How I Became Debt Free | Frugal Living

#frugalliving #minimalism

Today I go over the things that were fundamental to me getting out of, and staying out of debt.

Hey everyone. My name is Nicholas and I make videos most about my experiences with minimalism, frugal living, tech, and things of that nature 🌱. So if that sounds good to you consider subscribing and I'll see you in the next one ✏️

🔗 LINKS

[johnlangston]

I did the snowball method to get out of debt. Financial advisors recommend your avalanche method, but that wasn’t for me. I enjoyed the motivation of seeing my bills be eliminated one by one. What was understood but not articulated in your video is that when you pay off bill #1 you add all the money you were paying to #1 to the payment you were making to #2, and so on. By the time you’re working on your last bill you’re making huge payments which is very satisfying.

[AlexMacevicius]

obviously paying with cash or debt makes you think about the cost more... however, if you can train yourself. using a CC is much better vs a debt card because of fraud. I pay for everything i can in cash or CC. every CC is paid off monthly, the debt card is in some drawer and never used.

[mycatlovesme]

I knew a man who was $250, 000 in credit card debt. This was 17 years ago. He was a butcher and his wife worked. He seemed cool about his debt. He was traveling on a cruise and spending money on his card . I was more concerned than anything. He didn’t care. I wonder where he is today? Broke? Dead? Divorced?

[PowerfulMoneyHabits]

I paid off my debt and house in 2021. I still budget and pay for any shopping I do with cash. I purposely don’t have my credit card numbers saved in any websites including Amazon so there’s friction in buying something. I am now saving and investing 50% of my income easily without living like a miser. Being intentional allows you to have fun in life AND invest for your future! Great video!

[tanyasienko]

Don't forget the tsunami method of attacking debt: paying off the one which pisses you off the most first!

[rickydfish]

I’m the contrary, I’d rather make money back by utilizing my credit card and amass rewards or cash back and not using my debit card.

[Hiiipowerdanni]

This is what I am working on right now. Getting rid of this credit card debt. Paying off my car early. I will keep this video in mind moving forward through my financial journey.

[manasseh]

I don’t have any debt but at the same time I suck at saving

[vivuvlogs]

Man i have to send this to every parent 😅

[CyclistChris]

I have enough to pay off my credit card debt, but im putting it into my high interest saving account as the CC is 0% for another 4 months, and my other is 0% for another 14 months. Snowball would be costing me interest on that savings account, and increasing tbe risk of having debt when the 4% period is up. Its all about the %.

[lindabourketempleton]

I don’t have a car payment or credit cards but I do have a house mortgage and I’m renovating, I have just helped pay for my daughters wedding

[exytplu]

Firstly, staying completely debt-free IS realistic whether you plan to buy a house or start a business. Secondly, the avalanche method is not the opposite of the snowball method; instead, it is an ALTERNATIVE method.

Regardless, thank you for sharing this and for the well-made video.

[amysteele]

Staying organized is vital to all areas of life especially with money.

[rakshithadhanapathi]

Thank you so much for sharing this video

[rahkkas]

Moneytising hobbies and selling-off items-not-needed are pretty good ideas ! Waiting for the book video also :)

[jordibarguno]

Great video, my only comment would be about auto payments. I definitely recommend them, but make sure you still review them monthly. In my personal experience, telecommunication companies like AT&T, Comcast, etc. tend to make a lot of "mistakes" in their favor when billing, so always make sure you are not being overcharged.

[prepperboss]

It’s hilarious, the avalanche method that people use paying off the highest interest first with the argument that they are now concerned about paying too much interest. If that was the case they would be in severe credit card debt in the first place. You get more victories sooner with the snowball method.

[leonardo.recendez]

Hey, Nicholas, a fan here. I love your videos.
You know, English it's not my first language, and there's always the word "fruagal" or "frugally" that you mention a lot, and 'tll this days I haven't comprehend what that is yet, because that word doesn't existe in my mother tongue, so I can't translate it. So, could please explain to me what it basically means, please? It would mean a lot so I can get the context whenever you say, haha.

[hykvisuals]

I love your plants, can you do a video about them. thank you

[SM-yyvg]

Great video. I didn’t realize I had been doing the Snowball effect when I paid off my debt over 10 years ago. I even had my daughter doing it to pay off her student loans and credit card debt. She was shocked at how fast it disappeared.