12 Rules For (A Frugal) Life

About this episode:
Move over, Jordan Peterson. I make the rules on this channel. These tips for frugal living can help you save money, live simply, and make smarter financial decisions.

Next Steps:

Offers From Today's Sponsor:

Listen to more from Ramsey Network

Ramsey Solutions Privacy Policy

[gingerfication]

I’m on baby step 1. I’m sick of paycheck to paycheck. Next month I’ll be on step 2.

[PaulKatrina.]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[nilsschear]

One of the best frugal things I’ve ever done was quit drinking. I save a ton of money on alcohol, like $30 a week minimum plus I found that when I’d drink I’d spend even more on junk food. Plus I lost 25 pounds.

[MarvinOrieh]

George is quickly becoming one of my favorite money people. I love some good dry humor. Almost done with his book “breaking free from broke”

[jameswood]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life

[jeremiahm]

Since some are frugal with their time, here is the list for those wanting to get to the point:

#1 Research Like Your Wealth Depends on It
#2 Buy Quality Now to Avoid Buying More Later
#3 When Your Back is Against the Wall, Sell the Horse (Drastic Times Call for Drastic Measures)
#4 Broke People Pay Interest. Wealthy People Earn It
#5 Always Be Knowing Where Every Dollar is Going (Every Dollar in your Possession has a Job)
#6 If You Fall for the Trends, You'll Fall for the Traps
#7 Pay Cash Now or Don't Buy Now
#8 Never Spend Just to Save
#9 Save for the Future, But Don't Lose Your Mind
#10 You Can't Save your Way to Wealth (Invest Consistently)
#11 More Stuff Won't Make You More Complete (If no one ever sees this, would I still buy it...?)
#12 Solve for Freedom (Get rid of clutter, honor your mind and body, owe no one anything, practice gratitude, etc.)

Bonus Rule: Be Generous

[campbellhouse]

The less you own, the less you dust 👌

[jarrodfrankum]

Here you go.

1. Research like your wealth depends on it.
2. Buy Quality now to avoid buying more later.
3. When your back is against the stall, sell the horse.
4. Broke people pay interest, wealthy people earn it.
5. Always know where every dollar is going.
6. If you fall for the trends, you'll fall for the traps
7. Pay cash now, or don't buy it now.
8. Never spend just to save
9. Save for the future, but don't lose your mind
10. You can't save your way to wealth
11. More stuff won't make you more complete
12. Solve for Freedom

[katieee]

I’m in no spend challenge this month. Just groceries and living necessities.

[ramsaybolton]

On baby step 2. I have 1300 saved. I paid off 4 out of 5 credit cards like a maniac. I turned so frugal everyone makes fun of me. Next I’m going to pay my upside down car loan off that I totaled last year.

[Riggsnic_co]

Great video, I've been interested in investing ever since I came across articles of people making up to $150, 000 and more in this period, thanks for the video but is it really possible for a retail investor to achieve this in months?

[AstonM]

I'll drive a 20 year old vehicle, but I'm not giving up my horse.

[lindawilson]

#5 Calling it a spending plan instead of a budget is so helpful for so many. Budget feels like a straight jacket and constantly saying NO to yourself where spending plan feels much more happy and free.

[AvalonMisty]

"Everything is 100% off...when you don't buy it." You are a gem, George!

[xWiiLLz]

I love the "Buy nice or buy twice" moto

[ZigZagPower]

I’m on baby step 4. Currently looking to buy my first house :)

[corinnecox]

On the buying quality point—with our tight budget I’ve learned that for certain items it’s better to look for a higher quality item second hand rather than a new item of lesser quality. I stay within our budget, but still have the advantage of the better quality item. Also, there are so many times where we can live without or borrow an item from friends/family rather than buy more stuff.

[da]

“You ain’t frugal if you ain’t using Google.” 🤣😂 love it!

[michael.a.covington]

Your first point REALLY applies to people taking up complex hobbies (such as amateur astronomy, which I write books about). ALWAYS get the knowledge before you buy equipment. If you don't enjoy getting the knowledge, you don't enjoy the hobby.

[sohoyankee]

These guys made me realize how ridiculous it was to pay on a credit card plus interest for something I bought months ago. Especially if it was dining out!