How to Find Money Leaks and Plug Them

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Күн бұрын

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In this video we define money leaks: what they are - and how you can find them and plug them.“Money leaks" - small, but unnecessary, expenses that could be straining your budget and draining your finances- without you realizing it. Essentially, money leaks represent areas where money is being wasted or spent without providing significant value or benefit in return.
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We're Hope and Larry and we love practical frugality. We raised our four sons, debt-free, including paying cash for our home when our income was well under the national average. For tips on saving money, budgeting, paying off debt, and setting goals (while living with a spirit of joy and abundance), subscribe to us here on KZfaq and visit us at our website and on social media.
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Пікірлер: 108

@DC-cd5tv 29 күн бұрын

I did try out the 10% rule suggestion...and I WAS surprised. I recently got to the point where I "just knew" there was no more to be squeezed out of my budget - but I really needed to squeeze more. Well, I sat down and looked at my gas budget. It was $160 a month. I looked at where I drove to each week. I was able to determine that I could make fewer trips to certain places, order items online that I used to make "quick trips" for (but had to get free shipping!), and created a circular driving path to save on mileage. After 2 months, I was able to reduce my budget from $160/month to $120! Almost 25% saving.

@SherryEllesson Ай бұрын

Hope & Larry, I'm a real accounting geek, so I write down on a budget page for the month what I spent. At a grocery store I might have X amount for food, Y amount for household maintenance products (paper, plastic, cleaners) and the occasional Z - personal care (a new Elf makeup brush or a bottle of lotion) and all of that gets recorded as soon as I get home. Saving up all my receipts and doing it once a month would drive me bugs! That said, I also put aside a certain amount in sinking funds every month out of my Soc Sec income for different things. This week, I'm having a tree service come out to take out saplings that have been springing up around my house and the bill will be up around $1K. My Home & Farm account will cover it. I am blessed.

@larryware1 29 күн бұрын

Sounds like you have a great money management procedure set up. Very good!

@tbarc1 29 күн бұрын

I agree 100% with taking those receipts and immediately record in my budget notebook! I prob generalize a bit more than you but if I find myself really curious as to more precise info I do break down my categories so I am able to analyze it closer. My budget overall may look lax to some as it's very "simple" but I'm frugal, always have been and my needs are few (ie:no computer and no internet/no television) I don't incorporate sinking funds per se, I have too savings accounts that I do occasional transfer funds as necessary to cover yearly expenses as well as any needed/wanted home emergencies and/or upgrades. My main savings has a goal amount that I always strive to maintain.

@samcrawford7148 27 күн бұрын

YES, you convinced me... I have been feeling that way... frustrated with not doing receipts often enough and sometimes I lose them..I am also thinking of putting a notebook in the car...write the purchase down as soon as I get in..as sometimes I forget to ask for a receipt and they haven't given me one. That will really fix a leak in my spending... since I haven't been writing down an amount I spent..like a coffee once in a while, you have to ask for a receipt..if I forget,and don't write it down as soon as I get home...that money is not always accounted for..attention to details in key...

@Revert2017 Ай бұрын

I love to go through my receipts. I call it, “Receipt Forensics”.

@UndertheMedian Ай бұрын

We LOVE your term for it. We may start using it. Somehow, having a cool name for something makes it more fun.

@larryware1 29 күн бұрын

That's really funny, Revert. I used to work in the Detective Bureau department at the police station and was very familiar with forensics.

@pianotnt 28 күн бұрын

@@UndertheMedian my dad is the quicken master he is literally on quicken every other day balancing receipts and bank statement

@samcrawford7148 27 күн бұрын

love that term... it gives it such focus...just what I NEED...thanks

@LorettaNance Ай бұрын

I just realized I have been diligent about tracking my expenses, but I wasn't tracking my Amazon orders. No receipt in hand so no tracking. Now I know to track it before I hit place order!

@larryware1 29 күн бұрын

Super!

@jbalconi9903 29 күн бұрын

Oh, that's my budget-killer right there! I set it up now to email me.

@youareon2something 29 күн бұрын

Eureka! I finally figured it out. I’m the money leak!😂 thanks for giving me great ideas to save money!!!

@crosskeyshomestead 29 күн бұрын

A money leak is when spouses both spend in the same category and may not be coordinated. Both spouses that swing by the grocery store for groceries…is a good one. Double buying or not buying items that are directed to a meal plan for example. Impulse buys….

@monicaluketich6913 Ай бұрын

I had a high powered light in my storage shed that I kept on all the time because otherwise it is pitch black in there. I finally found an appropriate small LED light that gives me enough light with very little electricity cost. I am now looking at other places in the house where a nightlight would be appropriate, cost efficient and help me from tripping over things on the floor (like a dog or cat sleeping). Found a couple of LED nightlights (that work) at a yard sale!

@Jbridge621 29 күн бұрын

I have an even better idea for you that takes no electricity at all. You can buy glow-in-the-dark very narrow tape and if you wipe down the top of your baseboards and stick it down, no one will ever know it’s there and then it gets charged all day long by the light when you turn off the lights at night, you can completely navigate your entire house. It kind of looks like the old movie Tron. I absolutely love it.

@LaManteca76 29 күн бұрын

@@Jbridge621That's brilliant! Thanx for the tip! 😄

@larryware1 29 күн бұрын

It's always a good idea to have some sort of lighting in areas that are not otherwise lit. I carry an LED flashlight all the time for this purpose.

@rg-mi5hh 29 күн бұрын

Good ideas. Also, solar lanterns from Aldi a few weeks back were $6.99. They light up a space really well. Not bright, just a calm light .

@larryware1 28 күн бұрын

@@rg-mi5hh - excellent!

@Janey234 29 күн бұрын

I started adding 2 oz of beans and lentils to most meat meals. Omelets have 2oz black beans with 2 oz meat in them...I'm feeding luberjacks! Homemade pasta sauce has red lentils. Hamburgers or meatloaf has spanish brown lentils.

@larryware1 29 күн бұрын

Great way to have less expenses going into groceries.

@teresahunt5521 19 күн бұрын

All of my ground meat is stretched with beans, rice, potatoes, or pasta. When I actually eat a small piece of meat, there's always rice or potatoes as a side dish.

@botialoach1 Ай бұрын

I have plugged a leak , by cancelling my land line but unfortunately it took me years to do it, paying for something I did not use, timing is everything but when to do something is the challenge

@davidahart2476 Ай бұрын

Great Video, My number 1 leak is eating out, number 2 is food in the frig going bad before I use them. It's kinda funny but if I can get #1 under control, it will most likely solve #2.

@jennugent3957 29 күн бұрын

Or fix # 2 will resolve #1. If you focus on meals in fridge it might not make you feel like you're missing out by eating at home. And you're not, you're focusing on not wasting tasty food at home. But doing it the other way means you've to give up or cut back on eating out feeling like more of a sacrifice 🤷‍♀️

@Joce123 27 күн бұрын

I am adding one more day per week for batch cooking. It is a dreaded day but worth it..I guess 😢

@rg-mi5hh Ай бұрын

Good video as always. We like our meat and all carbs are not good for prediabetics. Finding that the second week of the month we are finding the best deals in all stores.

@user-kt4ed2yj6f 28 күн бұрын

Hope & Larry, this video was so professional (as all of them) & so enjoyable. This was just definitely a 5 ⭐️!!! Hope your hair style is gorgeous!! Thank you for your research it brings so much joy.

@user-kt4ed2yj6f 28 күн бұрын

Meant to put a comma Hope, your hairstyle is gorgeous

@sherrybendall5817 28 күн бұрын

I love the intro. That was very creative!

@janetmatte7991 Ай бұрын

Hello Hope and Larry, our cable bill WAS $180.00. We no longer have cable.

@user-zl4rr1ic7w Ай бұрын

Yeah for you! Big savings!

@myaccount9498 Ай бұрын

$180? Is that for a year?

@LauraMacMillan-el2kc 29 күн бұрын

Per month. Not that uncommon.

@LaManteca76 29 күн бұрын

Ours was $150 3 yrs ago. Only kept internet so I watch a lot of Tubi & other free apps on the Roku.

@larryware1 29 күн бұрын

Good move on your part!

@samcrawford7148 27 күн бұрын

I know I have spent ALOT of money on meat over the years...We are trying to cut back...actually this month I am trying to eat from what I have,and have spent little on meat and or other groceries...I am definitely going to start separating my different categories and see what money is spent on what...we need to go more plant based..for sure..this video is so helpful...as always..love you two....wish we had Mint Mobil in Canada...,

@kmichaelle 29 күн бұрын

Hope going full Midwest at 15:34 😂 I love you guys! It’s getting expensive out there, these are great things to keep in mind.

@UndertheMedian 29 күн бұрын

LOL!

@GrowingRootsHomestead Ай бұрын

Hope & Larry help! We cannot stop eating out! I absolutely love Mexican food and crave it all of the time. I have figured out how to make the tortilla chips at home that tastes just like the restaurant but as far as the rest of the food, nope! And I don’t think it’s all just the food but taking the atmosphere into account I feel like that’s an unspoken trigger also. This is where we fail in our budget every single time is going out to eat. Why can’t I just say “no”?! I have been working hard at trying to learn cooking skills at home so we can eat at home. Ultimately that is what we want to do because we know it is better for us not to mention we would save so much! Do you have any suggestions to help me overcome this battle? Thanks in advance!

@myaccount9498 Ай бұрын

I had the same problem with Chinese food. I did a low buy / no buy for January and when I saw how much $ I saved; I haven't bought it since! It's now May so that's a lot saved ❤

@Ozarkmountainoutback1 29 күн бұрын

Try doing a fast from it for a month and see if your desire for it fades.

@GrowingRootsHomestead 29 күн бұрын

@@Ozarkmountainoutback1 good idea! Thank you! 😊

@GrowingRootsHomestead 29 күн бұрын

@@myaccount9498 oh wow- awesome! That is a really good idea! Thank you!

@GrowingRootsHomestead 29 күн бұрын

@@annkrull9894 good ideas! Thank you!

@downtoearth1950 14 күн бұрын

We no longer use fabric softener, in its plsce we use while vinegar, the cheapest vinegar leaves your clothes soft and fresh plus your front loader is sparkling clean.

@Joce123 27 күн бұрын

I love your reminders of things like a 10% challenge. It is easy 2 get off track with some of the basics that make a difference.. The 10% challenge + taking 1 thing out of my cart..drive to the store 1 less time etc

@KarinCole-bk2sd 26 күн бұрын

I can't wait to try the 10 percent challenge! What a great idea!

@Michelle-bw1xg Ай бұрын

What a brilliant intro!! Does your recurring bill or establishment charge more to pay a certain way (such as extra % fee by credit card, or debit)? If so, consider if paying by that method is important (consumer protection, rewards) or if saving on cost is important. I was most shocked when I bought a car out of state and DMV in my state charged extra to pay the tax/registration by credit card.

@LaManteca76 29 күн бұрын

Uff! If I pay my property taxes with a credit or debit card there is a fee of $30! I have to go in person, wait in line for an hr, & pay with cash to avoid fees. 😐

@hollynelson543 Ай бұрын

Ready and waiting ❤

@emmelia-6068 Ай бұрын

Thank you H and L ! I have to leave the live but I'll watch the rest tomorrow. Great topic and tips ! ❤

@larryware1 29 күн бұрын

Thank you, Emmelia.

@TeachingTinyDisciples 29 күн бұрын

I got sucked into prime myself. I got it during the holidays and kept it because it’s so convenient. But it makes us spend more. We had it for years and years, before it what it is now. We finally cut it and the money we spent on there dropped dramatically. When we got ir again, we spent more in a few months than in the entire year before 😮 glad I’m not alone tho 😅

@Joce123 27 күн бұрын

It took me 2 hours and 9 minutes to finally get the Amazon Prime canceled and off of my bills. It took phone calls between Amazon and Synchrony bank back-and-forth 1 day oh my goodness. I will not sign up for it again no matter how much of a bargain that they give me for the one time use.

@mypianonikki8704 29 күн бұрын

Thank you for reminding me of negotiating! There is one contract I didn’t negotiate on, yet. Let’s see, if they offer me something nice.🤓

@sandraboose3686 29 күн бұрын

Laundry dish liquid shampoo hair conditioner all you can save by using only half amt. Meats if you use like in spaghetti casseroles can use half. Shop deals in store flyers and other stores.

@Joce123 27 күн бұрын

My electric company surprised with a letter indicating that since I use less than 300 kWh on average per month they have given me a 35%. discount on my electric rate...Xcel Energy..This month instead of an $11 charge they owe me 2 cents..I follow L&H ideas about unplugging all nonused electric things to avoid phantom electric use. Now with summer my fan , dehumidifier & window a/c use will increase my electric expense.

@NoseyFloridaGirl 16 күн бұрын

I love MINT

@DC-cd5tv 29 күн бұрын

Ugh, food is always a money leak. It definitely will come down to planning better and getting my refrigerator and freezer organized. I am sure this will end up on the 10% rule list to work on.

@Joce123 27 күн бұрын

I really wanted to buy hamburger but it was $6 a pound compared to chicken for a $1.49 a pound. I had to buy packages of chicken in 4 pound packages. So I bought 2 packages for $11 that same amount of meat in hamburger for 8 pounds would have been $48. I guess I'll be eating a lot of chicken.

@janetmacdonald2823 Ай бұрын

Pet treats -- I simmer a whole chicken in plain 💧, cool, shred meat & freeze in treat container. Just thaw a serving overnight. He CRAVES pure meat, best 4 health ❤, compare cost of processed "grain free" pet food, ☆☆☆

@dora_the_explorer975 28 күн бұрын

Hope! You have changed your hair since I last saw you. Very pretty!

@seekingtheminimumlevel1830 29 күн бұрын

I love the 10% challenge. "Spaving" is what we call "going broke saving money"! 😅

@noreenn6976 Ай бұрын

newer subscriber, what's the 10% challenge?

@cynthia57169 Ай бұрын

To try to reduce a budget item, groceries or entertainment or fuel, etc., by 10%

@larryware1 29 күн бұрын

Hope and I talk about what we've spent in certain categories for about 20 minutes then make cuts that add up to 10% savings. We did this when we were saving up for our house.

@tigerlily4230 Ай бұрын

Here I am Once again asking (borderline-begging) Hope to share what hair products she uses 😭😭 Bc mama your hair is so naturally gorgeous 😍

@UndertheMedian 29 күн бұрын

It's called Better Not Younger. I use the shampoo and conditioner.

@tigerlily4230 29 күн бұрын

Omgosh THANK YOU!! 🤗 Just love you guys!!

@GEAUXFRUGAL 29 күн бұрын

I was riding my scooter to go get a 99 cent pop not even 400 yd from my house a car bumps my bumper on my scooter that's small collision in a 20 mile an hour zone set me on a helicopter ride to New Orleans off to the Trauma center. I had eight broken bones in my chest area mostly ribs in collarbone. The ambulance bill came in it was $2,400. The expenses keep adding up. Somewhere uninsured motorist got dropped in my insurance. It is noticeable that my left shoulder is lower than my right.

@larryware1 29 күн бұрын

So sorry to hear that, Geaux.

@GEAUXFRUGAL 27 күн бұрын

@@larryware1 It hurts getting better but a lot of time missed.A month already gone and I was going for a DIET MT DEW refill from ⭕ K.

@jedlevron Ай бұрын

😊

@maryjothompson4578 22 күн бұрын

I called my cell phone carrier, and asked for a lower rate, and my bill changed from $50 to $25 per month.

@rockyandmiles9889 Ай бұрын

I canceled my home phone to save $20 per month but my hard of hearing Mom can’t hear me on my cell phone.. so back to home phone I guess

@cynthia57169 Ай бұрын

We discussed this last month. Our landline is our only potential in making an emergency call if the cell tower goes down. Or when a family member loses a phone and doesn’t know our cell number by heart.

@vickieboudwin7781 Ай бұрын

@@cynthia57169 We kept our land line for emergencies. Hurricane Ida came and our cell phone did not work. Also Our land line did not work. We just have cell now.

@charlainereynolds7113 29 күн бұрын

Check out an amplified phone for her. Most states have programs that may help pay for it.

@rockyandmiles9889 28 күн бұрын

@@charlainereynolds7113 thank you! She actually has one , along with customized hearing aides. It’s been getting worse over that last few years, perhaps there’s a better phone option available

@joycejackson9315 24 күн бұрын

If you're low income, you can get a 27.00 credit from a federal government life line credit. Making your home phone about 20.00 a month. Them buy a pre paid cell for whatever you feel it's worth.

@dora_the_explorer975 28 күн бұрын

I turned mh internet off this month. I will use only whst my $34.41 phone plan provides.

@tracyfifield196 29 күн бұрын

One of mine is buying chocolate/sweets! I know they're not good for me...but it's a hard habit to break 😢

@donnalindsey611 29 күн бұрын

170 for TV😮

@GGsGarden 29 күн бұрын

No 10% challenge here; I just ask myself, do I want this more than I want to pay house off early. Cut all subscriptions, look at electric use almost daily, only one internet option (had to wait to move here until it was available; need for work).

@donnalindsey611 29 күн бұрын

The phone bill won't go down unless you lower your package on the TV and then it would still be a hundred dollars

@UndertheMedian 29 күн бұрын

Yep. A lot of those bundling packages aren't as great as they would have you believe. You probably need to check into pricing TV and phone separately and then decide if you really need to pay for TV or not.

@Hopeinthee 29 күн бұрын

I checked into Mint. 3 months at $15 and then what? Who knows!

@tahani8721 29 күн бұрын

$25 every months our plan we pay $15 a months for 12 months as year plan

@lmcr9903 28 күн бұрын

My husband.

@nesser1352 28 күн бұрын

My husband is a money leak too 😂 that's why we don't share every bank account

@sherrybendall5817 28 күн бұрын

We solved those arguments by both of us getting an allowance. We can spend it on anything we want. No more disagreements. Funny thing was at first he would run out of money. I save mine. He eventually became more of a saver. We have financial peace in our home now.

@Rita_60 29 күн бұрын

I like your channel but more advise and less advertising would be good

@UndertheMedian 29 күн бұрын

We don't control the number of ads that KZfaq inserts into the videos. The vast majority of our videos are not sponsored. This channel provides a portion of our income and in order to continue dedicating 30+ hours of our time each week to creating these videos, we need to have some financial compensation. Thank you for your understanding.