Category Archives: Saving Money

Beat Budget Burnout (Before It Starts)

How do we avoid getting budget burnout? We focus our attention on the things we DO care about, more than the things we DON’T. It’s not a perfect system if you struggle with spending, but so far it’s worked for us!

Check out these other awesome YouTube channels!
Budget Girl: https://www.youtube.com/budgetgirl
Mike and Lauren: https://www.youtube.com/user/MikeAndLaurenTV
His and Her Money: https://www.youtube.com/user/HisandHerMoney
Lydia Senn: https://www.youtube.com/user/highfivefourthree21
Annie’s Simple Life: https://www.youtube.com/user/Anniesimplelife
GazelleInTents: https://www.youtube.com/gazelleintents
The Former Mrs. Jones: https://www.youtube.com/user/theformermrsjones
TheNotSoOrdinaryWife: https://www.youtube.com/user/TheNotSoOrdinaryWife
Jessica Ashley: https://www.youtube.com/channel/UCc9v6vQSntnR7Ux9dREM-tA
Pennies Into Pearls: https://www.youtube.com/channel/UCw0Peuah9Gmb184cW_syhNA
Life with Sarah: https://www.youtube.com/channel/UCZnczIS3k6jO7cv1WQPKDFg
Marriage&Motherhood: https://www.youtube.com/user/JayDyann
ImperfectMommyChaos: https://www.youtube.com/user/ImperfectMommyChaos

Valuing Your Time (feat. Joshua Sheats, Jason Fieber, and Kraig Mathias)

Last year we made a video about how your free time cannot be valued the same as your hourly wage. This week we wanted to revisit that idea with the help of Joshua Sheats (Radical Personal Finance), Jason Fieber (Dividend Mantra), and Kraig Mathias (Create My Independence) as our special guests.

Links:
How Much is Your Free Time Worth – https://goo.gl/oZoPfG
Most Profitable DIY Skills for Beginners – https://goo.gl/B93xMC
The Convenience Paradox – https://goo.gl/TtV9BM

Joshua Sheats – http://radicalpersonalfinance.com/
Jason Fieber – http://dividendmantra.com/
Kraig Mathias – http://createmyindependence.com/

Asking Mike for PERMISSION to Buy Things?

I’ve been asked the question: “do I need to ask Mike for permission to make purchases?” In this video I discuss whether it’s important to talk to your spouse about every single purchase they make. Ultimately, we might have uncovered a much bigger idea to discuss another day.

Radical Personal Finance interview – http://goo.gl/G7E0D6

Investing for Teenagers

We were thrilled with all of the questions we got from teenagers wanting to invest in the stock market after our last video. Instead of answering everyone individually, we decided to make a video about it!

In the video we discuss how we would invest in the stock market if we were under 18. Keep in mind, we’re not qualified to give you this kind of advice. We just remember being young and confused. All we wanted was someone to spell out ONE WAY of investing, just to show how it works.

UPDATE: You need what’s called a “custodial account” at vanguard if you’re under 18. You have to call them to set it up.

More Info: https://personal.vanguard.com/us/insights/article/teen-roth-072014

Why Don’t They Teach This in School – https://goo.gl/wrDl29
12% Returns – https://goo.gl/y1XZJf
Vanguard – www.vanguard.com
Further Reading – http://jlcollinsnh.com/stock-series/

Why Don’t They Teach This in School?!?

This morning we realized we’ve never shared the most important thing we’ve ever learned about money. I was 17 when I first heard about compound interest from Dave Ramsey and it’s the reason we care about personal finance today.

In the video we explain why it’s so important for young people to learn about the magic (and danger) of compound interest. Even 5 or 10 years can mean a difference of millions of dollars.

Please share this story with anyone who you think might need to hear it ๐Ÿ™‚

Dave Ramsey Article: http://goo.gl/00EKYf

That’s Not Saving Money!

Today we discuss “malleable mental accounting” and how our brain plays tricks on us to circumvent self-control. Put simply, we keep a mental savings account that we use to justify unnecessary purchases.

The best way we’ve found to combat this phenomenon is the pay yourself first system. That way any “savings” you come across can be spent without thinking about it, since your long term goals are being met.

Further Reading:
http://goo.gl/W8n4HF
http://goo.gl/rCQUCw

Financial Rules Meant to Be Broken

Sometimes common financial wisdom isn’t so wise. Occasionally, rules of thumb are meant to be broken. In this video we discuss the personal finance rules that we break.

Most of the time, the money advice you’ll hear on TV and magazines is so bad you’ll end up in debt because debt is normal for most Americans. We think just because it’s normal doesn’t make it OK.

If you follow the golden rule, spend less than you earn, you have a much better argument for breaking traditional advice.

Pinch Pennies or Focus on Big Wins?

Everybody loves to take sides. In the personal finance world, youโ€™re either for frugality or focusing on big wins. We think to build wealth, you need both. If it takes money to make money, then where does that money come from? And once you make money, how are you supposed to keep any of it if you canโ€™t control your spending?

Further Reading:
http://goo.gl/hPSy82
http://goo.gl/i9qhdz
http://goo.gl/CuVNd4

Breaking the Emergency Fund Rules | Fix Your Finances

Once you get out of debt, it’s time to build an emergency fund of 3-6 month’s expenses. How much to keep in your emergency fund depends on things like your job security, insurance, income sources, how many people you’re supporting, and much more.

In the video, we talk about how we don’t really have an emergency fund, but more of an “opportunity fund.” Normally, you should never spend your rainy day savings on anything that isn’t absolutely necessary. We tend to break the rules ๐Ÿ™‚

What’s your emergency fund story?