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Banking, Bankruptcy, Budgeting, Credit Cards, Saving, Wealth

3 Money Lessons from Til Debt Do Us Part

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“Money isn’t rocket science.” – Gail Vaz-Oxlade

Til Debt Do Us Part is a Canadian television series that follows couples that are going through financial crisis and financial expert, Gail Vaz-Oxlade, comes in to help the couple find solutions.

The series ran for over 100 episodes from 2005-2011. It also had a spin-off called Princess.   She teaches couples to go from red to black and gain control over their money.

The show would air right after the Suze Orman show during its run on CNBC. Read my post Dom Perignon Taste on a Budweiser Budget to see how it all went down on Suze’s show.

#1 REASON COUPLES BREAK UP

Money is the number #1 reason couples break up. She visits couples weekly and gives them challenges to help with their finances. Then at the end of each episode, after about 4 weeks, she awards the couple with up to $5,000 dollars to help them get out of debt.

CUT THE CHEQUE

By far the best part of the show, in my opinion, is when at the end of one month, Gail Vaz-Oxlade gives the couple a cheque for an amount up to $5,000, depending on their attitudes and how well they did during the challenges. Keep in mind, couples could get less and some have. One of the lowest amounts I have seen her give was $3,000, which is a 40% reduction of the prize money.

The show was so popular that a 52-Week Life Planner was released based on the television series and offers day-by-day, step-by-step strategies and tips for successfully managing household finances.

This reminds me of a Tom Holland interview he did for Spiderman talking about how Anthony Mackie always says, “cut the check.”

Let’s get back to Gail.

If you have never heard of the show Til Debt or can’t remember it, no worries, I will take you back down memory lane tonight.

WHO IS GAIL VAZ-OXLADE?

“We feel good when our homes are bright and shiny, put a little elbow grease into your money and it’ll glisten too.” – Gail Vaz-Oxlade

Gail Vaz-Oxlade is a financial writer and was a columnist for numerous publications as a freelancer including Yahoo! Canada Finance.  She has helped people from high finance to low-income solve their money problems. Eventually, she became a television personality due to all of her work in finance and that is how the show Til Debt came into existence with her as the host.

She has written numerous books on the topic of finance. I have actually read one of her books called Debt-Free Forever.

Gail has a no-nonsense attitude when it comes to money. And that is what makes her so good at what she does.

FOR THE LOVE OF JARS

“You can have everything you want. All you need is a plan. And how do we spell plan? B-U-D-G-E-T!” – Gail Vaz-Oxlade

Watching the show was very interesting. One recurring theme was the jars. Gail advocated for couples to live on cash.

Every single episode, you got cash jars. You would put in a certain dollar amount. When you spend, you write it down in the budget binder cause cash slips through our fingers easier than that snail did with Julia Roberts in Pretty Woman.

Some couples were taking out cash at the ATM from their bank accounts or doing cash advances, which Gail said she could not track so we don’t know where the money went. When it’s gone, it’s gone. Without writing it down or keeping receipts, there is no other way to track cash. So, jars it is.

MONEY LESSONS FOR GAIL

Gai loves cash and hates banks. She thinks they are bleeding people dry slowly with their interest and fees. Gail says banks are wolves in sheep’s clothing. The only way this will change is to teach financial literacy in school. I say start in elementary when they are old enough to start asking for a $1 lollipop, it’s time to start the finance lessons.

Check out my posts on banking.

Banking at Credit Unions versus Banks – The Great Debate

New Banking Rules: Clear a check payment in a day

Q&A with Lisa Servon:, Author of the Unbanking of America

This is the secret recipe to building wealth: You need to make more money and you need to spend less money.

Here are 3 lessons that Gail taught me: (1) both partners need to manage the money, (2) no retail therapy, and (3) debt repayment takes time.

LESSON ONE: GAIL ON COUPLES MANAGING MONEY

  1. Do not have only one partner manage the finances.

“It’s not unusual for one person to assume the nitty-gritty of daily finances…. The problem is that when one person is excluded, or totally abdicates responsibility, it means the other can mess things up with no monitoring or grow resentful at always having to do the detail…. Taking turns managing the chequebook, and having regular conversations so that both of you are clear about what’s going on, means you’re both in the know and working to the same ends. It also means that one person doesn’t have to deal with all the crap, while the other merrily laughs off the stress and frustration with, ‘You’re managing the money, so this is your problem to deal with.’ (Yes, there are dopes who say this.)”

Always know what is happening with your money. I don’t care who signs the check and put it in the envelope. Just make sure you lick the stamp. Be involved. Ask questions. Don’t be in the dark.

It’s kind of like that scene in Charmed in the episode Be Careful What You Witch For. Remember that scene in the beginning, after the opening credits. I want you to be skeptical like Phoebe. Always know who you owe and how much. Nothing is for free.

The conversation went like this:

Phoebe: I don’t get it you’ve been stuck in that bottle for two hundred years then someone finally sends you to us and you’ve no idea who licked the stamp? I find that very hard to believe.

Genie:What? I don’t get it you win the lotto and you’re asking for explanations?

Piper:Actually we’d like to know who to send the thank you note to.

Same conversation you should have with your partner, but about which creditor.  And winning the lotto, yeah right? Read my posts Forget casinos, bet on yourself and Mega Millions win or bust.

LESSON TWO: GAIL ON RETAIL THERAPY

  1. Forget retail therapy

“Plastic is anesthetic — it dulls the pain, and then what happens is you just keep waiting for the next fake high.”

And don’t I know it. I had a huge shopping problem for years. It was done as a way to dull the pain of the things going on around me – low-income, working full-time, going to college – I was a mess!

I had some pretty terrible managers when I was younger too. All the stress was getting to me. I had to find a way to cope, but shopping was not it. As I got more mature, I found ways to de-stress that were cheaper or free.

I have said it before that credit is seductive and addictive. It should not be used to replace your emergency fund (liquid cash). However, if you do, be strategic and use credit wisely and sparingly.

How to get access to a $250,000 Emergency fund with $0 of your own cash

How Benjamin Franklin used 13 virtues to get rich 

LESSON THREE: GAIL ON DEBT REPAYMENT

“A goal without a deadline is just a dream.” – Gail Vaz-Oxlade

  1. Slow and steady is the way to repay debt.

“One step at a time. You are on your way. Expect challenges. Keep your goal where you can see it.”

You better believe it. If it took you 8 years to accumulate the debt, thinking you can pay it off in 3 months is delusional. See my post Getting out of debt one step at a time.

The good news is that once you recognize you have a problem with debt, then you can work on solutions. I have noticed that generally 2-3 years of cutting back and attacking debt is usually enough time to pay off most if not all of your consumer debt except the mortgage and student loans. After 5-7 years, the only debt left is usually the mortgage. That is a small price to pay for freedom.

TIL DEBT O US PART

I did a search online and found this synopsis of the show’s premise at IMDB.com. It’s spot on.

Storyline

Money can’t buy you love. But keeping love alive without money can be pretty tough. In fact, ninety percent of marriage breakups are due to money problems. And to get advice on how to manage money usually costs money! Til Debt Do Us Part, is a series that offers tough-love solutions to those willing to face their financial troubles head on. In each episode we meet a couple in crisis. Some are on the verge of bankruptcy, hounded by creditors or facing eviction. Others are just getting by, but in the midst of a personal meltdown or relationship breakdown because of money issues. With the sensitivity of a therapist and the toughness of a CFO, our host, renowned financial author and columnist, Gail Vaz-Oxlade reveals what she’s found in a couple’s finances – and then she’ll dig a little deeper. She asks some tough questions and then they’ll be forced to face reality. Where will it end if they continue on this rocky road? To get things back on track, Gail takes control of their finances …

This show was very eye-opening in how people managed their finances. Many did not have a clue what was coming in and going out. Gail would come in with her screen shots of the couples bank accounts and spending and give it to them straight.

Many times the wives would burst out in tears after seeing how much debt the family was actually in. Lots of couples were in over their heads. Some so deep in debt they had to consider selling their house, or worse, bankruptcy!

Some couples did not want to make any changes. Even though they were debt up to their eyeballs. These people needed to get their priorities straight. Much like Hermione, in Harry Potter.

Here is the show’s Intro and theme song along with a promo. This is just a taste, a light sampling, of what you are in store for with this show.

There are 2 episodes that stand out for me. They were called The Worst Family Ever and Love Affair with Luxury.

MONEY WORRIES CAN CAUSE SLEEPLESS NIGHTS

In the S03E13 entitled, “The worst family ever?” One couple were living in the wife’s family basement for about a couple of years. They spent with reckless abandon. Oh, the couple popped bottles night and day. Especially, after moving out and buying their own home for about $225,000. That’s not bad. What is bad is that they saved zero dollars while sponging off her parents.

That’s right. While mooching off the rents’ they saved $0. Not one dime. Even Scrooge McDuck saved his number one dime. See my post Money Lessons I Learned from Scrooge McDuck. Also, check out Why the Rents’ shouldn’t pay your rent.

Then, to make matters worse, they threw non-stop parties at their house for friends and family. This was obviously all to make themselves look good to friends and family. In Yoda speak, so concerned with appearances they are.

“Happy people don’t worry about what other people think about them.” – Gail Vaz-Oxlade

OUT OF CONTROL SHOPPING FOR BABY BUT THE KIDS ARE ALRIGHT

In addition, they expanded their family and had a son, but financially were unprepared for this. At one point, the wife was spending $1200 a month outfitting junior! I couldn’t believe it. What is she buying Versace onesies? Get real. A baby doesn’t care. They just want to be warm, feed, and dry.

This couple were overspending by the tune of $4,100 a month! Holy spending gone bonkers, Batman!

Fun Fact: For those of you unfamiliar with that Batman line, here is where it comes from. The Batman television series from the 1960’s. Batman was American live action television series, based on the DC comic book. It starred Adam West as the titular character and hero Batman and Burt Ward as his sidekick Robin.

It was also turned into a cartoon series. Here is Robin at his finest with his sayings. Hilarious!

I decided to post it so you won’t ever have to get the tongue lashing that Penny got from Sheldon on an episode of The Big Bang Theory about Batman at 2:48 into the video.

The Precious Fragmentation – Season 3, Episode 17
Aired March 8, 2010. One of my favorite episodes.

It was about The Lord of the Rings. Even Raj used a Holy Robin saying in there!

In this next video, Sheldon gives a fun fact to Raj. Now, you know where I get it from.

Now, back to the story.

The way the couple on the show  were able to overspend like that, drumroll please…the credit cards!

When Gail comes along they are so bad she tells them they have to sell the house. They flat out said they could not sell the house. Even though they are on the path to $1.3 million in debt and possible bankruptcy! Gail, at one point in the show, tells them they are the worst couple she has had on the show and that she had a few sleepless nights worrying about how to help them out of this situation. Coming from Gail, that’s scary.

The way it went down, it reminded me of that scene in The Chipmunk Adventure, when Jeanette and Eleanor was telling the Arabian prince that Brittany spends money like a drunken sailor and Brittany got mad. Hilarious. I just so happened to find the footage of that particular scene and the movie on YouTube. Hope you have fun watching! No need to thank me.  Like Dean Winchester says, “You’re Welcome.”

SHOULD YOU FINANCE A $100,000 CAR?

“Change brings challenges, learning, and a sense of New. Change is full of promise.”- Gail Vaz-Oxlade

In the S04E03 entitled, “Love Affair with Luxury,” which aired March 6, 2008, is the gold standard of delusions of grandeur when it comes to money management. The wife, Simone, is a champion shopper and a spendthrift who manages to make 53 shopping trips in a single month! That’s nuts. Even though she’s on maternity leave, a luxury car is next on her shopping list.

The only reason the couple is able to afford such luxuries is because they have each other’s incomes. The minute one person’s income is gone or reduced, i.e. disability or divorce, the whole house of cards comes tumbling down faster than the stock market has in the last 30 days.

Check out this post by BudgetsareSexy to see just how far down the stock market has gone in his The Red Wedding of Net Worth Reports.

LOVE AFFAIR WITH LUXURY SUMMARIZED

I found the plot summary for the episode Love Affair with Luxury online at IMDB.com.

Frank and Simone’s combined $110,000 annual income is currently curbed by Simone being on maternity leave. Simone is addicted to what she believes she needs to keep up appearances in every respect, which includes working out at the gym, and spending money on “stuff” for herself, such as clothes, getting beauty treatments of various kinds, and having a beautifully appointed house. A $125,000 new car is next on the list. Simone, however, states that she would never do anything that would place her family at risk. But Frank doesn’t realize he is just as guilty, spending money on his electronics, which includes six large television sets in their house of four people, including one infant. This spending has resulted in $55,000 in consumer debt so far. They constantly fight about money, something having to give if their marriage can overcome this issue. As such, Gail issues them challenges largely focusing on dealing with their root problem, namely their addiction to luxury, this focus which not only entails them doing the challenges, but understanding why she has issued these challenges.

At one point in the show she says, “we can finance $100,000 can’t we.” For a car no less! If you have ever read this blog, you know I can’t stand cars for the simple reason that they can keep you in debt forever. You could spend a couple hundred grand on cars in a lifetime. You know how much interest you could earn on $200,000! Here are just a few on my posts on my beef with car loans below.

If you want to be wealthy, drive a Ford 

Why not to own a $50,000 car on a $25,000 salary 

Life is good without a car payment 

A car and nothing more

Outrageous Loan Terms for Porsche that even the Rich can’t justify 

FINAL THOUGHTS

Money is a tool we use in the present to create the reality we want in the future. Learning about finance is a good start. Practicing good money habits and teaching your kids to understand the concepts of money – budgeting, saving, and spending – you help create their reality.

So, I want to always stay in control of your…I will now end this post in the last words of the Til Debt Do Us Part theme song, money, money, money, money, money, money, moneyyyy!

Financial Freedom, Financial Independence, Saving, Wealth

America is the land of subscriptions

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I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel. – Dr. Maya Angelou

TO SUBSCRIBE OR NOT SUBSCRIBE, THAT IS THE QUESTION

America used to be known as the land of opportunity and dreams. And for some and in many ways it still is. However, things have changed dramatically over the last two to three decades.

One of the biggest changes I have noticed can be described in one word: subscriptions.

When I was growing up, you bought the thing one time and you were done. Transaction over.

Today, many places want you to subscribe to their services and pay them every month. I am not on board with this.

Even Jay Leno agrees with me. He told CNBC, “Here is the money, give me the thing, transaction over.”

He told CNBC Make It: “When you own something and you don’t have to write checks every month, you’re just better off.”

I couldn’t agree more. I can’t stand installments for anything. It means you earn money and then have to give it away. Period.

I learned that if I could cut down or out the installment payments in my life that I would be better off and would get to keep my money.

Sure you will have bills like utilities – gas, water, electric and insurance, food, etc.

Those are not the bills I am talking about.

I mean the ones that are not necessities.

In a Washington Post interview from 2016, Sociologist Joseph Cohen of Queens University is fond of saying that “America is a place where luxuries are cheap and necessities costly.”

Exactly, the luxury items have stayed the same: high-priced. However, the cost of college, daycare, education, and the mortgage have all gone up.

Even rent can be insane. There is no cap on rent. So, it can go up every year with inflation. Unfortunately, that is just a cost of life. You need a place to lay your head. You need shelter.

But I urge people to consider carefully what type and how much home they buy.

A HOME IS YOUR CASTLE BUT DOESN’T HAVE TO ACTUALLY BE ONE

I am all for the Huey P. Long saying that Every Man a King, but I think a woman is also the queen of her castle.

I prefer to be able to clean my own home. To be able to sweat over lonely labor, have sense of pride in a job that is well done is what I need. And just FYI, for those who like to stay in shape and are into physical fitness, cleaning is also a workout.

After reading the book Nickel and Dimed by Barbara Ehrenreich, in where she worked undercover with a big house-cleaning chain in her book, I feel I am better off doing the work myself.

Barbara Ehrenreich said, “I had been taught by my mother, a compulsive housekeeper who employed water so hot you needed rubber gloves to get into it,” to basically clean her own home.

Paying a service is another bill. I say if you can afford it and it will free up time you want for yourself, then do it.

However, I also have learned the bigger the home, the more help you need to clean it.

It gets tougher to clean a home yourself once it is more than 3,500 square feet. That’s when you usually have to hire help.

Paying the gardener, maid, chef, and chauffeur all adds up.

Why not purchase a home that is 3,000 square feet or less? Not only are they cheaper, but also easier to maintain.

That’s just my $0.02.

SUBSCRIBERS BEWARE

I have seen countless companies start subscription services. Some are pretty cheap and then others are downright outrageous.

I just started noticing this new way of the subscription life myself fairly recently.

I first started noticing it in high school. I wanted to buy Harlequin romance books, because I mean come on, who doesn’t like Happy Ever After’s (HEAs)?

And to my delight, in each book was a subscription notice. They offered 2 free books as a bonus! I was like sign me up. Then things started to go downhill for me from there.

Let me just start by saying, I am a huge Harlequin romance fan. It was not that they did not provide quality service or great reads. Quite the opposite. It was the quantity and price of the service that caused my woes.

I started getting books like every 3 or 4 weeks. It was expensive too, at least to a teenager, it cost about $15 a month. Some books I didn’t even want, but they shipped them in packs of four, which were chosen for you.

As much as I loved Harlequin, I had to cancel my subscription. They sent books faster than I could read and bills faster than I could pay.

That was my first taste of the subscription life. It left a bad taste in my mouth. One that, like Maya Angelou said, I never forgot how it made me feel. And all these years later, that one event was the catalyst for me not ever wanting to have subscription anything.

So, when something doesn’t feel right, listen to yourself. Trust your gut and make some changes.

I can walk away from anything. Relationships, bad jobs, roommates, you name it. Even if I am comfortable, I have still walked away from people, places or things that were not in my best interest.

Chris Rock said, “comfort is the poison.”

I have learned to hold on loosely to everything so you are not so rattled when change comes.

YOU KNOW WHO THEY ARE

There are lots of companies that offer subscriptions.

I pretty much avoid them all.

Everyone is out there trying to take the money out of your pocket and put it into theirs. Everyone is trying to separate you from your money. Don’t let them.

Expenses would occur once or infrequently when I was growing up. Now everything is a monthly subscription. Even toothbrushes are turning into a subscription service!

I buy products and stick with them until I get my monies worth. I bought a car for $30k, 15 years and six months ago. My payment was $448.65. So, $30,000/186 = the equivalent of paying $161 per month on this vehicle or $2,000 per year not including gas and maintenance.

It’s American made so I have not ever had to pay $3,000 or more in a single visit. My last oil change cost me less than $50!

I have more than got my money’s worth out of this car. I paid this car off in 2009. That money has been going to my retirement account ever since.

Companies now try to offer you the world and all this personalized attention and concierge service, until you stop paying. Whether or not it is by choice or you cannot afford to pay anymore.

It’s like trickery. Or in some cases like the old bait and switch. They promise you the world on the way in and engrave your initials on everything and then can’t remember your name on the way out.

What’s that Lucy? Another football for me to kick. No thank you.

Just say no to subscriptions. It will save you a fortune.

Here are some places that offer subscriptions – gym memberships, clothing stores, book publishers, magazines, and newspapers.

List of well-known companies that offer subscriptions and the cost of some pricing plans:

  • Apple iTunes $9.99 monthly
  • Under Armour (ArmourBox) 4-6 items of gear pay only for kept items) $80+ per box
  • The Wall Street Journal $100-$400 annually
  • Kiplinger Magazine $6.99+ annually
  • Forbes Magazine $20 annually
  • The New York Times $14.99 monthly
  • Deer Park Water $12.99 monthly (minimum)
  • Spotify $9.99 monthly
  • Hulu $7.99 monthly
  • Netflix $9.99 monthly
  • Amazon Prime $99 annually (from $79)

List of less well-known companies that offer subscription and the cost of some pricing plans:

  • Quip oral care tooth brush delivery $10 per user per month! For a toothbrush!
  • Stitch Fix $20 style fee
  • Le Tote $59 a month
  • Rent the Runway $139 a month!
  • Shoedazzle $39.95 a month
  • Gwynnie Bee $49 a month
  • Fabletics $25 per month or box
  • Her Fashion Box $59.95 a quarter! So, its really $239.80 annually

Oh and by the way, subscriptions are the bait to get you on the hook. After, they reel you in, over time they will start slowly increasing the cost. Again, this is just business and the cost of things, as there is this pesky little thing called inflation that just make goods and services costlier over time.

Let me tell you how my life has changed as I cancelled and avoided subscription services like the plague.

CASH RULES EVERYTHING AROUND ME

Money is like air, try and live without it. – Motivational Speaker

Some of you out there may remember the group the Wu-Tang Clan. They had a song called C.R.E.A.M and that pretty much summed up that you need money to sustain your life and that of your family.

You need shelter, food, water, transportation, insurance, internet, and phone.

Everything else is pretty much optional.

I have Netflix, Hulu, World Gym Express, AAA, insurance (life, auto, health, dental), and that’s about it.

I got a term life policy for pretty cheap through AAA.

I got some of the lowest prices available that would sustain my household. Things mean nothing to me. I don’t care about clothes or shopping. I prefer experiences. Me and the girls would have wine, pizza, and game night at each other’s houses.

Music videos were also a shopping trigger. Everyone from Ja Rule to Lil Wayne talked about being cash money millionaires. A rapper even made it his moniker: Chamillionaire!

Everyone in music videos had private planes, diamonds, champagne, mansions, and beamers, Benz and Bentleys!

Who thought of this thing called shoe game. I have never cared about shoes. I just wear them out until they are no longer useful and then repair or replace and toss the ones that are useless. I would wear shoes until I had holes in them. I don’t care. I’m fine. Grateful to have shoes on my feet.

However, when I was around 15, those videos started making me feel bad. So, at age 16, I decided to stop watching them. My self-esteem went through the roof!

Then years later, I discovered that many episodes of MTV cribs were not the full truth. I was floored. I was like you made me believe that success was in what I drove and what home I lived in. All wrong. Wrong, wrong, wrong!

MONEY IS JUST A TOOL

Money can buy you a fine dog, but only love can make him wag its tail. -Kinky Friedman

If you read my last post, you know I was inspired to save more by the blogger who owns Millennial Money.

I backed off of doing and buying much of anything, so that I could be free. I wanted to be financially independent (FI). And that, my friends, requires discipline. FI requires sacrifice and saving.

Women tend to focus on saving.

Men tend to focus on earning.

I encourage you to do both. That is what I did.

Ask for a raise, if it will get you to your goals faster. Don’t ever be afraid to ask for anything, because all people can do is say yes or no. So, I ask for everything. I do not fear rejection. I have learned to fail better. You are rewarded for it.

I knew getting a good education or learning a skill (construction, HVAC, barber, hairstylist, IT, plumbing, electrician, or dental hygienist) that could be monetized was key.

I knew a guy many years ago that skipped college in favor of heating refrigeration and air conditioning training. Within like 6 months he was making $20 an hour! And that was right out of high school.

In the news, it was reported that construction is in dire need of those willing to learn the trade. Due to a lack of construction workers, homes being built now are higher priced and low-income homes are not being built.

All of the sudden people are too good for construction! I have always admired and liked a hardworking, driven person. Especially, a man who can work with his hands.

Remember that episode of Charmed, where their ancestor came back from the 1600’s. It’s okay if you don’t remember, I own the DVD and just so happen to have a clip of it. This part and another episode called Morality Bites are some of my favorites from the show.

What’s wrong with working with your hands? Like all of my uncles were mechanics. It was like Marissa Tomei in my cousin Vinny.

They always had grease under their fingernails and on their hands, but people depended on them. My Uncle Tommy helped everyone. He was kindhearted. He, like my father, never raised his voice because they didn’t have to. They were respected and loved. There was no need to yell.

I have always liked and been drawn to well-mannered, hardworking men.

My mom grew up on a farm and we would visit it every summer when I was little. My only memory of my grandfather was always of him dressed in overalls.

He was in excellent physical shape well into his 70’s. Farming is hard work. He was up by dawn and in bed by dusk.

There was always fresh fruit and vegetables because he grew it and sowed his crops himself.

I love the fact that you can take a blueprint, follow a plan, build a home, and have tangible proof of labor. But, you know, that’s just me.

I spent parts of my childhood holed up in my room or on the couch reading books. I would read the Sunday Comics (Peanuts were my favorites), Archie Comics, history books or anything lying around the house.

I put all my time and money into developing myself. It went to my health, family, education, and community. Those sacrifices of going to an in-state school and driving a beater have paid off in spades!

Let me show you how.

MONEY IS THE NAME AND SAVING AND INVESTING IS THE GAME

After being introduced to Millennial Money online, almost three years ago, I made some changes.

I started looking at money differently.

I started thinking of ways to save on a daily basis instead of just monthly or after I paid all my bills.

You have to have money left at the end of the month, if you want to build wealth.

I took a look at my bank and credit card statements to see what I was spending my money on. Was there anything I could cut out? Did I really need this?

I cut out nail salon visits, excess hair appointments, shopping sprees, vacations, car washes (another subscription, ugh), birthday parties (no gift to buy or buying the birthday girl a drink) and anything I could find.

I cut out miscellaneous expenses too. No stopping at Walgreen’s without a list. I only need one pen, not a pack. Is it on sale? I can’t afford full price to anyone whose name isn’t followed by M.D.

After trimming the fat, I started figuring out my savings rate.

I started out with this:

Year 1. Saving $50 per month. $600 a year. That’s $600/365 (days a year) = $1.64 a day savings rate.

Year 3. Saving $150 per month. $1,825 a year. That’s, $1,825/365 = $5 a day savings rate.

Year 6. Saving $1,111.04 per month. $13,333.06 a year. That’s, $13,333.06/365 = $36.53 a day savings rate.

I went from saving $1.64 a day to $36.53 a day! That’s a 22% increase in savings.

That’s progress. That is almost the equivalent of someone paying me $40 (two twenties a day) and I put aside $36.53 of it in savings.

If you notice, from the examples of what I did, it took 6 years to get here. I just started where I was at.

I just wanted to save $5 a day like Millennial Money talked about. I had no idea that I had done that and more. I was used to spending everything I had and being in debt.

To this day, I still try to find ways to increase my daily savings rate. Once I changed my money mindset, I changed my life. I got results. And you can too!