😊
Great video! I’m also in the category of “Doesn’t even notice” but we cut our essential expenses (housing, groceries, transportation) to be only 10% of our income right before this inflationary period. Similar to you, I’m using inflation as an opportunity to finally cut out meat and dairy. Much healthier and happens to save a ton of money!
I think it’s fun to look for ways to save 😂 I think I of it as a personal challenge
Absolutely! Love the challenge :)
Erin you crack me up. My wife has cut my hair for the last 25 years and I couldn't agree with you more about inflation not hurting us too much either. ( Does your husband ever appear in your videos ? )
We're frugal. Here in the uk food is up but I cook alot and we rarely eat out.
I think frugal is the best choice 😆 But I'm frugal too, so of course I think that
@@ErinTalksMoney Mais bien sur! 😃
Always love the outtakes!
Love your bloopers…
Thanks! 😂
U love the consistency with your content!! Thank you so much for all the financial advice
Thanks Tray! 😊
I need a to find a Ketchup Snobs Anonymous meeting now.
Haha….I can officially say we could have three founding members
I am in the same boat, not a big change. But our representatives in Washington DC need to see this video, they just don't seem to understand what lower-income people go through. Politics seems to have hurt the poor so much more these days. Thanks for the video Erin, Great outtakes. Happy 4th.
I don't go into politics much - because well, that's not my platform. But my goodness, if they could all stop arguing and focus on helping those are are supposed to serve. But I digress...Happy 4th Philip!
I am in the I don't notice financially although I obviously see the difference in price. My salary increases 10.25% this year so it has kept up to the point I haven't had to change my allocations.
It does pain me that the Kroger brand sparkling water has increased from $.59 to $.79 in the last two years which irks me a bit 😅
Hahaha 🤣
Great information - as always! - Love your bloopers at the end :)
You nailed it with why people continue living paycheck to paycheck, even as they make more money. In your example, Benjamin makes twice as much as Albert, but in the real world, once Benjamin started making more, he would have movved to a bigger apartment, and his rent would have been more. If Benjamin was smart, he would have saved the extra, and made sure he had an emergency fund set aside. THEN if he wanted to move up a bit, so be it, but he must plan for increased rent, because it WILL happen.
I was always a LBYM guy. I stopped buying bacon bits for my salad because the price of them went up by 30%. They weren't that good.
Black beans are a good salad addition 😉
Your outtakes are funny 🤣🤣 Glad to know you are human and not that perfect all the time 👍 That lifestyle inflation - I avoided. Maybe I should learn how to cut my own hair…but how do you do the back? 🤯🤷♀️🤣
It takes some time to learn how to get the back - but with practice you get it…and if you mess up…just curl it 😂😂
When you come to Vancouver, WA, I could use a haircut! Inflation has not effected me that much either. Chucks has good produce, but there ads seem smaller now. Every week they advertise in their ad they are open 7 days a week. I live way below my means and have always spent a small fraction of my income. Never live paycheck to paycheck.
That's the best way to do it!! I'm crossing my fingers to move back that way in the next handful of years - I already go on Zillow looking at homes in Salmon Creek every week 😂. I need to get back to Chucks for their dates - they call them the word's best dates and they legitimately are. OMG - I can't believe I didn't say this before...do you go to the farmer's market in Vancouver??? Do you know about Scratch Meats?? If you eat meat, try them - they are all amazing, but the chicken parm sausage is my fave!
@@ErinTalksMoney The farmers market is going on now, but I rarely go there since I live in east Vancouver. I think they have an east Vancouver farmers market but I don't know if it is going on yet. I have not heard of Scratch meats. But maybe give them a try.
Albert is living beyond his means. He should get a bicycle.
While I agree with nearly everything, how could you swap Heinz?
Hahaha! I still love Heinz…but sometimes the budget demands a swap 😂
Is the stat on percent paycheck to paycheck a function of inflation? It’s implied here but it would have been helpful to see how it’s changed over time. People tend to spend all their money most of the time, so it didn’t seem like a high percentage. There’s a stat on how many can’t come up with $1,000 & it’s stayed stable for decades. I don’t doubt your overall point of the video, just not sure this stat is the best evidence. Great advice on how to manage it!
How long does it actually take to video what ends up as 14 minutes when complete?
Research time for each video varies…an hour or so to film…3-4 hours or so to edit….then time upload….read and respond to comment. Each video takes at least 10 hours of time
My wife and I have always been very frugal except where our kids are concerned. We have also made some very (in hind sight) stupid investments. This has caused us to be very risk adverse. Now at 70 I see where it might have been good if I had bought into the stock market (Dow) when it was in the 700's since it is now in the 30,000's. I started a business instead and placed the risk on myself, and by extension my wife. I boot strapped the business it has been providing a good income for us for years and continues to. We have a substantial amount put away earning very minimal interest. In your opinion, and I know there are always risks should I put some in higher risk investments at my age assuming I'll live 10 or 15 years at best.
Toyota Corolla will be paid off in Sept. so this will fix the increase in the cost of gas and food. Just going to take longer to save up for the next car.
September is sooo close!!!
I was so happy to see the Avocados went from $1.28 to $0.88 each. I hope inflation is easing 🙏
It's about time avocados took a price cut! Too darn expensive!
Meat for beans gang!!! Better for animals, better for the environment, better for the wallet.
Our spending has gone down the past few months. We've prioritized "free" entertainment and focus spending on only essentials. Keep up the positive videos! :)
"I keep the temp a little higher during the day."
also, "it's so hot..."
…when my husband goes to work I turn the temp to 80… so that a/c hardly kicks on - it’s a bit too warm sometimes 😂 🤫….when he texts he’s on his way home I turn it to 75. He doesn’t know that 😂 Also, we’ve been watching Freevee!
….
Hi Erin. Happy 4th of July to you! Hey I think where inflation hurts a lot of people out here in So. California is the gas prices. Pretty much the cheapest is $6 per gallon here. I am lucky because I work from home. I know you do as well. But a lot of people out here commute each way 1-2 hours. So inflation is a killer.
I LOVE working from home….literally a dream come true!!
I love the anti meat sentiment that seems to be growing.Why?You can eat meat,live in a smaller home,don't buy new vehicles,invest every month.If anything,cut down on media coverage,you'll feel better.
As a broke ass college student, inflation has been hitting me really hard. I am actually relying partially on disability benefits to survive even though I do still have a part-time job. Despite this, even when you combine my job and my benefits together, I still have barely any money. I built up some bad habits of eating a lot of fast food and doordash back when those habits didn't affect me as much, but now, with high inflation, they are affecting me more, but they are also hard to break.
Great content as always. If I may say, you look lovely in black.
Funny fact, I can’t wear black around my dad, he always tells me black makes people looks older, and I should never wear it 😂
Hi Erin, Happy 4th ! We have always saved as much as we can while living a good life style . In 42 years of marriage we have NEVER had a car payment . We paid our home off 10 years early and lived in until 3 years ago . Then we paid CASH for our dream home in 2019 . Your the BEST...
The first argument my hubby and I had in our marriage was over a car payment. He told me it was a 5 year loan….he got the car before we got together. I knew the year he got it….when we got to that 5th year for his car, I turned to him (we had been married a couple months) and I was like, what month is your car going to be paid off this year? He looked it up and told me it had two years left. I was like NO…YOU TOLD ME 5 YEARS, NOT 7. (Then he got a lecture about not taking out a 7 year car loan…) and we mailed in the final check to pay it off that day. 😂
Ahhh, adopt a frugal lifestyle for less stress.
Great video Erin!! Crazy that 64% are living paycheck to paycheck, and nuts that 36% making over $100k are living this way. Lifestyle creep is real and something I’ve struggled with! Keep up the great work!! Really enjoy your videos!!
It’s so easy for lifestyle creep to take over! Thanks for watching Matt!! 🙏
@@ErinTalksMoney you’re welcome Erin!!
You don’t look 35…25 maybe.
Favorite comment of the day 😊😂 I work really hard to take care of my skin!
@@ErinTalksMoney what do you do for your skin?
Trying to buy a house and Fed’s inflation fighting is killing the interest rate 🥹
Oh no! I feel for you!
Thanks! Buying anyway since it’s right for us. Gotta based more on internal factors on this one. Planning to live at least 7 years so it should be ok, also hoping to refinance, but didn’t count on it for the decision.
That's all that matters - as long as it is the right move for you personally!!