1. No Amount Is Too Small 2. Have different savings accounts for different goals 3. Set Automated Transfers 4. Figure Out What You Value and Spend Money on That 5. You must learn to say no 6. Track your spending 7.Find an accountability buddy 8. Think of ways to earn more

"This is a failure of society that consistently underpay people" YES ! Thanks for emphasizing that point, while still giving practical individual keys to deal with our financial life.

I always buy christmas decorations in january, summer clothes in the cold months and wool and cashmere in the spring/summer season, sometimes in bigger sizes but only because tailoring in my country is affordable, plan buying presents for my family throughout the year, and whenever I get a good deal on something or buy in bulk, the money I save goes directly into my savings.

does chelsea just memorize large paragraphs of information or....? i mean her delivery is impeccable

Someone told me once to do a match - like when I do x, I'll put $2-3 bucks in an account. So now if I buy a coffee (every Sunday before I go grocery shopping) I'll match it in my savings. Or if I get a gift card, I'll match that in my savings. It's small but it helps!

Yes, #2 have been a lifesaver. I have my emergency fund, medical fund, car maintenance fund, vacation fund, and lifestyle fund. Knowing what each account is for and watching the balance grow to hit my goal has been so motivating.

I basically moved to a rural part of the country where there's no restaurants, malls and cash is king. The nearest supermarket is a 2hour drive back and forth. These factors made me realize how much money I will be saving since i don't have the same options as if I'm living in a highly urbanized area. Win!

When I was making cash tips I would put them in an envelope that was labelled with my savings goal and every week deposit the money in the bank. This helped to stop me from spending all my cash.

Love the learning to say “no” tip. Cutting out some short term pleasure is a great tip. Sometimes that short term dopamine hit is just a sweet precursor to pain (like when you get a hangover) Long term though we’ve gotta start earning more.

I love the thoughts of putting your savings toward a goal rather than just an amorphous sum that you don't have a goal for! Goals are really what drive us!

I just moved from the UK to the US and it’s WILD to me that banks charge people $7-$15 if you have less than $500 in your account! It’s insane!

If you see this message God bless

It's *ALL* about being intentional with your money and having a roadmap. That's why I'm obsessed with budgeting. I seriously believe you need a budget, no matter how much money you earn. Thanks for another good one, Chelsea! Can't wait to write for TFD again! Hopefully soon.

Re cash: I have developed a habit of dropping any ones in my purse into my safe and deposit it once a month. It's always a fun surprise to see how much I saved that month.

I have problems saying yes to spending money. I’m on a really tight budget (yay grad school) and I never let myself buy ‘luxury’ items (lol not like Gucci shoes, but like a necklace at Target). And when I do I inevitably feel guilty for weeks after I do it.

I made a spreadsheet to track expenses and found it really helpful to add categories for spending (groceries, books, etc.) and whether each purchase was a need or want.

Spot on. It is not how much you earn but how much you save and invest from what you earn that makes the difference. Thank you so much. You are such an inspiration to all of us! More power! ❤

I am glad you mentioned the thing about "service jobs in which you are paid in cash." I've always argued in favor of real wages for servers and the rest of the gratuity-dependent workforce, in part because this gray area gives far too much power to the whims or cash resources of the consumer, shifts far too much of the wage burden from employer to consumer, but most importantly, makes it extremely difficult to save and invest money, trapping people in a cycle of hand to mouth cash existence.

#4 is so true! It's OK to spend money, but spend it on the things you value, not junk.

I use the bucket approach, emergency, long term, and retirement; it's amazing what a difference 10 bucks or 20 bucks a week can make

Can't wait for this conference

#5 🙌🏻! Yes! I tell people all the time that just because you love a lot of things doesn’t mean you should keep them all. Decide what you REALLy love the most.

I feel the fashion one. Fashion trends...never really followed but my mom think i want to wear what she likes. We are both plus size but omgg she thinks i want to wear something a 50 year old wants to. Grant it a fee of the items are cut but many of my clothes are hand me downs from her. I don't buy myself clothes cause plus size in gothic/vintage style is hard to find or costly.

I hate the automated transfer every month from my account to my savings. So much nice stuff I can not buy! Yet: it works!

Here are some ways to save money over time: Create a Budget. The first place to start when trying to save money is to assess how much you really have and where that money is going. ... Save Automatically. ... Build an Emergency Fund. ... Track Your Spending. ... Avoid Debt. ... Make a Plan. ... Use the 30 Day Rule. ... Consider Refinancing Your Mortgage. More items...•Oct 15, 2018

“The scourge that is low-rise jeans” lol!

Step #3 is the one that I don’t follow yet. Just getting into my system of saving, I like to do the extra step of transferring my money manually (sounds counterintuitive, i know lol). Its more difficult & takes more self control but it’s really teaching me the basic system & process of handling my money. I failed a lot to do this at first but now I love it!!! Once I fully master this, I will do the automatic transfers which will be even easier! #DoWhatWorksForYou💸🍾☺️

"How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen

Something that I do is keep minimal money in my spending account so if I want to buy something I have to transfer the money in. This makes me aware of how much I'm spending and stops impulse buying because the money isn't easily accessible. I've slowly been getting better at being more aware and it's helping me reassess a purchase and save money better than I have been.

Just purchased my ticket! 👑💖 Great video Chelsea! You and the TFD team are always adding such amazing value 👑

Nice content! I think the best way to save money is by investing it, With this you got an extra advantage as your money invested would raise you more revenue rather than it just laying low someplace.

Automated transfers (aka Pre-Authorized Transfers). Set it and it saves for you!!! I have one for emergencies, one for savings, one for retirement funds (RRSP here in Canada). There are lot of extra funds due to covid-19. No entertainment, social gatherings, new clothes, movies or gyms...lots of cutbacks from the budget...yes I feel VERY socially isolated... I can't say no to my coffee shop trips...I have them on my way to work so yes, it is included in my budget. I value my daily caffeine fix!!! I don't have friends that budget like I do, so the only thing I don't have is an accountability buddy. The joy of being a minimalist with maximalist buddies makes #7 the hardest off this list. Truth is I find money is a very hard topic for most ppl to talk about, especially if they have (hidden) debts. I share TFD videos like this with them. Chelsea's videos are always fun to watch and learn from :)

Sadly, I live in Bulgaria, a country where everyone except the 1% live check by check and nobody can afford to save up. That is a universal truth, we even studied it in our economy lectures. We also compared ourselves to Japan (I am a Japanese studies major). Japan is a country where saving is important while Bulgarians have no savings, instead they take huge loans. Almost every bulgarian has taken a loan and in most cases it stays with him for his entire life. We may not be the poorest country ever but we are definitely considered poor. Casinos and lotteries are booming businesses here because they take advantage of people who want more than just barely enough to scrape by. My mother works as a midwife and earns about 500 levs while her ex-colleague who escaped to Germany (because she couldn't pay her loans) earns 4 000 euros (she still hasn't payed off her loans). So sadly saving isn't an option everywhere.

This was the most helpful video I’ve ever watched on this channel, and that’s saying a lot because I love this channel. I really took a lot away from this vid, thank you so much.

Great advice! Starting small is really helping me out :)

Starting no matter where you are is 🔑

great video. I have used a lot of these to help go from zero savings to 6mo emergency fund over the last several years. Few new ideas too! I love that you include advice for all levels and starting out. Stay safe! ❤️

The Christmas Savings Account in my old Credit Union was a lifesaver.

Always track your spending is important i'm doing it and it really help me to reduce my spending and also easier to do a budget and also set different no fee bank account for a major purpose i currently had 3 account for emergency and everyday usage , business and down payment for house it really help me to maintenance my finance

Good tips as always! Saving is a habit and every time you save, it reinforces the habit making it easier the next time. I started saving from an early age, and though the amounts were small the habit became ingrained, and this has given me a lot more financial freedom now to be able to spend my time and money on things that I value the most, which for me is travel. 😀

Today I FINALLY got to start using the (new and improved) budget spreadsheet I made for this academic year because my student loan came in! I made this spreadsheet about two months ago when I got my student loan approved and it's sooooo satisfying to see all the numbers go in there haha. And it's thanks to following TFD for several years that I'm at the stage with my finances that I can be on half the income of a normal student who isn't working and still have built myself a new computer this summer :)

If you don't want to open a bunch of mini saving accounts, you can either use You Need a Budget to organize the funds into different categories but keep them in one or two accounts, or you could use sub-accounts like Ally or Capital One offer on their platforms. Sometimes the easiest thing is just separating the savings account from the main account to a different bank (but I think they've suggested this pro tip before.) YNAB isn't free so you would have to budget to budget, but I think it's worth the $8/month for the organization. Depends on your discipline, I guess!

I have 4 bank accounts and it helped me save 9,000 dollars in one year! It’s a huge win for me :)

Great suggestions! This is such an important topic to be discussing right now, I really enjoyed the video!

Great advice as always!

Thank you, Chelsea.

Thank you for this!!!

As always, great advice!

I live in Portland, OR and the culture here is very prone to being very big on hype around certain trendy *cough* gentrified *cough* neighborhoods and paying more to be closer to certain desirable areas. I recently moved just a mile farther east from my previous place, and I’m paying less money for a nicer apartment. Still a nice area, still close to parks, bike paths, public transport, stores, etc, but less of a fancy neighborhood (that I never felt particularly comfortable in to begin with). I have nicer neighbors as well, and tastier, more reasonably priced restaurants nearby. I don’t need to live walking distance from Whole Foods and Trader Joe’s, because that saves me money too.

This was so guud ! Thank you!

As always, quality videos right here!

I'm thankful I've always enjoyed saving. I personally save a percentage. I know I can always save SOME percent of what I make, as opposed to saying "I need to save 50 dollars a week" and then getting discouraged because I couldn't do it. For me, it's 20%. For some people, that would be way too much or too little, but most people can probably save SOMETHING, and even if that's 2 percent, it all adds up over time.

Brilliantly stated!

When she mentioned Cinnamon Toast Crunch I thought of Ashley from Bestdressed

I understand the goal of this video, BUT a lot of people have $0 disposable income to save. Meaning choose electricity vs saving.

I love this so much 🥺

Great News. Saving a little bit can make a difference financially.

Great video!

Hi Chelsea, can you do a video on spending as self-sabotage?

For the fashion example, I budget in a small amount of money for "seasonal" or trendy items. That way I have the option to buy them so I don't feel deprived, but also I don't cave to pressure. Most of the time the money goes unspent, but I always know it's there just in case.

How much should you keep in your current account?

Great Video!

I’m interested in learning or better understanding how to give to charity and documenting this.

Ohh man... now I want cinnamon toast crunch 😥

I hope the friend whose wedding she missed isn't mad at her. It really seems like it eats at her.

I'm pleased to find out I'm doing all of these but one lol granted, most of these are recently developed within the past year for me. But all I have left to do from this video is increasing my income. Which.. once I find out where I'll be moving, will be easier to brainstorm haha

One of the ways I have done my savings is everytime I would order out, I transfer that money to savings

the simplest tips to make you more growth!

What an amazing, unique content

If you coupon & cashback app stack brand name cereals can be cheaper

I need to learn

Can say enough good things about having named savings accounts! Saving is much more fun when it's going toward "bougie vacation".

Wow I was already doing lots of this things and they work!

I have a lot of sinking funds, car maintenance, pets, medical (co pay, medication), vacation, holiday, birthdays, school, student loans, new car and clothes of course I have a Emergency fund. Doing this really helped me out, I do not have to scramble to find money or use a credit card to pay for something like a car repair.

As the economic crisis keeps rising, one needs to have different streams of income.One needs to have a diversified portfolio for survival

I love how realistic these tips are. You touched on many tips that I mentioned in my latest video

I have no friends, I only spend for me and my husband, I have 2nd job for my wants but overall I live frugally. Happiness doesn't mean acquiring things but knowing how you can be happy with what you have. 😊

Love you Chelsea :)

For #2, I strongly suggest SmartyPig. I can actually save in different goals allocated, but it's all in one Devin's account technically

Great tips. Learning to say no has really changed my life. I've also recently gotten my hands on some freelance - that's easily 30-40% extra monthly income that I've never thought I could earn. Keep up the great work!

Buy things that last!!!

How can I do #2 which is to have different savings accounts for different goals? I’ve been wanting to do that. Anyone have a good place with high interest rate where I should start?

(Thank you.)

This is my wakeup call to stop my audible membership lol

If you don’t invest money, that’s ok. Remember, there are many cautionary tells about that, i.e Bernie Madoff. Invest in yourself. The money might be flat, but at least it’s safe and it’s yours.

If a machine or 10 year old can do your job, building skills is a great place to start.

I agree with having a set clothing style. It makes shopping easier. (Also, why does everyone rag on low rise jeans when there are some of us that actually need them? 🤔 Try having a short torso and wearing a high rise and some mid-rise jeans. So uncomfortable and unflattering and a waste of money.)

no amount is too small. True. I started with an extra $20 that someone paid me back for something. used it to open a bank account with a bonus. received bonus. close. open high yield. open account with bonus recieved bonus. Rinse repeat until enough to buy some index funds. It took some time. But while doing it I realised how money is needed to make money, and when I had some savings built it gave me a bit of peace of mind.

Does TFD have any accountability community boards?

On automation, a thing I do that works for me is having a small & very affordable automated payment daily from my current account to another account. For me, that’s £5 a day. For someone else it might be £1 a day. Whatever works. My salary dropped by a third last year, but that number was still affordable for me, so there’s no temptation to cancel it, like I have done with larger automated savings when things got tight. It’s happens daily, as clockwork as brushing my teeth. And now, I take the money I save doing that and transfer it monthly into an investment account where it can grow.

in #2 what you're describing is basically the YNAB method

Wish you would timestamp these....

I wish I could stick to one style. I’m pretty sure I’m a sporty spice but then sometimes I get the urge to be Blair Waldorf 👁👄👁

I can’t recall if it was you or another channel. But 2/3yrs ago I started $55 auto transfer per check to a bank I can’t easily access. Out of mind out of site. On top of our emergency fund. We each have 3 additional savings accounts. One for vacation spending, another for things we each want, and then an individual savings. I can’t do one big savings. My mind feels cluttered.

okay but Malt o Meal Cinnamon Toast Crunch is still delicious

Low rise jeans ARE a scourge!

Sometimes the things that you love cost more than the money you have to spend 😭

It's so sad in my country there is no bank account option without a monthly service fee anymore. Also fees are the same for savings and checking accounts and banks have just added ridiculous fees for example for deposit in cash in your own account 😒

I love how KZfaq suggested this video after another video that suggested that Airbnb hack 😂😂😂

You had me at cinnamon toast crunch.