How To Start Living Below Your Means | Living On A Budget

In today's video, I share seven tips on how to start living below your means. This should help when living on a budget. These are some of the frugal living things I have been doing lately. What do you think? Links below :)

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DISCLAIMER: I am not a Financial Adviser and do not offer Financial Advice. I create these videos for education and entertainment purposes.

AFFILIATE DISCLAIMER: For transparency, some links above or in this video may be Affiliate Links. This means that I might receive a commission if you purchase through one of these affiliate links, with no extra cost to you :)

[patmartin]

I have lived frugally all my adult life. As a newly wed I was frugal because as a young couple starting out we had very little spare money. Our Friday night (pay day for us both)ritual was our envelope stuffing. If there was any money left we took that for our spending money. As time went on we learnt to save for the future, as our incomes grew we tried to save more and more building an emergency fund and in later times sinking funds. We managed to get through our 50+ years of marriage debt free, apart from our mortgage and occasional car loan for our first couple of cars. We always paid these off as quickly as we could and paid our mortgage off 10 years early. Sadly in 2018 I was widowed but I have and will always continue to live my life frugally . I have taught my children and my grandchildren to do the same.
The peace of mind that having money in the bank and knowing you owe nobody anything is more of a buzz than any unplanned purchase can be.

[gladyschandler]

I'm retired and 73, but I'm frugal because I want to travel more and 1 international trip a year. I already paid my my cruise for Nov. 2025.

[carolepoupard]

With funds left after essentials spending has been accounted for, I pay myself first by saving half of that amount.. above what I have already saved monthly, with the other half, I spend it on myself. Invariably on my garden, which gives me great pleasure, if by chance there's some leftover it's in the back of my purse as a cash reserve.

[janecopeland]

I decided to analyze my spending over a 6-month period. First, though, I wrote down what my spending priorities were. Then I went through 6 months of spending and categorized every penny spent. I was amazed to see that what I THOUGHT my priorities were were not, in fact, where my money went. It was quite the eye opener. So I redid my budget and my spending plans to reflect my priorities and it has been amazing. Great channel!

[melaniefraser]

Great video Nicola 👍🏻 since finding your videos years ago I’ve changed my whole budgeting style and it’s really helped our family especially when my husband was ill and our income dropped significantly it meant the panic was much less as I had things in place.

[gladyschandler]

I'm glad you're back on the channel after moving & remodeling

[MsSarahJam]

Thanks Nicola. I split my salary into four sections: 35% on future Sarah (savings etc), 40% on essentials (household bills and groceries), 20% on lifestyle (treats, yoga, eating out), and 5% on gifting (saving towards Christmas and birthday funds, a charity I support). I used to spend 30% on essentials and 40% on savings but the cost of living over the past two or three years has changed this 😢

[emsiesenvelopes]

Thanks Nicola. This was a very pragmatic no-nonsense video, which I needed! I've been in a real "just give up" frame of mind when it comes to money improvements & need things like this thinking to shake me out of it. Thank you.

[milisuarez-al-nashy]

Great advice and ideas. I only use cash unless I don’t have an option. I work for myself and it is very hard to be disciplined, but there is no backup. So budgeting is a must. 🤗

[Destination-Wealth]

Great video Nicola

Lifestyle creep is a trap that many people fall into. Using that Bonus, Pay rise or promotion to supplement their current status and keep up with the Jones'. Very hard to reign in but oh so important.

You really have to keep that 'Pay yourself first' mindset. Buying new things to impress people you don't know is a fools game.

Instead, whenever you receive a bonus, some extra cash, a pay rise.... Invest it and keep your expenses the same. It's truly amazing what these small increases can do.

Rather than going out and spending £1000 on the new Apple Iphone when your current phone works fine, but £1000 worth of Apple stock instead! (Not investment Advice)!

[cindybroussard]

First budgets, second budgets, and all budgets require tweaking/refining to make them fit you. Mine is pretty standard now but from year to year it needs to be adjusted for changing prices (insurance has gone up massively). When something goes up you need to adjust something else downward (I'm more careful with our electricity use). Priorities change and sometimes you will have met your goal...new sofa, etc, so your savings goals change too. Budgeting equals peace of mind!!! ♥️

[lindastone]

Thankyou Nicola! Very well said. Some great ideas. I am officiallt retiring next month. I wanted to retire early but it did not work out due to extenuating circumstances. I did however, reduce my workload and altered my job, which helped. Once retired, though, I will still continue with a side hustle to help pay for the fun things.
However, the one thing I have learnt, is that there is no quick fix and slow and steady wins the race!
Enjoy Disney!!

[TheCoinCompassChannel]

Those tips are just awesome!
It's so important to live on a budget, sometimes it may feel impossible but this video shows exactly how to do it.
Thanks for sharing it Nicola and I hope I can become as big as you one day

[nzmoneykarma]

We are the opposite- living well below our means- and people wonder why we bother- haha!

[heidi]

Bills are the problem that’s where all my money goes x

[gladyschandler]

I'm working on paying off credit cards, with a goal by 6mos or less.

[ilonaforsman]

Hello Nicola❤ thanks for this video. I'm 67 year old woman and retired because of depression. I'm always home alone and that's why I want to eat at restaurant once or twice a week and see other people. One meal is only 9 or 12 euros (here in Finland). It's not expensive, but because of that I can't save any money. If I have to go to a doctor or by new medicines the budget goes on minus. (Sorry my english is terrible)😊