I cut Starbucks and brand names in clothing and accessories a long time ago. When my son was 12 he refused to wear any name brand clothing. He said, “ Mom they do not pay me to advertise their brand.” The wisdom in that one sentence totally changed the way I shopped for everything!
I agree with everything on this list except Books. Ive spent a fortune on my books, but they look great on my shelf and i view them as art and decoration for my home. They make me happy and honestly keep me motivated and inspired in life. I don’t get that from audible or a kindle.
I agree. I still buy books. There's Nothing more relaxing than disconnecting from all technology, sitting on the sofa reading a book, flipping its pages and enjoying a glass of your favorite beverage.
I travel around my city a lot as part of my job, so I make sure to bring my lunch every single day. My coworkers, though, eat out every day for lunch. It baffles me how they can spend so much money a week on just fast food.
OMG, I think I just met the lawyer version of me. LOL! (I'm a therapist.) Every single thing you said in this video, I've been doing, too. No brand names, no souvenirs, no salons, no Starbucks, no new cars, no unnecessary subscriptions, and I pack my own lunches to work. And I make 6 figures. I still maintain the starving student mentality, and refuse to fall victim to the lifestyle inflation trap. Thank you for your video. Glad to know I'm not alone.
I love the white blouse uniform idea 💡😍 I am totally adopting this for my lifestyle. I already do all of these tips you shared. Great video. Thank you Erika 😊
@@Erika2 Especially now that you can stream almost everything online and if you have a computer connected to a TV a simple google search for whatever you want to watch is not far away.
Due to health issues, I have been forced to stop eating outside. Its amazing how quickly those cheap meals ad up in cost. Beyond the fact that these meals are horrible on your health, it will also corrode your financial health. If you have loans, putting that $10 per meal into the principle on any loans you might have will pay you back exponentially. Oddly enough, since I've been sick, I have never been healthier.
@@Erika2 Things are getting back on track. We can only worry about what's in our control. This has been an eventful 12 months to say the least, but no permanent change so far as I can tell, short of a few new scars. We'll all be stronger for it. Erika, have you had any interest for sponsorship yet? I would not be surprised to see your views on that one video pass 200k by the end the of the week. Like I said, you will want to look at views in the logarithmic scale to see when the interest will peak. Certainly, you will have interest soon. Keep on top of the new hot financial topics, its really working for you.
Very valuable suggestions and ten of those things I’ve don instinctively for many years (don’t ask🎅🏻). Two things I’ve done differently. No birthday or Christmas gifts for anyone in high school or older. instead a cookout or trip to a state park. Cars, I buy multiuse vehicles (4x4 crew can trucks) and I buy new with the highest trim level I can easily afford and keep up the maintenance. I bought a ford in 1997 and traded it for a new Toyota in 2013. At my age I will likely be the last truck. When I was younger I went through a series of used vehicles that never lasted more than two or three years. When you buy used there’s a risk your buying someone else’s problems. The key is buy what you’re happy with and works for your situation maintain it and drive it till it dies. Ps. I’m passing this vid to my family...they may listen to you.
I don’t particularly try to keep up with trends but I also don’t think there’s anything wrong with buying the clothes and dressing the way that you enjoy and feel pretty in.
@Mani Lee To me, clothing can be an art form. When you buy something you like and just like it because it's unique and pretty. Price tags are an indicator of a deal breaker for me. Yes, I want to support the people who design certain clothings I take a liking to, but I can't afford to break my bank in the process either. 🤷♀️ BTW, I love your hair color. 💛
I thrift store shop and save so much money and have cute outfits for $3-$5 each.... Like I'm going shopping for sundresses today... My budget is $10 for the whole excursion
If creating a monthly clothing budget increases your quality of life and brings you joy, then go for it. The whole point is cutting out the things that are meaningless in your personal life.
I've done most of these things out of need, but I can't tell you how AMAZING it is to know that someone such as yourself is doing the same! Makes me feel like I'm on the right track to a secure financial future, and I don't feel less than for not having or wanting these things. Thank you Erika! 🤗
@AnnieONeill maybe you could try creating your own movie theater at your house and find a cheap way to watch the movie. That way you could still enjoy it but save money at the same time
@@stayyy2548 While I truly appreciate the suggestion, and I do already have a super comfy sofa and a great 75" TV, I feel that the theater experience cannot be duplicated. It's not a huge expense for us. We bring our own candy, we're not pop drinkers, and the fresh popcorn is shared. My son's first film was Dune. He was ENTHRALLED! It was very special for him and for me.
I don't get my nails done or eyelash extensions either! I like the Christmas idea, I don't really like receiving gifts anymore (unless I can eat it) so showing appreciation for friendship etc. works better for me!
I agree with all of these except the Christmas one. That’s taking the idea of minimalism to the point of just being cheap. Nobody should spend $900 a year on gifts. That blatant commercialism is very bad. But a simple low cost gift or even something that you made with your own hands isn’t that hard.
Great tips! I’m actually the opposite I was saving so much that I didn’t have fun because I’d worry about the cost. Now I splurge a bit (not excessively) on getting more regular haircuts, going go karting, eating out with friends. I don’t care for brand names etc but my qualify of life increased after spending a bit on fun!
For brand names, depends on the brand. For example sunglasses. Tried loads and loads of pairs and no matter how well I took care of them they broke (one pair from a mall kiosk literally shattered on my face while I was driving in AZ). Finally found an Oakley outlet store. Bought a pair for me and my wife. Years later still great glasses that have not even come close to being damaged in the time no matter what I do with them. Hiking, yard work, long drives these still are in great shape and I don't take better care of them than I did with all the various ~40$ glasses I tried.
I just stumbled onto your channel after leaving a job that I was well compensated for, but was hating more and more every day. Thank you for sharing this content! I too have cut a lot of these items from my budget, especially buying new cars. Your confidence and enthusiasm is contagious! Keep the content coming.
Nice content! The best way to find that balance between saving and living is by investing, This way you get to have your saving intact and then live comfortably off the revenue coming in from your investments.
wow! this is a jewel. the best comment i've ever come across on YT. Why didn't i ever think about this. Thanks for this, I'd also really appreciate if you give me some tips/guidelines that would guide me on the right path to take while investing
This seems more like putting your savings in an investment company rather then the bank, hmm really ideal i think because you'd earn a better revenue than the annual interest value you could get while saving in the bank. WOW! this is really an eye opener, could you recommend an IA please? I would really appreciate that.
Few years before i got to decipher the market myself i worked with an IA, VIVIAN KLAINE MORGAN. She traded my $90k portfolio into $220k and i learnt a lot of things i know today from her.
My husband and I never had much money, but we still retired in our 50's. Don't buy stuff you don't need. We raised our kids to be careful with money, too. You can get lots of stuff free or second hand. Better for the earth, too. Tina
I agree with all these things. I read an Ayn Rand book many years ago. And it challenged me to to question if I am doing things just to impress others. When you buy things just because they are useful to you, you buy less, and you buy cheaper. I am now a multi-millionaire. Put your money in the stock market and let it sit. You can retire early. You can pay off every loan. And you have less stuff to manage. Remember stuff needs to be managed. So buy less stuff to worry about. Oh, and restaurants are a big money stuck too. I limited restaurants, especially for dinner down to twice a month. And that saved me a ton. Even now when I can afford anything. I don't like to take care of stuff. Now that I am wealthy, I have not started to buy stuff just because I can. Simplicity is a happy way of life.
For cars I would suggest “total cost of ownership” over the time expected to own it is a much more significant factor than initial price and whether it is new or used. Particularly for petrol burning cars wear and tear on mechanical components can mean being closer to expensive repairs. That said, definitely don’t buy “more car” than your use case requires.
I cut the cord on regular TV many years ago in favor of watching RU-vid channels on my PC. It saves money, and I enjoy the creativity and interaction on RU-vid much better. I also went from landline phone to VOIP, then to just cell phone to simplify and save money. I still love books of the hard copy kind, so I prefer to keep them. Thank you for a great channel!
I paid off my student loan from medical school in one year. I paid off my mortgage in one year. I accomplished these goals largely for following the same advice she's giving.
I've been doing many of these for most of my life (ie, never believed in "fashion trends")...and started doing some of these later (ie, we only buy Christmas gifts for the children).🎄 I'd rather share time and an activity together than buy each other holiday or birthday gifts. 💕 One popular money saving tip is to barter, trade, donate and/or buy used items. There are MANY groups online. That helps to reuse items, keep more things out of landfills, find treasures and save money. 💰
I love the white blouse uniform idea 💡😍 I am totally adopting this for my lifestyle. I already do all of these tips you shared. Great video. Thank you Erika 😊
I've been doing all 12 of these for YEARS!! These are all very smart strategies for saving money and wealth building! I LOVE your channel. You're a wise young lady! Thank you for having priorities and principles! You'll always WIN in the long run!
One of the smartest things I ever did pertaining to money is finding a wife who shares my ideas and attitudes about spending. And now that we are truly financially independent we can treat ourselves to a new car when we need one (Japanese, not German, we’re smart with our money!). You remind me of my wife when we were young Erika, which I mean as a tremendous compliment. Best of luck with your channel, such great advise and happy to see you sharing it.
You're awesome, girl :) I never learned about money or finances because I grew up really poor and wasn't given any money by my mother. I've been working in law firms for 30 years--not as an attorney :) My finances have been the biggest stressor my entire life and I am so way behind in having anything for my later years. We should have been taught this in school! I think your channel would be awesome for teaching young women especially :)
I tried cutting out Starbucks. I missed the ambiance and stars rewards. I used to just spend like crazy there up to $60 a month. Now I budget $25 monthly and buy the short for hot drinks and tall for cold drinks. I am addicted to the ambiance!!!
Let's not forget that manufacturers raise the price on goods before they put them "on sale" so you're not always getting the best price and many times will be paying MSRP.
Is mind blowing 🤯 how much we think alike when it comes to spending money on useful and unuseful things. Is nice to see and relate to someone else who doesn't care about brand name stuff, cut out daily/weakly bad habits spending and I will never buy a brand new car... I really love your video. 💗
I love minimalism. It’s better to use our mental energy on worthy pursuits. The more we buy the more we desire to get better and expensive stuff to “keep up” or show off. You earned a sub ❤️
Frugality is gift not many people have it. U can cut cloth according to their size in this world of self indulgence materialism is good and u start in you will carry u long. Good 4 u.
No cable, no Starbucks (unless when I really need a place to sit and work for a couple of hours), no books (only get from local libraries) , no brand names, no movies (converted dining room to a home theater and loving it). Great list!
@@Erika2 Front projection and surround sound all the way. I DIY most of it so it didn't cost a lot of money for a nice system. We do enjoy sitting in our own place drinking beer much more than paying for overpriced tickets and popcorn at theater. it's a great hit with the kids in our neighborhood as well. it's even better now during the time of social distancing and self quarantine.
One case I can make for certain brand names is value retention. If you can actually get your hands on a Rolex and get the call from an authorized dealer, you often walk out of the store with it being 1k-2k higher than the $7k-$10k you paid for that Explorer or Submariner. Desirability = better value if resold. Use it for as long as you care then get your money back.
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Subscriptions are no joke. One thing you should mention is you can request refunds on any subscription service you have not used. I got back over $300 in the last week by contacting different services I was still paying but not using. Email them, ask nicely and they will do it. BUT if they say no, contact your credit card company and request a chargeback - this will always go in your favour as long as you haven't used the service.
I love the Christmas gift idea. Christmas became a big sales and marketing ideas to make people spend more money than actually celebrating what it really means.
You have to learn how to enjoy your life. The key is to live below your means. You can cut things out and live as a miser - that's one extreme or you can try to keep up with the Jone's. The real key is finding a happy balance!!
I typically wear my employer's hat in public. People will ask why i do that if I'm not working. My response is always the same: my employer pays me to wear the hat, Nike/Gucci/fill in the blank brand brand doesn't.
I was buying a Latte” of Starbucks when I was still working-$60-$80 weekly. I’ve tried to realize it is more of a habit- I buy a large bottle of cold coffee in the grocery store and get 4-5 drinks for the price of one and no tips.
I agree! If you can find quality, brand name items used go for it! I honestly don't care about brands, but if I find a quality price if clothing that could last a lifetime at a great price I'll buy it.
Oh god. My wife struggles with temptations from name brands, sales, Starbucks, cable TV (on top of Netflix/Hulu), nails/facials, brand new vehicle a few years ago above her budget (before we got together), subscriptions (stitch fix), and movies (my fault for loving movies but I do not buy any drinks and snacks like she does haha). I want to send this video to her without getting skewered lol.
Ok. I had to pause to comment. You are clearly a thinker. To the word, your reasoning and articulation of why not to buy just because something is on sale is exactly what I've been saying for years. It frustrates me to see how difficult such a simple logic is for persons to comprehend. You never save when money leaves your pocket. You are awesome.
I never go shopping on an empty stomach anymore. I used to buy a lot of snacks and junk food because I was a little hungry when I went out. Now I find myself spending a lot less on food if I eat before I go out.
SO SMART (as usual!) Whenever I see the young people I try to help talk - with such seriousness and drama - about fashion I think of Thoreau's quote: “Every generation laughs at the old fashions, but follows religiously the new.” You are a voice of calm and reason in a time where that is so needed! I loved your comment that you try to avoid purchases out of habit or ego. You should turn that into a well worded quote! You will be famous because it is so on pointe! :) GREAT JOB!
That's such a good quote!! Thank you Jeff! I really do think ego is the #1 enemy of personal finance...it results in so many poor financial decisions that trap people for a long time. Have a great week & stay safe!
I too bought a used car and it was pretty inexpensive and it has worked out really well for me - new car prices went very high in the last year or so and honestly my friends have Mercedes Benz and BMW’s and I really don’t see the difference and their maintenance bills are gargantuan - German spec this and German spec that - it is crazy not to mention their insurance. Love your vids ✌️
Subscription...This happened to me with Amazon Prime, and I’m so bad at looking at my statements, I finally noticed after months 😩 I didn’t even use Amazon enough for it to be worth it. I was basically just giving an already successful business my money every month like here you go take it 🤦🏻♀️
I need financial advisor like u. Wow! I didn’t know women like you exist. You bring great energy , intelligence and education most people need. Your such a gem. I’ll continue to support your channel.
The biggest problem with the shot glasses...they are empty :) Reviewing credit card statements can be a huge savings. Love that you and your family donate your time to an orphanage. Thanks for continuing to produce quality content Erika.
Excellent video! I agree with all 12 things you listed. The only thing I would add is eating less of outside food. At today's prices, it's impossible to spend less than $8 on a very mediocre meal if you eat out, at least in the US. I started to eat healthy many years ago and realized the decision to do so eventually lead to me having to prepare most of my food. When I did this, I realized how much more we spend on food when you eat out verses preparing it yourself. The difference was huge. Not only is eating out not healthy, but it's also very expensive. I think most people would do so much better if they prepared most of their meals at home and occasionally treat themselves to a really good meal out once or twice a week.
Fantastic points Erika .................... Attachment to things outside of yourself can be self-destructive. Because If you lose that thing, you feel like a part of yourself has been destroyed. If people like you for what you have. The relationship with those kinds of people is destructive. You have a fear of not meeting the perceived expectations of others. You live in constant fear and worry. (fear of loss) I have learned that buying things to impress people doesn't work as I would like. If it does it work, it may not be the kind of people who you want to impress. When I bought something new, people don't even tend to notice you bought something new. If they do a short while. Then POOF! I have learned to buy things because I appreciate the beauty of it. Not to impress others. Over the past year, I have learned people love you for WHO YOU ARE not what you have.
You, are amazing!! Your videos are helpful, and your personality makes watching them 100x better. ❤️ Edit: In the US, AMC does $5 movies on Tuesday!! 👍
Awesome video! In regards to no. 3, I also have multiple black t-shirts and white shirts. I would never go back to having a bazillion colors and patterns.
I agree w/ most of the things you mentioned, at a same time I do believe is life is only once. Live like there no tomorrow. I am not saying be materialistic, just enjoy what love. Tomorrow is not promised, so live your life fullest.
Great video, Erika! I can't even remember the last time we went to the movies. It's so much less expensive to just watch them at home. Plus, you can take breaks whenever you want and go to the restroom and not miss the film. Popcorn and snacks are a lot less expensive as well. 😉
I bought a new car recently. I know that was an emotional purchase but I love her. 😀 but I'm being as strict as possible to rebuild my savings and this has motivated me to find a higher paying job.
Hi Erika, I agree with you 100%. I have cut all of these things too many years ago and I don't regret it one bit. From all the comments you received on this video, I can see that a lot of people share the same thinking. Excellent video! Thanks 😀
We cut out our cable several years ago. We don’t even miss it. There are too many streaming options. We have a ROKU and one of those little satellite plates for local TV, and that’s it.
This is a great video! I actually started doing this 3 weeks ago: 1.) Put all my Air Jordans on eBay (putting all the money into my Fidelity Roth IRA) 2.) Cutting the cord, switch to RU-vid TV (saved $100 a month after leaving Direct TV, used the money to put in my investment account) 3.) Canceled my gym membership and now have a home gym in my garage. (Used the money for M1 Roth IRA) 4.) Refinanced my house and car (saved $315 a month) using the money for both Roths and individual investment account.
We have alot in common, suggesti0on: go and purchase your items from thrift stores....After Christmas and by January it is like a must have, you got to get to the thrift stores for high end items. Maybe a motorcycle the purpose of a motorcycle is to offset the miles to your cars. You really don't need a car to drive to work or to a doctors appointment...You employer just really needs you... Motorcycles burn alot less in gas verses a car.
Love the thrift stores :) I never purchase clothing anywhere else....... except for underwear!!!!!!! I never buy Christmas gifts either. Everyone in my life knows I don't do that.
Erika, LOVE YOU !!! I agree with you on everything, but I just bought a new car... LOL I looked at some used vehicles, but there is nothing like the feeling you get by being the first owner... 100 K mile warranty on my new car is nice also... I decided against a used car because you might be buying someone else's problem...
Lol I am the same. I agree on the saving money part buying used cars, but I don't want to drop money on a used car just to find out that it's a piece of crap and comes with a million little problems.
Love Libby! Public libraries are the best and also include subscriptions to many news outlets (e.g. NYTimes). Not only that, books on my tablet are much lighter in my suitcase, and I can modify the font to make them easier to read! Last time we bought a new car was in 1983...another tip re cars - if you do not have a car payment, but pretend that you do, you can “save” the car payment in a car replacement fund - if you assumed a $500/mo payment, you will have $12000 every 2 years to buy a new to you, used car. When I was working full time, I occasionally hit Starbucks, but mostly took advantage of the Peet’s coffee we had in the office. More environmentally friendly also to use my own mug. Now that I’m not working, I’ve switched to tea, which would shock all of my former colleagues. Recurring expenses are tough - my grandfather used to counsel “If you want to be rich, don’t buy anything that eats”. While he may have been referring to the pony I had asked for at the time, the truth is that those monthly subscriptions are the things that “eat” away at your budget. Since retiring, I’ve cut cable, switched out our alarm system, converted our newspaper subscription to digital only, reduced the dry cleaning bill and limited my clothes purchases. Re movies, Tuesday matinees (when we are no longer having to shelter in place) are $6.25, so still fun to indulge on occasion, and as a way to get together with a friend. Won’t be able to give up my hairdresser, and still enjoy being able to give gifts to my children, although some of them are hand crafted now. Re Clothes - have never and am not likely to ever be accused of being a “fashionista”, and have never seen the need to pay someone else to advertise their product.
Hi Debbie! Hope you and your family are staying safe & healthy. I always love receiving your comments because I seem to learn something new each time. I didn't know that public libraries have subscriptions to news outlets! That's exciting and something I'll need to explore. I alway chuckled when you described wearing brand names as paying someone else to advertise their product--I can 100% relate! I love the car idea & your grandfather's advice. Thank you for such an insightful comment!
Hi Erika, I've been excited to watch your vides and they are inspirational except that each time I try to forget about my long term investments I'm reminded they're there so it's hard to wait for all the compounding. But being debt free at 54 is a great feeling. Thanks for your videos.
Agree with all! Except i did get the new car (years ago) and between the high car insurance and monthly car payment and payments and surcharges for speeding tickets, never again!!!
Hanging out and going out with lots of people also drains our pockets. Some people go out with other people out of boredom and no real relationship or friendship was being formed sometimes. Spending time with people who truly matter not only will save our time but also our money.
Buying a used car is often buying somebody else's problem. Get a new car with NO bells and whistles take care of it and drive it till it dies....unless you are a mechanic or like working on cars, then buy the used one.
Great video! thank you Erika, i've been selling lots of my brand name clothing, shoes and bags. it was an addiction I had, shopping. I am slowly having more a minimal lifestyle and when I shop.. I go second hand or thrift.
I wish I had had your wisdom at your age. I’m 61 yrs old and just now getting around to all these ideas, thanks to RU-vid. Keep going. Your work is having a ripple effect that the world needs. If you wrote a book, you’d have 13 streams of income……
I never bought cable except for my short term rental. I am considering eliminating it there. Wish you were someone I knew when I was younger. Excellent advice. I started shopping at thrift stores and yard sales when I was younger. Now it us the trendy thing to do. I still enjoying and finding items, not as much as I used to. I love your stories.
I cut cable and tv more than a decade ago. Never did Brands, Never did a daily Starbucks/Caribou, but did an occasional mocha for a treat. Because most things come with SUGAR…I now make most things at home so I know what’s in them, and I’ve come up with a very delicious mocha drink! Thank you!
Thanks Erika. I agree with almost everything except the Christmas gift part. Kids (friends' and relatives' kids look forward to me giving gifts at least once a year... and seeing their faces light up when they open it is priceless. The experience ane memories they will bring, at least to me, will never amount to money I save. I say this because kids, unlike older people, are into toys andthat's how they learn too. :) Also, I believe in balance. I buy books and watch movies every few months. Better for economy. :)
My kid and family do not get presents from me for Christmas, Birthdays, and other holidays. However, we do spend time with them and give them random gifts throughout the year because I love them and they love it. My 5yo knows Christmas is just cultural consumerism.
With every check, I put a set amount of money into an account and call it food money. Divide it by 14 and it tells me how much I can spend till the next check. Every day I know I have a certain budget and any money left over I can use to either eat special, spend on whatever, or let it roll over to the next paycheck
thanks for this great video, we live a very frugal life, but it is very refreshing to see others doing it too. Also to get back on fire on keeping accountable.
Wow, watching a lot of your videos gives me a yard stick to measure my financial planning on. So most of the things you mentioned, I'm already doing..except I get suckered into buying repeat things on sale, especially on Amazon. It seems Amazon has a algorithm that will drop the item price like 5 percent off after you buy an item, to get you to buy again. So seeing you talk about this, and slowing getting to know my own mistakes, I will try not to be suckered into buying things just because on sale. Video is so helpful. Thanks!!
I gave up shopping almost 20 months and I feel so much better! I don’t have any anxiety anymore and I ended up w with stuffs I didn’t need nor liked I was the slave of things to fix my unhappiness and quick fix instant gratification in the wrong place! I feel free and working on cleaning up now one day at a time, Amen 🙏
