Didn't see a list so I made one. 1) Analyze Your Purchases @1:46 2) Create a Current Budget @2:24 3) Identify Your Goals @2:52 4) Create a Goal Budget @3:39 5) Get to Know Your Credit Score @4:36 6) Find a Financial Buddy @5:44 7) Work on Your Emergency Fund @6:17 8) Do a 1 Month Financial Cleanse @7:12 9) Known Your Professional Industry @8:09 10) Set Up an Additional Stream of Income @9:14 11) Get Over Your Fear of Credit Cards @10:05 12) Make Your Bank Accounts Smart @11:01 13) Learn to Speak the Language of Money @11:38 14) Set Up a Retirement Account @12:52 15) Write Out Your 5 Year Strategy @14:06 16) Work on 1 Major Money Hang-Up @14:58 17) Set Up Money Check-Ins @17:23 18) Refresh Your Budget Annually @18:00 19) Create Monthly Spending Challenges @19:16 20) Work with a Professional @20:03
Playing video games is a fun pastime, but it’s one that’s easy for me to waste a lot of potentially productive time on. One thing I was spending money on is $10.81 to start another one-month Playstation Now subscription. After I let my last one expire, I started feeling a familiar urge to fight off boredom by renewing the subscription and playing games for several hours. This time I went to my bank account, transferred that $10.81 to savings, and pushed myself into a cleaning frenzy. It’s a small thing, but it represented a struggle that I fight against. I still have that extra $10.81 in savings, my apartment is more tidy, and I’m feeling proud of myself for not giving into temptation.
If you haven't already, I think you should make a video on financial guilt... I don't know if maybe I am the only one, but I think people sometimes get into a cycle where they know they have bad spending habits, but they are too guilty to face the reality and change their behavior. I definitely know I wasted a lot of money in my early 20's (27 now) and did not make choices that would have put me in a better place now. I am now really overly frugal with my money, but still have a lot of guilt / self loathing around my past habits.
Sarah LaCorte Yes! So many people get hit with this, especially if your debt journey was on the long side. It is so natural, like having a half gallon of ice cream in your freezer after a long successful diet and literally being scared to have it there even though you know you can eat it in moderation. It is hard to give yourself permission to eat it guilt free.
When I started budgeting I had the same feeling, and I’ve helped a few other people do/update their budgets and the way I’ve always been able to bring myself and others to do it is by convincing myself now that it’s better to face everything head on now than have a bigger problem down the line. This is the one way I’m able to actually get myself to sit down and revisit a budget often. After you’ve done that a few times, it gets easier to face these issues and helps you get control over your future/current soending
I really appreciate the hard work the whole TFD team pours into this advocacy. It is indeed the era of financial literacy, and you all is instrumental to this progress. Thank you!
NO GIMMICKS: I raised my credit score via Self App, my credit score went up 133 points from April 2020 to now July 2020. I pay $48 a month towards a personal loan of $500 at the end of that payout I GET THE MONEY BACK! Yes, you get you money back AND raise your credit score I’m 22 years old with my first child on the way and I love my Self App! You can even pay as little as $24 a month (: Down below is a link so you can earn $10 towards your first payment. And they offer a credit card after your first 3 payments! self.inc/refer/17722731
Thank you. I literally teared up hearing that it wasn’t my fault for the massive student loan debt I began to take on at 18. For a long time my minimum payments were so high (private and federal loans) and pay so crappy I could see no way out. I’m digging myself out now and I’m not ashamed to talk about it. But for a long time I was really stuck and in a dark place because I couldn’t see a way out. I’m much better now but I’m sad for that girl and anyone else in that position. Thank you for always talking about it. The dialogue needs to continue if we’re ever going to stop the madness.
My credit score took a while to improve but it's in the 800s now. I don't have any outstanding credit, vehicle, or medical debt. I've also managed to save three grand in savings over the last six months.
@@astgoddess It gives me a warm fuzzy feeling haha. As long as I can afford to pay it down, I can have anything I want. Though more often than not I'm comfortable with saying no to impulsive spending. That too feels incredible, to be able to walk away without buyers remorse.
I got all the way up to 785 right before my wedding and had to put some travel on my card. 🙃🙃🙃 Hopefully I can get back up before Christmas since my utilization is only 28% and I'm lowering it daily.
@@jazcaddell2443 I let my utilization drop a bit on a few cards plus I had two inquiries to finance a new computer. In the end I'm at 776 and I'm working on my utilization and scheduling payments. Like my grandmother told me, life is a game, use the other guys game piece. Basically the other guys money lol.
I'm part of a 30-something couple and I truly appreciate every video from TFD. As an older Millennial who hay never had money to spare and is now married to someone makes a comfortable living but has never acknowledge his budget, it's been helpful for me to start strategizing our shared household income and expenses. Can you a video on newlyweds/couples combined budgeting? There are so many ways to do it that it's a bit overwhelming to choose one way over another and to be able to discuss the pros and cons of each possible budgeting strategy for dual or single income couples.
Please please make a video series on financial literacy for high school students just starting out with their first jobs! There's a lot of vocabulary and skills to learn around money that teenagers could learn!
TFD is the goat. I have been watching their videos since I was a freshmen in college and tomorrow I start my first day at my girl girl job as a recent graduate. I have loved learning from Chelsea and the TDF team. Thank you for all your honesty and guidance!! Adulthood here I come!!
As a Gen-X person, I have a different experience than the target audience, and still find this advice valuable. I have two adult children living at home and going to, or readying-to-go to college and use a lot of this advice to help ready them for independence.
Yes. I turn 50 this summer, so I'm an old Gen-Xer and I like this channel to reinforce good attitudes towards money. I think it's the best channel of its kind on RU-vid.
Michael, I agree on the reinforcement, so much. Funnily enough, I find it hard to relate to the term Gen-X. The first time I heard it was when the movie, Reality Bites, was out. Those actors and characters were older than I was, and I couldn't exactly relate to their problems. Now I realize I was just a younger one lumped in a 'range'. My mother is a Boomer; so is my husband. At endpoints of the range. That gave me perspective. My mom has some Gen-X behaviors and beliefs; my husband and I both have values closer to millenials than our respective "generations". I frequently get annoyed at people of any generation who generalize (negatively) about other generations. I guess I just don't like hearing anyone put down for how their experiences and circumstances shape their values and choices. My younger child is more like my grandmother, who was four when the Great Depression struck. That kid is frugal, and furiously writing scholarship applications in fear of college debt. If the cycle is repeating, I have hope successive generations will learn each time.
@@andreamoore7035 I was in the U.S. Army from 1996 to 2016. I would guess the median age in the Army is 25 to 35, so I started out being average and ended up being "old." So, I'm more used to being around 20 to 30-year-olds than any other age group. After I retired, I started working on another degree, so I was still around 20-year-olds. I admire them. They're smart, hopeful for the future, and will make our country better.
I want to thank you. This video and a sink fund video are what made me decide to try to start a separate savings for an emergency fund. I started it at the beginning of the year because i knew that i struggle financially towards the winter/fall because of the nature of my work. I was only able to save up about 400 dollars, but its been a HUGE help rn. I havent needed to touch my actual savings acc. And using my emergency fund for stuff like gas and groceries.
OMG yes - I was pushed into studying when I wasn't ready. And to take a job I didn't want, which I later found out was illegally underpaying me. But I felt the guilt on my shoulders all the way through when these things left me struggling. I should have trusted my internal compass and instinct. But I allowed myself to be working-class guilted. Only recovering from these setbacks in the last few years. Your channel has helped so much! Thanks for helping us all to think and to heal from the burdens of the past. Now we can see the possibilities of the future and can take charge. I'm actually hopeful again and looking forward to success in finding financial liberation.
1:37 - number 1, analyze your purchases 2:22 - number 2, create a current budget 2:50 - number 3, identify your goals 3:38 - number 4, create a goal budget 4:35 - number 5, get to know your credit score 5:52 - number 6, find a financial buddy 6:16 - number 7, start working on an emergency fund 7:12 - number 8, do a one month financial cleanse 8:08 - number 9, know your professional industry 9:11 - number 10, set up an additional stream of income 10:03 - number 11, get over your fear of credit cards 11:00 - number 12, make your bank account smart 11:36 - number 13, learn to speak the language of money 12:49 - number 14, set up (at least one) retirement account 14:03 - number 15, write your strategy 14:56 - number 16, work on one major money hang up 17:20 - number 17, set up money check-ins 17:58 - number 18, refresh your budget annually 19:15 - number 19, create monthly spending challenges 20:00 - number 20, work with a professional
Great tips! However, I wish I could afford to use 20% on wants! My fixed expenses are really high because I have two young children in daycare and private preschool.
I'm only just starting to watch the video, but FYI the thumbnail says UTLIMATE, not ultimate. The typo's funny cause it's even underlined for emphasis :D. Ok, back to the video - I'm sure it's great, Chelsea's wonderful.
Congrats on that big credit card achievement! I’m obsessive about doing things on time in life, which helped my credit to begin with, but this channel certainly helped me to know how to make it better and how to use credit utilization and points to my advantage.
I don’t usually comment on videos, but I just had to do it this time. This is for real one of the best financial content online. Thank you for talking about money in a way that is realistic and that promotes change, not only for the individual but also for society. I’m from Brazil and not all the videos apply for me, but I love to hear you talk about money. I hope you can reach more people, the message you are promoting needs to be heard. Thank you Chelsea and TFD team 💜
I realize you're targeting 20 somethings but these are good advice, and practical, for any age. If I had this type of info at your age I might be in better financial shape now and likely would have avoided some painful $$ lessons. I worked in Compensation Strategy/Design for over 20 years and still lost everything twice.
I'm 40, and I needed to hear #16. I live in NY and I'm able to live alone but not save much while I know folks who own houses or condos etc. Yesterday I decided to focus on me and improving my situation which is why I'm watching this now. Thank you 🙌🏿
I really enjoy your voice, your tone, your intelligent grammar. I like listening to you. I get what you are saying. You make it very easy to understand your points of view. I have learned a lot from you. Thank you so much.
Great reflections, Chelsea. True, a lot of things haven't changed and they aren't going to either!!!! A great motto is 'Make the most of what you've got and where you are'!!! It alters everything.
It’s easy to double few dollars in the stock market, it’s best for investors to keep a close eye on the stock market stakes and ensure that you invest in the right stocks that suit you.
yeah i learned about zero budgeting (the term mainly) from mama's got a budget and i do my budget while listening to e. michelle and shay budgets. i make my financial plans while listening to dave ramsey, his and her money and afrobeats
Thank you for making my day a million times better and for keeping me on track. I find it hard to stay motivated and I feel like giving up, but your videos remind me that the results of discipline are well worth it 😊
I love the checklist! Especially #20, because unless we want to devote massive amounts of time to learning all the ins and outs, it just makes sense to find a trustworthy advisor. But definitely know enough that you can't get screwed by them too. It's a fine line between knowing too much and not enough. 😂
As you use your credit card and pay your debts you will demonstrate your trustworthiness. In turn they will be willing to lend you more, at lower interest rates
I like what she said about making extra income through a hobby or anything like dogsitting/babysitting, etc and use that to save money and invest later. 👍🏼 I work for a big corporation in the medical field and do nails on the side.
It never occured to me to have 2 banks for separate accounts! That's been my main weakness in my savings *edit: I always feel so empowered whenever I watch these videos
1:07- a basic education is K through 12. Don’t waste money going to college unless your degree will make you enough money to pay your loans. Also there are many high paying blue collar jobs out there where you only need tech school or even get into an apprentice program
Thank-you for the comprehensive list Chelsea! 💖 💵 👍🏼🙂 I’m 21 and this is so helpful in helping me figure out my financial situation. And in helping me try to figure out what big picture items I want in life, roughly how much it’s going to cost so I can plan for it.
I’m sure this video was a ton more work, but I really enjoy and appreciate listening to this while at work. Thank you plus I’m re-motivated to keep my financial stability intact!
Apart from the content which needs no introduction, just looking at Chelsea so dapper and professional is so nice! I wish I had your dressing sense, Chels! 😍
As a recommendation it might be helpful to talk about money management for young people with disabilities. I find that even if I am careful with money working on insecure incomes due to numerous surgeries and reluctance from employers to hire someone with high sick leave very difficult. I have never been in debt I am trapped in a cycle of poor quality renting with no idea where to start to improve my situation.
I'm 32. I have no debt I finally have a job for the first time that I feel like can become a career. I realize that my income is small, but I really don't want to do more than the 8 hours a day I do here. I want the rest of my time to be mine. I value resting more than I value money. I don't want to wait until I'm 70 to finally enjoy life. Though my income is small, I am comfortable living with less and I don't want more than what I currently have. I buy what I want or need at low prices, or from second hand stores. What I do want is to get a better grip on my spending, so that I am not going several days between paychecks with no money. To begin saving 10 percent of my net and not touch it. To have money set aside for unexpected expenses, or to spend when the whim catches me. I don't know if that's a normal way to feel about things, but I've just begun my journey, and I'm looking forward to seeing how it evolves.
I grew up with very little money too. I also was surrounded by others that had the mommy and daddy paying for everything going on. And I still seen this in my adult life now. The way I look is people raised like that will have a harder time making with them.
1. Analyse your purchases 2. Create A current butget 3. Identify your golas 4. Create A goal butget 5. Get to know your credit score 6. Find A financial buddy 7. Work on your emergency found (3 months) 8. Do A 1 month financial cleanse 9. Know your profesional industry 10. Set up an additional stream of income 11. Get over your fear of credit cards 12. Make your bank accounts smart 13. Learn to speak the language of money 14. Set up A retirement account 15. Write out your 5 year strategy 16. Work on 1 major money hang up 17. Set up money check-in 18. Refresh your budget anually 19. Create monthly spending challanges 20. Working with A professionals
@@vger5857 I never said University fees were free but affordable - meaning for example here in Switzerland, we pay only about CHF 600 - 800 per semester. Fee depending on the faculty studied. If parents are say poor, then it is easy to apply for a grant. Or if there are about 5 kids in the family. As long as one has the Matura and academic level.
@@saammmy7 You can apply for grants or financial help, based depending on the family income. Unless of course you are an overseas student. But if one is Swiss and studying here in Switzerland there should really be no problem. But if say you are Serbian or.... there might be.
@@user-sq1gk3fr4i You are right I misread your comment. In the Netherlands, where I live, many or most university students will build up a debt of 20 to 30 thousand euro or even more. You have to pay it back in 30 years with a very low interest rate. Affordable, but not for free.
Anyone else want a video on independent contractors? It's hard because you have to do everything yourself, and I can't find any good overviews on RU-vid. Things like taxes, laws, overtime, healthcare choices, etc. It's all so different for independent contractors and so frequently you mention things that I'm 99% sure don't actually apply to independent contractors. But anyway, thanks for this video and all the rest, you guys are great! (:
I makes about $150 at my regular job a week, I earned $110 in the same week by my side jobs. Busy week but it was nice to see the bank account number rise.
I love your channel and support your growth with collab with other vloggers. I really love the lifestyle fix for example. This contribute to the variety of your channel, which is difficult to achieve given the high number of vids per week! Keep them coming!
Some general feedback: people giving money advice to confused 20-somethings always say "check your credit score!" and usually include "it's free to check every year from the three big companies" *but they never include HOW to actually do that*. Sincerely, a confused 20-something who's heard of the fake FAFSA and assumes there are similar things for credit stuff and doesn't wanna get scammed
Uh. I can not remember where you go online for the yearly check. But there is credit karma, turbo tax have app that show you ,your credit score and debt. If you get a capital one credit card, the account will show your credit score.
Your story and your advice about how to get the best use of our money are really inspiring ! I'm in my 20s and that's a good checklist to look at when I manage my money even thought I'm still a student and don't have a lot of income. I'm using an app My Wallet on iOS (its free) to note every single purchase. It comes with a calendar and categories, it's not link to my bank so I'm sure it's safer that other apps! I'm just a little sad about on point of the video : I'm French and I know that you are speaking to Americans but some advices are confusing or are not reflecting a part of my life. For instance, there is not a credit card culture here. Anyway, thanks for the video and I cannot wait the next one :)
So a lot of this is good global advice, but some of it only works for the US, for us Australians we have Superannuation accounts, and they are legally mandated you have to have a super as soon as you start working for a company. Also we on average have high housing costs across the the country, and higher transport costs, and we if renting, should be working on the 3rds rule. No more than a 3rd of your weekly income on rent, 3rd on bills and daily costs, and the final 3rd halved for fun and saving.
New here- I’m loving your videos! Binge worthy and relatable. Just subscribed ❤ btw, the book Get Good With Money, by Tiffany Aliche, is my favorite personal finance book, highly recommend
Can someone please explain why is America so credit heavy instead of debit? Why not have a debit card instead of a credit card? As a non American I don’t understand why Americans prefer credit cards and do everything on credit? That’s so absurd to me
My first goal is 15% of my check goes to a 401k Roth, 1000.00 a month to an account that I have when I hit 65. the money comes out tax free and doesn't have an effect on what I make in the future. We also pay off debt and this would be 2 cars and a home. What ever is left after church that is what we use for everything else. Small cc charges. I like her idea of a cash month. Then we put 15% of my wife's pay and her account is a 401k IRA so it receives tax benefits now.
Thanks for the great listing. Love the way you explain stuffs and help woman out there to learn about controlling their financial life in the most human way possible. I'm interested in the way how you solve your debt issue long time ago. Is there any video about it?
Procrastinating and not starting one as soon as I was eligible was not the best move. It's really not that hard to open an account and manage yourself. And you can also have your brokerage manage it for you. If you're reading this, start now.
@@christineturner1751 My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.
@@darlenemyers2882 As with any big financial decision, it’s important to keep your guard up for economic risks. However, smart planning, time management and seeking advice from a financial adviser can help keep you and your money safe.
Hi, Chelsea! Love your videos and seeing women who are empowered to talk about money. 🤗 Do you have a video on how to do a financial cleanse? I checked the description box, but didn’t see anything on the topic I
