hey friends we’re gonna freedom in a
budget I’m Kelly and today we’re gonna talk about how my husband and I are
receiving 56% of our income how we’re trying to grow that and how we’re trying
to reach financial independence I’m gonna give you some tips and tricks what
we’re doing what we’re doing in efforts to grow it to increase our savings rate
and what we are saving for but before we get into that if you’re new welcome it
to freedom in a budget I’m Kelly and I make videos three times a week on how a
budget can give you freedom how a budget doesn’t have to be constricting and hold
you back from the things that you want but how it really gives you freedom and
helps you to achieve your goals I absolutely love budgeting and I can talk
about it all day long so be sure to subscribe if you are new be sure to hit
that Bell icon so they get notifications every time that I upload also check out
my blog at freedom in a budget calm I will have a blog article for this video
where I share even more tips and tricks and dig deeper into how I’m able to save
fifty six percent of our income and just kind of dig in a little bit deeper so be
sure you check that out freedom in a budget comm so like I said we’re saving
at fifty six percent of our income and we are trying to save for our house
right now there’s been different times in our life where we were saving for a
wedding and cash flowing our wedding and then after that we started saving for a
new car for me and bought my dream car which is the Jeep and paid for that in
cash and now we are saving for our first home we are renting currently and ready
to buy our house a lot of people when we first got married was pushing buying a
house and even when I was in my mid-20s they were pushing for me to buy a house
and I was like you know what I’m just not ready I didn’t have that emergency
funds which now we do I didn’t have you know just the life skills of owning a
house and I just I feel like I wasn’t financially ready so many people are
just pushing buying a house but I’m really big I’m not doing it until you
are ready and it can be very smart financially to rent and for us it was
but now we are at the point where buying a house just makes more sense for us and
is the the better financial decision of force so we are currently saving for a
house we currently have forty thousand dollars saved in or me saving another
thousand dollars before we start that process and we are going to be needing
like I said $60,000 for closing costs down payment and then we want to have
like ten to twenty thousand of upgrades if we need to do the floor so we need to
upgrade a kitchen depending on that we’re not sure you know what type of
house we are gonna be buying I’d prefer not to do a fixer-upper at least right
now a fixer-upper would be so much fun long run but right now we just want to
move into something that’s a little bit more move-in ready but be prepared if we
do need to make some upgrades so that is where we’re at alright so first thing
that makes us have a really high savings rate is we don’t have kids we are Dinks
or dual income no kids so my husband and I both have full-time jobs and I had
this YouTube business as well so we really have three revenue streams and we
are able to bring in all that income and not spend it on kids now that’s not an
excuse for people that do have kids when we do we plan on making really smart
financial decisions with our kids as well and not only in the frugal ways
that we’re gonna be raising them but also the money knowledge that were
teaching them and things like doing kids Commission vs. allowance teaching them
the importance of having a job when they’re mid early teenagers I started
working when I was 14 and I didn’t get a cellphone until I was able to pay for a
hundred percent in full I wasn’t getting money to go out with my friends like
some of my friends would their parents be like yeah here’s 20 bucks scalia’s
some food and have some fun yeah that wasn’t me I was working and so I had to
pay for my own clothes my own food everything like that when I crude as an
eating out and not like food as in groceries but food as an eating out you
know the time my parents would buy me clothes was Christmas or my birth so
everything like that back-to-school shopping I always had to do for myself
at 14 on and so just teaching those money decisions I’m so thankful that I
had that and not just my parents credit card that I could rack up bills and do
that so all I know we are taking advantage of not having kids right now
and trying to save as much as possible in that time frame number two is we’re
honor written budget and doing that tracking all of
our spending it really puts the spending that we’re doing in the forefront or
mind so for instance shopping I love shopping as much as every other girl and
my husband wholly loves shopping more than I do but that’s beside the point so
for us what we do is we put clothing into our budget we have a line item for
clothing so that we can go out and spend money we can go out and buy the cute
tops that we want to and not feel guilty before we started doing this every time
that we’d go to Target or Marshalls or to buy shirts like that we would feel
guilty and it’d be like whole crap we could have put that money to something
else but no at the beginning of the month that money is set aside and we can
go and we can spend freely as long as it’s within the constraints of what we
have allocated in our budget you’re interested I do have my Excel budget on
my Etsy shop for $5.00 this is the budget that got me out of debt cash on
my wedding cash on my Jeep and now saving for a house I’ve used this budget
for several several years and have tweaked it and got it I think pretty
much perfect I absolutely love this budget it is a game changer so go check
out my Etsy shop if you want it $5 on there it’ll be linked down below in the
description box next up compound interest is your best friend when you
are at it debt when you’re in debt it is your worst enemy oh my gosh
compound interest my student loans they grew probably $10,000 from interest and
compound interest and deferring my loans and that was terrible
absolutely terrible and I hated interest I hated compound interest it just drove
me nuts I think my student loans were six and a quarter percent interest which
is just terrible so now that we are debt-free any interest that we get I
love interest has been a total game changer in shifting our mindset because
now that we’re debt-free any interest that we see it’s a hundred percent in
our favor and compound interest is working for us it’s working for us in
our investments it’s working for us and our sinking funds it’s working for us in
our savings accounts we keep all of our sinking funds and everything like that
in our Capital One 360 account so that we can see it grow and to have that
money working for us we’re currently keeping our downpayment fund in that a
Capital One 360 account so that we can get interest on it
that interest build every single month which is so cool
when we were in debt oh the interest it killed me absolutely killed me the next
reason we were able to save so much for our income is we pay cash for used cars
and it is a game-changer in just the depreciation that we are not paying that
depreciation other people are I do not want to do that I did that one time when
I was in college and I had a Ford Focus that just everything was going wrong
with it everything it was the car that was given to me in high school and the
fuel pump went as I was driving from Massachusetts to Florida and Palm Bay
and I had to drive a hundred twenty miles in a tow truck because it was just
dinner work and then after that more and more things cept I’m braking and I
didn’t want to invest money so I said I don’t want to buy a used car I don’t
want to inherit someone else’s problems I want brand new so rather than talking
me out of it and explaining how I could get like a two-year-old three-year-old
five year old car and still have it be really new and not get those and I was
like no I want brand new car when anyone else’s problem so I brought a brand new
Nissan Versa and spent a lot of money on it and I was the one that was taking
that depreciation and yes I drove it for ten years but still it was a lot of
money and I paid way more for it than I should have
so we just bought our Jeep Cherokee with cash it was a 2016 and honestly everyone
every time someone gets in the car they’re like holy cow this is amazing
and they feel like it’s brand new and they think it’s brand new and I’m like
no it’s three years old and I absolutely love it it’s it’s an incredible car I
love that we paid cash for it the feeling of driving off that dealership
not owing a penny to anyone that we saved that we paid cash was incredible
feeling and I will I won’t change it for the world and we will never buy a new
car again no absolutely not next up is we shop at Aldi for our
groceries now this one is a little bit different and some people are hesitant
about shopping at Aldi I recently did a video comparing Aldi to name-brand
stores like Publix and I found that Aldi was about 40% cheaper than Publix which
is incredible and it’s a game changer I absolutely
love Aldi it does take a little bit to get used to in the beginning but once
you do it is so good and you absolutely love their products love their mission
behind their store and everything like that if you don’t have an Aldi area be
sure to check for a discount grocery store an Amish grocery store anything
like that it’s really gonna help save you a lot of money it’s going to really
increase your savings grocery budgets are a budget killer so many people spend
way too much money on groceries we spent $200 a month for my husband and I and
it’s it’s amazing how we are able to keep our grocery cost so low eat really
good quality products so many of their products are organic or gluten-free they
have so many amazing brands and really really good high quality foods do some
research in your area and find a discount grocery store or an Aldi take
some time go when you have a lot of time to poke around in the store don’t be
rushed and I think it’s gonna get game-changer for your budget the next
way we are able to save 56 percent of our income is all of our raises or
bonuses they all go towards savings Jamie just got a $10,000 raise at his
job so proud of him and all of it went to our savings we didn’t increase our
lifestyle anymore we didn’t increase grocery we didn’t increase eating out or
personal spending money no everything stayed the same and then any extra money
it’s going right to our sinking funds right to our savings to our downpayment
fund so anytime we get a bonus anytime you get anything and increase your
savings rate make sure that you’re upping your retirement contributions
upping your sinking funds don’t increase your lifestyle every time you get a
raise next is use dish towels and washcloths to clean up messes we do not
use paper towels we have we do have paper towels in the house I will admit
we do and I use them primarily for cooking it for like plotting grease in
ground beef or ground turkey but one roll of paper towels will last is about
six months it’s crazy how much we can save on paper towels by just using dish
towels if we’re cleaning up a mess we use a dish towel we have a stack in our
cabinet that we just keep them there it’s so convenient so easy and it saves
so much money on paper products we’re not having
to spend so cloth napkins washcloths dish towels all of that is so easy for
cleaning the next way we were able to save so much money of our income is we
shop through places like Ebates guys if you don’t know Ebates I’ll have a link
down below where you can get ten dollars and for it for signing up but Ebates is
incredible they give you cash back I’ve made over $1,100 on Ebates and every
time that we have a purchase to make we’ll go on eBay it’s Jamie we’ll want
to just find him like no no no we we have to go on Ebates and he’s like okay
and I will price compare so say we’re shopping for I don’t know a TV until I
look to see if it’s cheaper at Target or Amazon and sometimes it may be a little
bit cheaper at Amazon but when you factor in the five percent off on target
when you use your red card then I’ll be like oh that’s three dollars cheaper and
those little bits and pieces really add up and then chopping with Ebates every
time that you’re shopping you’re getting cash back in a cheque that they give out
quarterly those checks they add up quick minor you typically a few hundred
dollars and hey I’ll take the few hundred dollars to go towards my sinking
funds lastly was shopping around for car insurance guys guys I know what the
chore I’m actually currently going through it right now of shopping around
we just got our renewal for our car insurance and it went up significantly
and I called and asked what that increase was and they said it because of
all the hurricanes in Florida we’ve had I live in South Florida we had Emma we
had Matthew and all these other hurricanes that it went up across the
board and so I said okay not gonna renew right yet I’m going to shop around so I
did I called a bunch of places shop around and I found a other company that
was able to save us $800 a year $800 and it took me 20 minutes and that is a game
changer guys $800 so I recommend shopping around every six months or so
also be sure to ask your insurance company if they offer a discount if you
pay every six months I said progressive and if you pay your balance in full for
six months we saved about three hundred dollars and that was huge now it is a
little upfront when you have to pay that big chunk of money in the beginning but
if you create a sinking fund and then putting in those couple hundred dollars
each month then it’s but you just pull it from your sinking
fund so that is huge now even a way that progressives discount of paying it full
it was still cheaper to go to the other company so we are switching we are
leaving progressive but that is huge so shopping around for insurance and I
always thought that the one that we had was the cheapest and you know with that
six month policy discount but no it wasn’t and so make sure that you shop
around you may think that you had the better deal but others may may beat them
out so every few months shop around and it is so easy it’s really not hard and
they are so willing to answer any questions that you may have all right
guys thank you so much for watching please let me know down below in the
comments what are some tips and tricks that you guys use to increase your
savings rate I would love to hear from you it love to learn from you please let
me know down below in the comments be sure to check out all the other comments
and don’t just leave a comment but read the other ones learn from this community
you guys are incredible that you teach me so much every single time thank you
so much for watching if you enjoyed this video please like it and if you’d like
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I upload three times a week here my social media handles and blog a big
shoutout goes to it Sharon C Sharon thank you so much for watching and I
will see you guys next time