You’re trying to be frugal and save money and pay off bills like me, but maybe it’s just not working. I’ve read many articles and even bought eBooks but it wasn’t sinking in or motivating enough for me.
Maybe you’re more of a visual learner like me? I like watching things being explained to me than looking at it on paper. So, I’ve gathered 10 Videos and TEDTalks to inspire you, to teach you, and help you get started on your own path to being frugal and debt-free.
I picked these videos as they’re relaxed, easy to understand – no fancy-smancy wording, and they’re real people who’ve gone through this.
This makes it more believable rather than some Salesman spouting off jargon and then at the end goes “now for 19.95 you too can…”. Nope, won’t go for those.
First, some pep talk:
1. Man vs. Debt
I chose this video first because before we can get started we need to be inspired. It helps to see how other people in the same situations as ourselves solve their problems.
Adam Baker explains in his TEDx lecture how to “sell your crap, pay your debts, do what you love”.
Now let’s start with getting rid of our excessive stuff. Let’s admit it, we do have too much stuff. Ever spend 15 minutes looking for something under several piles? We also have a tendency to want to buy more things too – not good when you want to be frugal.
Josh and Ryan have been teaching people (over 20 million so far) to live better and be happier with less stuff. A bonus is that after your “Packing Party” you can sell your stuff for extra money as well.
3. Dave Ramsey
Now, many of us who do a simple search on getting out of debt will mostly likely see Dave Ramsey’s site. He is pretty popular because his plan actually works!
He has many videos and podcasts to listen to on how to get out of debt. He also has a book that explains everything in layman terms and step by step. He lays it out in this video:
First before we even begin, we need to change our mentality about money. There are so many stories of people getting out of debt to only fall back into again, people winning the lottery and spending it all, and those who just perpetually stay in debt.
Sometimes taking a blunt look at money and asking ourselves “is this necessary?” can really help focus our minds on getting out of debt and that ultimately is the secret to a satisfied, comfortable life.
You may have seen many different articles, such as this one on Frugal for Less, about the importance of a budget. Having a budget is a major step towards getting debt free and being frugal.
It shows you where every dollar is coming and going. You can’t skip this step and expect to be successful.
“Living Even Keeled” shows you how to create a simple budget on paper. If you want to get a budget done quickly and easily, this would be a great video to watch:
“Abyssal Spark” shows you step by step on how to create a budget on Excel in a 5-Part series. This is Part One:
Trimming the Budget
Now that you have a budget, it’s time to get to work. First you need to find ways to trim back your budget – determining your needs vs wants and finding ways to save money here and there. It’s pretty simple to determine:
|– Living Space (Rent, Mortgage)||– Memberships & Subscriptions|
|– Utilities (heat, electric, water)||– Drive-thru meals & coffees|
|– Food||– latest gadgets|
|– For Work (clothes, licenses, etc.)||– fringes|
6. Break Bad Habits
It’s pointless to scrimp and save when you’ve still got some bad spending habits – some you may not even be aware of. Here’s a quick video on 12 of them:
Don’t Get Discouraged!
It may be hard to give up some things you’ve been enjoying (like those 300+ channels) and you may not want to start this process.
Let me show you a video from “Our Life…On a Budget” and how they paid off $30,000 of debt in one year!
Getting Out of Debt
Once you’ve looked at your budget and trimmed away the fat to get down to the lean necessities, it’s time to start paying off your consumer debt with some of the “found” money you now have.
I really enjoy watching “Beat the Bush” explain how to pay off credit card debt. He clarifies in detail about understanding credit card debt and the interest rates.
As soon as you have a debt-paying plan in place, you should start building your savings. I believe you should actually have several savings accounts for the various savings goals you need to accomplish.
These are: emergency fund; college fund (for you or kids); health savings fund (HSA); retirement fund; vacation fund; and any “Goal” fund (a new car, new TV, etc).
Again “Beat the Bush” explains how to find the best Savings accounts to build your savings faster:
Congratulations, you have a budget, an attack plan for getting out of debt, a strategy to build your savings and you’re determined to get debt-free. Awesome!
Now the real work begins – sticking to it! Nothing happens without work and how successful and how quickly you get out of debt depends on how hard you work – plain and simple.
10. Richard St. John
I’ll leave you with one last Ted Talk by Richard St. John about 8 Secrets to Success: