The BEST & ONLY Savings Plan Youll Actually Stick To (How I Saved $25,000 in 3 Months)

so my husband and i were able to save drum roll please 25 000 in only three months and in today's video i'm about to tell you exactly how we did it and i know 25 000 can be a lot to save in a short amount of time but whether you want to save one thousand ten thousand or one hundred thousand i want to share some tips and tricks that will not only help you reach a goal but help you stick to it we all know that budgeting and saving can be hard but you know what's harder being broke and i've also partnered with chime and i'll be telling you more about it throughout this video [Music] what's up guys this is monique and welcome back to the channel i am back with the news that you can use but first if you are new here hello bonjour hola aloha konichi by shalom thanks for stopping by but don't just be a stranger hit that subscribe button and join the family also do me a huge favor and hit that like button so that we can get this info out to more people so we have a really busy day today i'm gonna be taking you to the store with me so we can do a little budget shopping and i'll show you how i actually manage my money so that i can save my money but before we go let me tell you a little bit more about how we were able to save all of this good money and one of the main ways is because i increased my income you know why because inflation is real and it's hard to keep up with living expenses let alone trying to save so in order for you to reach your savings goal you're probably gonna have to do the same thing whether that's by getting a job that pays more or picking up some extra shifts at work because that time and a half it can take you places but i'm at the point in life right now that i'm finding easier ways to make money and there are actually a lot of work from home jobs and we've shared a few on the channel but you can get a side hustle you can cut some grass become a tutor become an influencer you can deliver packages and groceries i mean you're not inspired yet where there is a will there's a way to get this money and believe me when i say there's a lot out there to get and over here on this channel we want to help you get it so now that we have all of this extra money flowing in what do we do with it please don't do what we did and waste it on eating out almost every day one month we sat down and calculated how much we spent on eating out and i'm talking about anything from a dollar burger to a lobster to a chicken caesar salad or a steak and what we spent was 1225.66 and that's in a month i know that's absolutely ridiculous but you know eating now had just made life a little easier for us especially when you're tired and don't feel like cooking but i know easy is not always the best choice no matter how much you try to convince yourself it is so we finally did something about it and it started with us creating a budget because we had to really see how much we had coming in and going out because a lot of times you are actually spending way more than you think you are we definitely had no idea that's how much we were spending but let's just keep this between us so what we started using was a cash flow statement and a cash flow statement basically shows you the cash you have flowing in which is your income versus the cash you have flowing out which is your expenses this is the exact form that helped us to get back on track i don't know about you but i'm not excel savvy so i found what works best for me and whether you use excel or not this is important to do because it will allow you to keep track of your monthly income and your expenses and help you to save and speaking of saving this is why i partnered with chime chime isn't a traditional financial institution chime is an award-winning financial app and debit card that millions of americans use to manage save and spend their money time lets you feel good about your money without having to stress about all those monthly fees overdraft fees low balance fees that we've become so used to paying with traditional financial institutions and when your money's good you feel good and you know what there's no better time than now to go use my time debit card [Music] so once i crunch those numbers with the cash flow statement i was able to reduce the amount of cash i had flowing out because we had a lot of subscriptions we weren't using and kelvin and i actually paid off most of our debt like car loans and credit cards before we did any major savings but i know not many people are in a place to do that so that's why i want to share this formula i found online and that is the 50 30 20 rule so the rule says 50 of your income should go towards what you need like housing utilities gas food and 30 should go to what you want like eating out shopping whatever type of entertainment you like like some of these subscriptions we haven't hardly used and the last 20 of your income goes towards paying debt like credit card payments and loans and also to saving but again this is not one size fits all you can always manipulate these numbers move them around a bit and you just have to decide what's best for you and your family and please note this is not financial advice i am not a financial advisor i'm just someone like yourself that wanted to learn how to make their money work for them and as i find stuff that works for me i want to share with you but let me tell you a little bit more about why i love chime and how helpful it's been one of the amazing features that i love is spot me chime offers fee free overdraft on up to 200 on debit card purchases and withdrawals with spot me for eligible members it's like overdraft protection but better and another absolutely amazing thing about chime is that you can get your paycheck benefits stimulus check and federal tax return up to two days early with direct deposit chime is the number one most loved banking app and is banking the way it should be so one of the most important parts of your budget should be your shopping budget just because we're trying to save does not mean life stop so i need to go into the store and get a few items and we're gonna see if i am actually able to stay on target because i don't know about you but usually when i go to the store for one thing i come out with way more than just that but before we even go into this store let me check my account and make sure i actually have some money in it oh yeah we're good let's go one way i stay on budget is by planning exactly what i'm going to get so i don't spend more [Music] so we have made it to the last store y'all and i feel like i'm doing pretty good if i say so myself but now i have to go and make some groceries and i'm from new orleans so yes we make groceries here but i've set a grocery budget of about 100 so let's see if we can stay under that one of the best ways i save on groceries is by planning meals based on what's in my pantry i see what i can make without spending extra money [Music] so today instead of staying on budget i actually went below and ended up saving money and that's additional money that i can put towards what i'm already saving but one thing i love about chime is that they actually care about the community and giving back with time when your money is good you feel good and i know one way i feel good is when i'm giving back too so since i have all of this extra money left over from my budget we're going to use that add a little bit to it and today we're going to go out and surprise my aunt with some groceries you know since this pandemic many of us have been struggling and i feel like this is just a way i could take a little bit of the stress off of her so that means we need to go back into the store [Music] so we made it y'all i'm so excited she has no idea about this candy so we wanted to surprise you with some groceries today [Music] i really appreciate this my family is i just love my family it felt so good being able to do something like that and especially something i just felt was so small but to her it was so big to be able to give her some peace of mind shine believes everyone deserves to have financial peace of mind chime helps you achieve it by building features and providing resources that helps you stay ahead of the usual money pitfalls set up by some traditional financial institutions with time you know your money is doing more for you and you're with a company that always has your back is banking the way it should be so click the link down in the description box to learn more about chime so overall what i had to learn is that saving money is not a punishment it's not negative and that's why many people don't stick to it saving is like a diet and everyone has different needs but if you starve yourself of course you'll probably lose a ton of weight but you won't stick to it and that's the same when it comes to saving you don't want to go too extreme and become super restrictive and then end up feeling miserable and the next thing you know you just stop saving all together allow yourself room to still do the things that you enjoy kelvin and i still go out to eat but we reduce that significantly but nonetheless we still do what we like and that's the key to staying on track and once we finally understood that we were able to maximize our saving and stick to it but that's all i have for you today don't forget to like the video if you have not done so also subscribe to the channel but other than that thanks so much for watching and we are out peace [Music]

Channel: Journey With The Hintons

Views: 27,012

Keywords: how to save money, save money, how to save money fast, money saving tips, how to save 10k, ways to save money, how to save 10k fast, save money tips, save money challenge, how to save money with low income, how to save money for a house, how to save money on groceries, how to save money to buy a house, save money fast, save money motivation, save money hacks, how to save money 2022, the only savings plan youll actually stick to, how I saved 25000 in 3 months, budgeting

Id: IpiT0F01cY8

Length: 10min 9sec (609 seconds)

Published: Tue Jun 28 2022