How To Live Frugally (Our 10 Largest Frugal Living Tips To Save Money) |Money and Life TV

How To Live Frugally (Our 10 Largest Frugal Living Tips To Save Money) |Money and Life TV

Our Actual Budget is revealed in this video: https://youtu.be/g9G_S4XDZ24
The budget template shown in this video can be found here:https://www.dropbox.com/s/krxxipr1af5lqdx/Free%20Excel%20Budget%20Template.xlsx?dl=0

or you can download at http://moneyandlifetv.com/downloads

Time Stamps so you can jump ahead to any spot in the video.:

Tip #1- 0:33
Tip #2 - 2:13
Tip #3 - 3:42
Tip #4 - 6:06
Tip #5 - 7:44
Tip #6 - 8:45
Tip #7 - 10:53
Tip #8 - 14:02
Tip #9 - 15:58
Tip #10 - 17:21

Top 10 Tips:

1. Budgeting - The first thing that helps us maximize our savings every month is having a detailed budget. There is nothing sexy about having a budget but it helps us understand our cash inflows and outflows every month so we can monitor our expenses so we do not over spend and more importantly stay out of debt. It's like a profit and loss statement for a business. To most of you watching this is probably common sense, but around ⅔ of people do not have a budget.

2. Pay off all (non mortgage debt as soon as possible) Our next biggest money savings tip is an obvious one, but most people don’t follow it and that is to get out of debt and stay out of debt as much as possible. American’s are more in debt than ever before, a large percentage of their monthly cashflow is going to credit card payments, car payments, student loan payments etc. so instead of buying able to purchase assets for themselves they are assets to the banking system.

3. Refusing to worship the religion of corporate American of Consumerism and Status.

4. Get on the same page as your spouse with money. If you are married this is probably should be like tip #1. Getting on the same page will not only help you enhance your savings, but much much more importantly it will enhance your marriage and communication as well. I cannot stress the importance of this enough this is absolutely crucial to your long-term success of both your marriage and finances. This has to be figured out and talked about.My wife and I aren’t perfect here but each year that goes by we are getting better at communicating and how we communicate regarding money.

5. Having goals around finances. Should be obvious, but most people don’t do it. For example: How much debt do you want to pay down by end of year. How much do you want to invest this year? How much do I want to save this year. How much you want to raise your income this year. Goals have always helped me stay motivated even when my finances weren’t so pretty. When you are serious about your financial goals I can assure you that you will do everything you can to save more money as well as increase your income and that is why this one is so powerful.

6. Health - First off your health is way more important than your wealth, but having poor health can hurt your pocket book more than almost anything else. Staying healthy by exercising, managing your weight, getting the right amount of sleep, etc. is extremely important. I was listening to a panel of doctors one time at a work event and they said that nearly 60% of diseases are caused by people not taking more responsibility for their health. Healthcare, prescription etc is some of the most inflated costs we have today even greater than inflation on college tuition so staying healthy is crucial for you being able to continue to earn money as well as save money. Remember you have to be physically well enough to earn it before you go save it.

7. Purchasing goods from a standpoint of logic and reason versus emotions. This is the age old battle of needs vs wants.

8. Time and Money - Valuing time more than stuff First off time is not equal to money. We can never get our time back. But one thing that helped motivate me throughout my life to save and invest my money when I finally understood that when I go would go to spend money that money represented my “time’ this money represents so many hours of my life of Time I spent working, often times at a job i didn't like. At that point I came to realize that I truly wanted my financial freedom sooner rather than later so I can gain more control of my time back and have time to truly do things.

9. Doing something you really enjoy. When you find something you love doing that brings you enjoyment and helps other people you will realize that happiness doesn't come from having stuff.

10. My final tip to maximize your savings is to actually spend of your money? Mike have you your mind. Have a fun fund.

Видео How To Live Frugally (Our 10 Largest Frugal Living Tips To Save Money) |Money and Life TV канала Money and Life TV