How To Save Money | Emo Ikede MBA, B. Sc, PMP | Skillshare

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

10 Lessons (42m)
    • 1. Introduction

      2:19
    • 2. Course Guide

      1:00
    • 3. Your Budget

      8:32
    • 4. The Big 3

      0:44
    • 5. Accomodation

      5:26
    • 6. Transportation

      7:57
    • 7. Food

      6:03
    • 8. Credit Cards

      4:19
    • 9. Utilities

      4:24
    • 10. Wrap Up

      1:05
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About This Class

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This course covers practical ways to reduce your monthly expenses.

We examine the top 10 areas you spend money each month and dive in to uncover ways to spend less and get more value for your money.

  • Teach you how to analyze your spend decisions and patterns so you can reduce your household expenses, debt and save money.
  • Importance of Interest Rates and Credit Scores
  • Starting with the Importance of creating a Budget.
  • Recognize areas to save money. (House – Food – Interest – Insurance – Communication - Transportation – Entertainment – Utilities - Shopping)
  • and much more.

Meet Your Teacher

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Emo Ikede MBA, B. Sc, PMP

Live - Learn - Share.

Teacher

Hello, I'm Emo.

I love learning, sharing productivity, efficiency and money saving tips.

I built my company www.ejitech.com to do just that, and I look forward to creating content on this platform to help people find their best self and live their best life.

See full profile

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Transcripts

1. Introduction: Hello and welcome to money saving tips for individuals and families. In this course, you would learn how to save money by examining how you spend money so you could find the areas with the greatest room for savings. First, we'll start with the importance off creating a budget, which is the foundation off your money management. Then we'll analyze your top expense areas like your house, car, utilities, food on much more to show how you can spend less in those areas. To help explain concepts. I will give examples of how I have applied this concept to my personal finances. No prior knowledge is required to take this course. It is geared towards anyone who wants to learn to save money. My name is Emo. and I created EjiTech to show people how to live within their means. be debt free and managed their money better. So 2010 I have created on delivered workshops to thousands of people and enjoy seeing people make simple, small changes that provide being improvements to their finances. For the class project, you will estimate how much you'll spend in two weeks and track how much you spend to see the difference between estimate and actual results. The goal off the project is to get into the mindset of budgeting and tracking your expenses so that you learn your spending habits, uncover any surprises and learn to manage your money. I provided 2 documents to help you complete the course. The first is the budget template and the second, the experience tracking sheet. They're simple, effective and can be completed very quickly. I will go over how to use each one. Remember, you can take control of your finances, join me on this course and let's get started. 2. Course Guide: This guide will help you get the most from this course. To do this first, watch all lessons so you can get an overview of what the course is all about. Second, create a budget. This sets the foundation for your financial plan. Third review the checklist provided so you can target areas to start making changes. Fourth. Watch the first lesson again and fifth right down changes you will make and start taking action to make changes, according your plan. Seven, watch the next lesson and do the same things as you did above. You could do this for all other lessons till you get to the end. Now let's go to the next lesson to see how easy it is to create a budget. 3. Your Budget: In this lesson we're going to talk about Budgets, what it is, why you need one and how to create one. We would also give an example of creating one with an Excel spreadsheet. A budget is an estimate of your income and expenses for a set period of time. You can create a weekly, monthly or yearly budget. For this lesson, will look at starting with the monthly budget because that's just enough time to give you a glimpse of your spending pattern. Now you need a budget for a couple of reasons, which include to stop overspending, to see your income, coming and your expenses going out. A budget also helps you to reach your goals for example, getting out of debt, saving up for a home, starting on your own business and so on. A budget also helps you to save money, and it puts you in control by prioritizing your spending to what is important to you? The first thing you need to do is to choose a tool for your budget. That's the first step it could be as simple as writing it on a piece of paper although for efficiency, you are better off using the spreadsheets, Phone App or the website where automatic calculations are done for you. So again, like I said, it could be a simple as writing it on paper. You could use a spreadsheet like Excel. where totals are automatically calculated for you. I have included a budget template that it's simple to use and customized to your needs. You could also use a Phone App, which could download from the android marketplace or from iTunes. Many are free, and others have a low monthly cost. That's the same with the website. There some websites where you could get a free budgeting tool or you could pay for one. The key to deciding on which one to use is to select one that you find easiest to record or track your expenses. Remember, your budget is only as good as the data you enter. I included an Excel template that you can use to create your family budget. It is very simple to use, and here's how. The template is made up off three tabs. The first is the Cash-Flow tab, which you can see here that gives you a summary of your monthly income and your monthly expense to let you know if your over or under. The second tab is your Monthly Income where you go in and you add all your income sources. If you need to add an additional income source, you simply just click on insert and you type the name of the income source and the amount that you projects to get, and then at the end of the month, you could include what the actual amount is. The next tab is the Monthly Expense tab, and this is where you will do most of your editing because this is where you include all your monthly expenses. Again, if you need to add additional lines, expense lines, you simply just click on the insert button to add the row and then you type in whatever it is. that the expenses is and the Excel spreadsheet will automatically calculate that for you. So there you have it. It's very easy to use. Again you just have three columns. The cash flow, which is the summary, your monthly income. where you put in all your income sources and the monthly expense tab where you go in and you put in all your monthly expenses so that the spreadsheet will give you a good summary of how much you earn and how much you spend, for each month. The second step, when creating your budget after you have picked a tool, is to make sure your capture all the spending areas. Take time to make sure you include all the expense areas. If you are in a relationship, it is a good idea for you and your partner to create your budget so it reflects all your household income and expenses. The third step in your budget plan is to track your spending. Try to enter you expenses the same day you make them. Most people find it less intimidating and less confusing to do it this way. You can use a budget app on your phone to track your spending as soon as you make it. It is important to record all expenses so that your budget is a true reflection of your financial reality. Don't skip any expenses. The fourth step is to analyze your budget and you look for surprises. Is our areas that you spend less than you budgeted? or, areas where you spent more. In areas where you spend more, you would change habits. For example, if you find that you spend more money on sections like eating out or going for coffee, you could make changes to that. For example, making your coffee at work, packing a lunch or reducing the amount of time you eat out in a week. If you find out that to your budgeted amount for an expense category is high or low, that is unrealistic, you can make adjustments as required. A good budget allows some flexibility so that if unexpected expense occurs in one area and you have extra money in another, you can move money around to cover the expense. Now there's one area should try to leave alone, except for when you're adding money to it. And that will be the savings category. So if you allocated 10% for savings, try to leave that alone, except in instances where you have extra money to add to it. To summarize a budget is the foundation that gives you control of your finances. You can implement your budget by following the 4 steps we talked about. The first is you select your budget, tool, which could be paper spreadsheet, app (phone app) or a website. The ones that do the automatic calculations for you. The spreadsheet, App or website are best, because you don't have to spend time trying to make calculations, and you could print out reports to see how much you spend in each area. The second thing is to create your budget and make sure you include all expense areas. The third thing is to track or record all your expenses every time to spend money enter it into your budget and the fourth one is to analyze your budget at the end of the month, look for spend surprise areas and make appropriate changes to bring your budget back in line Now that we have created your budget, we can move to the next set of lessons. We will examine each of your top expense areas to show how you can reduce costs. 4. The Big 3: The next lessons are called the "Big Three" because they account for more than half of all our expenses. According to a recent survey off total household expenses, we spend 29% of our income on housing, 20% on transportation and 13% on food. When you add it all up of these three expenses account for an average of 62% of all expenses. For this reason, I believe that is three areas provide opportunities for the greatest savings. Now let's go over each of these three areas to see how you can save money. 5. Accomodation: We all have to live somewhere, and it costs money to buy or rent a house. As shown in the previous lesson. On average, families spend 29% of their income on accommodation, so that's whether they're renting are living in the House. This lesson is to show you ways to reduce how much it costs you for your living expenses. We'll start out with the renter scenario. If you rent, there are a couple of ways you could reduce your expenses. Keeping in mind, you still have to figure out the best location based on your daily routine. One of the easiest ways is to have shared accommodation as a renter, because if you have a roommate, you end up splitting utility costs. That's your water. Your light, electricity, internet and also your rent. You split the amount you pay in rent so you end paying almost 40 to 50% less than you would if you live in a place just by yourself. Now as an owner, this happens to be your largest expense, and before you start looking at houses, it is best that you establish a budget. This is even before you go to the bank to figure out how much of a loan you'll get from them. It is best to use a mortgage broker so they could go out and hunt for the best interest rate of the best mortgage rate for your house. You don't have to pay a mortgage broker. The bank takes care of that for providing the business. So their job is to go and find you the best rate. While talking about the mortgage broker, Try to get a rate that has no frills attached to it. So you didn't want cash back mortgage or anything like that. You just wanted straight mortgage loan, or a mortgage rate that will give you the lowest rate possible. And also look for features that allow you to increase your monthly or weekly payments when you have extra cash. Look for opportunities to increase your down payment so that the total amount of money you borrow is reduced. Regarding the amount of money borrowed, when your bank gives you a mortgage amount that you are approved for, it is best to spend less than what you're qualified for, so that when you give yourself enough wiggle room, just in case you have future expenses that come up, So you're not living at your max. When you have a mortgage and you get one that has repayment privileges, make sure you use them. So this could be things like making extra lump sum payments, making additional payments where you double up the amount of money you pay each each month or each week depending if you go on a bi-weekly mortgage plan. The key here is to use all available features of your mortgage so that at the end of the day, you end up paying less money in interest to the bank. That's more money in your pocket. The key points are your remember to budget before buying, so you don't buy too much house. Keep in mind that the price of houses very based on location, So if a house is in a prime location like downtown, it tends to cost 20 to 30% or more than if you move out into the outskirts. The key is to make sure you're not too far where the savings in house negates the amount of time you spend or money you spend in trying to transport yourself or commute from home to where you typically do business. Also, if you have a house, look for ways to make income. For example, you could rent out a room in the house so you get some extra money in rent that you can use to pay off your mortgage faster. Take advantage of a morgue mortgage broker so you can get lower interest rates. Their job is to help you get the lowest rate out there. The go do a search, and you don't have to pay them for that. And lastly, take advantage of all repayment privileges as you're able to. So if you have extra money, you can put down a lump sum to help reduce the borrowed amount or help reduce the principal amount you owe. Also, you can make additional payments on your regular payment schedule. So I guess some of the privileges include being able to double-up your payments or maybe add 10% more on a payment with the goal that at the end, you pay less interest on your mortgage 6. Transportation: We all have to get from point A to point B. This is where transportation comes into play. Transportation, as we said in the earlier lesson, accounts for up to 20% of household expenses. So it's an area where, if we do not pay attention could end up spending a whole lot more money than we intended to. When you consider that the average car in North America cost $32,000 - that's the average new car, and the average person changes or buys a new car every eight years. It's very easy to see how this can ads up. So, for example, if you work over a 25 year period, lets used a new car price of $25,000. So if you buy a new car every eight years, the first year you will spend $25,000. On the eighth year, you spend about 25 which is $50,000 and you keep doing this by the time you get to the 25th year, you will have spent $100,000 on cars. This is based on the average price of $25,000 for a car. Now, when you also look at the average family has two cars that could easily amounts to $200,000 over a 25 year period. So the question becomes what ways or what strategies can we use to reduce the amount of money we spend on transportation? Understanding that transportation is the necessity. We have to get from point A to point B in spite of the Internet. So one of the things you could do to reduce your costs is to buy slightly used cars. When you look at the price of a 4 to 7 year old car, you realize that it's way less than 50% of the price of a new car. So if you take that $25,000 car, if you have to bide when it was 4 to 7 years old, you could end up paying $10,000 or less for the car. And if you get a good mechanic to take a look at it and give it a thumbs up or thumbs down, you get a good deal for a car that will last you between 6 to 10 years. But you end up paying a fraction of the cost of buying brand new. Another way you could save money is to consider alternative transportation. If you live in a location or town that is well serviced, you could take public transit to save money. You could also walk to certain areas as opposed to driving. You know, you could plan your trip so that you could stop in sequence to all the places you need to go. So you end up saving money on the trip as opposed to, for example, going to the grocery store every single day to buy things instead of writing out a list of things you want to buy and going once a week to save money. Another thing you should consider when buying a car is the total cost of ownership. It is not just how much you pay when you buy the car, but it's how much it costs to maintain the car, to buy gas, etc. Fuel economy, to insure the vehicle. Depending on which call you by the price for all of this could, you know. vary vastly so you could call your insurance agent and ask how much it costs to insure setting types of vehicles and you realize that you could be paying $200 a year more just based on the kind of car you buy. And if you buy a car with good fuel economy, you spend less on gas getting from Point A to point B. Also, if you look at cars that have a good track record for reliability, you could end up spending less money going to the garage. If you buy a car that is very reliable. Now it's part of the total cost of ownership. You should also consider how much it costs to insure the vehicle. Now we could take to cars to the insurance company and ask for quotes and realize that one based on repair records or crash test my costs way less than the other. Now, some of things you can do to reduce your insurance costs apart from picking a vehicle with a lower insurance costs is you could shop for your insurance policy. So I always tell people that come to my sessions to send out multiple requests for quotes to insurance companies, and you could simply just know type the same thing cut and paste it into an email and email it to the other companies, asking for a quote based on your situation. And your situation could be Do you have a house and two cars in the household? Could you lump up (combine) a number of products into an insurance policy so that you get reduction from having many things insured with a company. So by asking for quotes, you could find out that the price you have now is okay, or it's lower than what else is out there, which is a good price to keep or that it is much higher than the average, at which point you can show the quote to your insurance company, which might match the price or if they don't, Well, you could move to another company to keep more money in your pocket. When you use the scenario of the average household spending $200,000 in 25 years on cars. Now what they are able to drop (reduce) that to $50,000? Because what used cars? You know they could take the difference. That's $150,000 that in spending cars and use it to pay off debt or put it on the principle of their mortgage to help reduce how much they pay for the house in interest. Actually, that was the way my wife and I were able to pay of our house in such a short amount of time. It was because we buy cars that are between, you know, like I said, between 4 to 7 year old, and we get our mechanic to take a good look at them and he tells us if they're keepers, or if we should look for something else. We've been able to take the amount saved to put on our mortgage, and that's how we're able to pay off first house very quickly to summarize this lesson. There are many ways it could reduce the amount of money costs for transportation. You should consider the options you have, like public transit, ride share to make sure that you're spending the least amount of money to get from point A to point B. Now, the next time you want to purchase a car, you can consider buying a used car, one that is within 3 to 7 years old, so you could save a lot of money in initial cost. Also check out the total cost off ownership before you buy to make sure that the car you buy doesn't cost you a whole lot to maintain over the life of the car. Second, when it comes to insurance, remember to get at least four quote so that you find out if the price you have is good or if there's something cheaper out there. You can also increase deductibles you have on your vehicles so that you reduce the amount of premium you pay each month or each year. You should reduce the deductible to something you are comfortable paying out of pocket should you need to use your insurance policy. And you can also reduce the coverage you have on older vehicles. When it comes to insurance depending on what rate you are given, or when you your quotes come in, you can get your current insurance company to match. Or you could switch if the price is much higher than the quotes that you got. And also remember to repeat this process every year. So you find out if you are getting a good price, there you have it. these are just three steps you can take to make sure that you spend the least amount of money to get comfortably and reliably from point A to point B. 7. Food: I love food. I believe it is one of life's pleasures. The question is, how do we eat for less? How do we reduce the amount of money we spend on food? Food is one of those things that if we don't watch, we can easily double or triple our expense. Think about it. If you always eat out, don't plan your meals or grocery shopping. You can easily increase your food expense by over $5000 a year per person, based on simply spending $15 a day eating out. The good news is that food expense one of the easier ones to get under control because only two things have to be changed. The first is our buying habit, and the second is be willing to prepare meals ourselves instead of eating out or buying packaged food. Keeping your food expense in check involves planning and self discipline. You can do this by planning your meals, making a grocery list and sticking to it, monitor and reduce the amount of times you eat out. Pack a lunch to work. Utilize store on association discounts. Keep in mind that to reduce costs on food, you can take advantage of bulk buys. For example, buying a bunch of bananas instead of a single one. Buying a bag of apples instead of buying a single apple. You could take advantage of sales cycles. Quite a number of times stores get certain items on sale every month or every two months. For example, the store in our end, has chicken on sale every two months. So I could buy enough to last me for two months and then be ready to buy again the next time. So I end up paying, half the price because of buying through sale cycles. Also watch out for impulse buys is that when you show up at the store with the list in hand and you come home buying something else that you didn't plan to buy, one of the things you could do is if you think you want to buy something on impulse, sleep on it for a couple of days. You know, um, write it down and just wait. I need to see if you truly need it before you go to buy. It's also the thing called Latte Factor. That's if you imagine the cost of buying latte's every day or buying a premium coffee, and you multiply that over a year to see how much you would spend as opposed to if you made it yourself. For example, if you bought a premium drink at $5 and you bought one every day of the year, it will cost you $1825 a year for that. And if you spread it out over 10 years, that would cost you $18,250 just to buy that premium beverage. Keep in mind you could make that yourself for about 10 cents, and if you did that, your numbers will run. As such, it will cost you $36.50 a year. or $365 in 10 years because he made it yourself. That is over $17,000 saved just because she made the same thing yourself. Here are some ways I did just that, especially when I was a student. I went shopping for groceries on Tuesdays because the local stores in our area gave a 10% discount to student on Tuesdays on everything they bought in the store. So all I had to do was show my ID. and well I got my 10% savings. That worked out to probably about $700 a year because I bought things for my family, for the household on Tuesdays, I make my tea at work instead of going down to the cafeteria to get one again. It cost me about 10 cents a cup instead of paying $2 at the cafeteria. If you multiply that over a year, that's over $700. Saved. Most days, I bring a packed lunch to work, which works out of about $3 per meal instead of eating out for 10 to $20 a meal again, that amounts to over $6000 in savings. We also stock up on canned or dried goods when the going sale. Like I said early on, we buy enough meat and chicken to last us through each sale cycle. We buy fruit in bulk instead of a, single item. The key is we try to get as much as we can consume before they go bad, so we don't waste anything. The truth is, when you plan and follow through, you can eat well for less and reduce the amount of money you spend in the food category, which in turn reduces the amount of money your family spend on your food budget. So your action plan is to plan you meals. Make a list of the things you need based on your meal plan. Try to get things and sale. Look out for discounts. Watch out for the sales cycle so you could buy things at a discount of 40% or more and buy enough to last until the next sale cycle. Also, monitor things like eating out and the latte factor. I am not saying you shouldn't go out and have a beverage every now and then with friends. But just keep in mind that if it's something you could make yourself and you do it often, there's a lot of money that will be going out because you are getting somebody else to make you coffee or tea for you when you can make it yourself 8. Credit Cards: Credit cards are convenient and practical, but if not used properly, can be very bad for your finances. Remember that credit cards are high interest loans, and when you carry a balance, that is, when you don't pay your balance at the end of the month, it ends up costing you a lot of money in interest. To help explain how much you pay interest, we'll use a concept called the Rule off 72 which is where, if you divide 72 by the interest rate your card charges, it will let you know how long it will take you to double the amount of money you owe based on interest charges. Using an example of a card that charges 20% interest. Say you have a $5000 balance on your credit card, and your card charges 20% interest rate. If you only make the minimum payments each month, but still charge enough to maintain the $5000 principle Here's how much you would end up owing over time. So based on the rule of 72 for interest calculations in this example, if you divide 72 by 20% you will get 3.6 So 3.6 is the number of years it will take to double the amount owed if you mentain the same balance or don't make payments. So, for example, the first year you would owe $5000 and in 3.6 years that would double to $10,000 and in 10.8 years you would owe $40,000. The difference between the $5000 and $40,000 you pay in the end is just based on interest that you pay. That builds up almost over 11 years. When it comes to using your credit card, there are some things you can do to protect yourself and pay the least amount of interest. They include treating credit card like cash. That is, if you don't have the money to pay it off, don't charge it. Also, try to pay off your balances at the end of each month. If you can't pay, all pay as much as you can. Did not charge purchases on your card just to get reward points. Keep in mind that if you get a 3% cash back or reward, but carry a balance of 20% you are still down 17%. Limit the number of credit cards you have. Having too many negatively affect your credit score and most importantly, will keep you exposed to overspending. Last, you can also call your credit card company to ask for a lower rate, and if your account has been in good standing, there's a good chance you might get the lower rate. Now, I understand some people carry balances on multiple cards, so I figured at this point it would be nice to talk about the two main strategies for paying off balances on your credit card. The first is called the Snowball, where you list all your cards in the order of the most balance to the least balance. and then you pay of the card with the smallest balance first, and then move on to the next. Second strategy is the high interest first, where you list all your cards in the order of the highest interest to the lowest interest rate, and you pair of the card with the highest interest first, although this Snowball method gives you the feeling of accomplishment sooner when you pay off the first card, the truth is the high interest first strategy saves you the most money in interest costs, so it is the one recommended. Lastly, to keep your credit card spending in check, you should be mindful of the habits that gets into credit card debt in the first place so you can avoid it in future. 9. Utilities: Depending on what part of the world you live in heating or cooling accounts for most of your utility expenses. If you live in the climate that experiences winter, your heating bill increases a lot during the winter months to warm the house. On the other hand, if you live in a warm climate, or tropical climate, you spend a lot of money trying to cool your house. One thing is certain whether you heat your house with a heat pump, electric baseboard, gas or geothermal etc. if your house is not well insulated, you could spend up to twice as much heating or cooling your house because of heat loss or cooling loss through the walls, windows and the roof. Now, although there are other utility costs like water, we are just going to concentrate on heating, cooling and electricity in general. because these account for the bulk of the amount of money you spend in utilities. When it comes to saving money on utilities, there are two parts to making your home more energy efficient. The first is to seal air leaks so you keep cool or hot air from entering or leaving your house. The second is to use energy efficient appliances. These use less energy, which cost you less money and is usually better for the environment. When buying such appliances don't simply compare costs, it is best to compare efficiency ratings, so you ensure you get the ones with the least cost to operate in the long run. Here's a picture from the E.P.A. showing potential areas for air leaks around your house. As you can see there are many points that you could have cold air coming in or hot air leaking from the house. Here are some tips to seal air leaks. First, test your home for air tightness. You could get a specialist to do this. They will come in and run a compression test and will tell you the areas that they're leaking. Caulk and weather stripped doors and windows that leak. You could also caulk and seal leaks were plumbing, ducting. or electrical wiring comes through the walls, floors, ceilings soffit and over cabinets. Install foam gaskets behind outlets and switch plates on walls. Cover single pane windows with storm windows or replace them with more efficient double pane low emissive windows. You can use foam sealants on large gaps around windows, baseboards and other places where air may leak. Cover your kitchen exhaust fan to stop air leaks when not in use. Check your dryer vents to make sure it's not blocked. This are just a few examples of some of the areas you could seal to make sure your home is more efficient. When you're cooling your house if you can keep most of the air inside the house, the cool air inside the house you save money because you don't have to spend money to cool the place even more. The same thing If you're heating your house and you can retain the heat in the house, then you don't have to spend as much money to keep the house warm. So to summarize your action point from this lesson on utilities are to First do an energy audits of your house to find out any areas where you have a leaks. Second, improve insulation by plugging or insulated, caulking any of the leaks that brought up during the audit and last buy efficient appliances. When it's time to replace your appliances buy the most efficient models you can afford, this will ensure that your operations cost are low, which in turn saves you money 10. Wrap Up: Congratulations on getting to the end of this course. We reviewed your top expense areas and now you know how to spend less in each one of them. Remember that the three biggest areas for savings are Accommodation, Transportation and Food. Be mindful of credit card used and most importantly, remember to use a budget app or a budget spreadsheet or any budget whatsoever to track your expenses. So you know how much money is coming in on how much money is going out. Don't forget to do the two week expense tracking project to get you started on your journey. If you have any questions, feel free to contact me of this platform. Or you could reach me directly on my company's website, which is www.ejitech.com and I'll be happy to answer any other questions you have. Thank you very much once again. And I wish you all the best in your financial journey. Thank you and be well, Goodbye