Simple Money Management: Needs vs Wants vs Savings

[@hellocatwalkcity]

NOTE: Those of you who are detail-oriented will notice that the original pie chart showing the 50-30-20 numbers is proportionally off. The reason is because I simply copied and pasted the chart from the one I had made for my own purposes with our numbers 😅 and only after finishing filming did I notice this mistake! The pie chart segments may look a bit off, but the numbers are accurate, which is most important. 😊 I do hope this video will be helpful to many of you. xx

[@janishani1]

Thank you for this too. Cheers.

[@MY-kh9hx]

Your financial empowerment videos and your rational attitude towards luxury goods shopping are why I subscribed! I cant say how much I love this topic! As a woman in mid 30s, I have been so into saving and investments since I was 30. Before that, I was frugal but shop mindlessly. Now I curate my wardrobe with quality items while save a healthy portion of my income (40%, including mortgage payoff of the investment properties, capital saving part of insurance, compulsory retirement savings, etc). Even though my husband and I are quite healthy financially, it doesn’t stop me from learning more about personal finance everyday. I love to hear insights from sensible people around the world. I think more women out there need your videos to empower themselves to be financially independent and secured. Please keep up the good work. Make more videos in this regard! 💜💜

[@hellocatwalkcity]

I’m so glad to hear this! Thank you~

[@TaraWmsT]

🍏great content; I appreciate this discussion. Thanks for discussing money matters and not just consumerism!

[@dustyshaller4428]

Love this topic - more women need to be financially savvy and truly appreciate any and all tips. I’m a big saver & make sure I have “cash in hand” before any large purchase. Thanks! 🍏

[@hellocatwalkcity]

Absolutely! Financial literacy is so underrated. Good for you! 💚

[@bf5821]

🍏Appreciate your sharing on finance.

[@hasna.h1137]

More videos like this plz ❤️ thank you 🙏

[@melissaleigh81]

Thank you so much for this. Perfect timing for me. My goal for May is to sort out my finances. And I’m so appreciative of how you spoke on this topic. As a single woman who finds finances very anxiety provoking, this was really motivating. Thank you ❤🍏

[@hellocatwalkcity]

I hope you will feel motivated and empowered and that the anxiety will melt away as you take control of your finances! You got this!! 👏

[@hypnoticpoisons]

that was sooooo useful and informative, especially since you used yourself as example. since you are a role model so feels good to know how a successful person uses their money instead of just the average number so to speak.

[@luxehush]

Thank you for sharing!❤🍏

[@tessziegler]

Thank you for sharing!🍏

[@lylarush]

Thank you for sharing. 🍏

[@dvillano1682]

I love any financial management topic. Hope there are more to come. 🙂🍏

[@jhennsoasis]

Thank you for this content! 💚🍏

[@prepandfab6664]

Thank you so much Hannah for this information 🍏🍏🍏🍏

[@MissLAURAB3131]

Love this! ❤It’s a bit more difficult to do when it’s a single income household and a family of 5 but saving is so important and sometimes other things have to give. 😅

[@hellocatwalkcity]

Aw you’re blessed with a big family! ❤️ I can only imagine - but you have something more precious that money can’t ever buy. Cherish it.

[@azsakamoto4582]

Yes with student loans - my husband and I make 6 figures and dont have kids but two fur babies.. we are mostly living pay check to pay check at mid 30s. Car, 401k, house, pet surgeries, food, utilities. No vacations or going out. Praying for help on student loans😅. Thanks for this video!

[@penescoo]

🍏 - Great content! Good advice, thank you!

[@lemontartlett]

Love this! You explained this so well! I will forward this video to my daughter. Thank you! 🍏

[@annietran2688]

🍏 thank you for these videos!

[@hellocatwalkcity]

You’re so welcome!

[@AmberAshleigh35]

Great video and you bring up so many great points. I totally agree that you should ensure you save your money first before spending. I hope you have a wonderful day.

[@hellocatwalkcity]

Thanks Amber!

[@Cbouchard4]

Love your money videos. Please keep them coming. Thank you

[@Cocoalabella]

Thank you! That was helpful! My want is definitely very high and I need to change that!

[@techgirlplans]

You’re the best for helping others with a tough topic! 🍏🍏💚

[@hildakenny513]

Very interesting Hanna 🍏

[@niziashahid3158]

So helpful! I just started working as a doctor so taking baby steps in savings/ investing. Atm guilty for putting a bit more money towards wants because I am finally earning after many years of studying haha! 🍏 ❤️

[@hellocatwalkcity]

Wow amazing! Becoming a doctor is very impressive. I always say, no guilt, just gratitude! I’m sure you’ll find the right balance over time!

[@iloveislandlifekeywest]

Thank you so much for making this video. I am currently in a no-buy year and these type of videos help keep my inspiration up. I appreciate you.

[@janishani1]

"Saving can be just as fun as spending. Treat yourself in a different way." The green apple I picked. I truly appreciate you so much for all the before, during and final work for putting up such video. Notes being purely honest: 1. I actually come here from time to time after these episodes; 2. Luxury items shown here are really not my thing. Although I do love good quality in people and things; 3. Some day, hopefully soon, just like a baby I'll be able to stand on my own feet, give my first baby steps (without allowing age factor to limit and or block my prospects of growth) and moving up from there 🙏🏽 I'll be thankful to you for that, surely 🙏🏽 4. By now your kids are far wiser than I am in finances and economy. Hence, I wish I was be able to join them in your classes despite my age 😄😄

[@hellocatwalkcity]

Thank you so much for such a supportive comment. You will find your way and you will grow more confident and empowered with your finances over time, and I’m rooting for you!

[@janishani1]

@@hellocatwalkcity Thank you so very much once again. Just one last thing, for now. Although it may vary a lot just to have some sense of guidance and orientation: from the chunk on your savings what's the percentage you put aside "sitting still" on a bank account and how much you take out for investments (money flow / passive income) while you were single, when you got married and now after having two children.

[@stellayan2839]

Great presentation ! I love this topic and your way of delivery is simple and pleasant

[@hellocatwalkcity]

Thank you

[@ClaudiaMcFarland-r9f]

Thank you for sharing! Great insight. 🍏

[@hellocatwalkcity]

Thank you for watching!

[@RZpersonal77]

Love this video I try to use the 50/30/20 rule as much as I can 😊🍏

[@GirlGoneLux]

Great video & insight! I’d love to hear more on these topics 🎉

[@caroliegeorge]

🍏 thanks much for yet another fabulous video 🍏🍏🍏🍏🍏

[@abbycatherine8135]

Thank you for this great video! I am also in my early 40s and only started getting more financially aware about a decade ago (and I work in the financial industry, though not as an investment professional or advisor). Lots to comment on, but one thing that really stood out to me. Despite being financially successful, you noted that you are "not special" in regards to earning income/side hustles. Your humility is very refreshing ❤🍏

[@hellocatwalkcity]

I’m so glad you enjoyed the video. Thank you for your kind comment.

[@denileon6906]

Thank you for such an informative and motivational video! 🍏

[@piedwagtailrameau]

🍏 Love this topic - thanks!!

[@egpalencia]

🍏 You’re my idol when it comes to money management. Thank you for this ❤

[@hellocatwalkcity]

Aw thank you 💚 If I can do it, you can do it!

[@IHL15]

Love this content! 🍏

[@chaixtravels]

This was so helpful! Thank you 🍏

[@judysmac]

A lot of people, at least in the tri state area, live paycheck to paycheck bc they have to rent at insane costs and cannot buy bc of, again, insane costs… how do you ever save enough to buy a decent property? It’s tough… fingers crossed the housing market flips… and inflation… and interest rates… 🤞🏻 any further advice is welcome 💜 Great video 💜

[@yulianagonzalez2428]

Thanks for this information babe ❤ I appreciate the effort you put on your videos

[@hellocatwalkcity]

Thank you - really appreciate your support

[@followmyobsession]

Thank you! 🍏

[@hellocatwalkcity]

💚

[@mpeony8861]

🍏❤️🌈 thank you Hannah 😊

[@AlexisBii]

Love this type of content and so glad you’re continuing to branch out with topics on your channel 🍏🩷 That statistic about how many Americans live paycheck to paycheck is a bit dystopian (to say the least), but the best thing we can do is stay prepared, informed, and proactive! 🤷🏾‍♀️

[@hellocatwalkcity]

I’m so glad you enjoyed the video! There will always be alarming statistics - but we can take control of our finances. 😉 💚

[@loum4453]

🍏🍏🍏 very inspiring, thank you 😊

[@yulianagonzalez2428]

Rose forever last more than a year are so pretty ❤

[@hellocatwalkcity]

They really are very pretty 🌹

[@juliequick5526]

I devour any videos I can on the subject of money, even though I worked in the industry my whole life! There is always more to learn and to apply to your life. Thanks for sharing! 💖🍏💖

[@hellocatwalkcity]

Absolutely! My hope is that we can all learn more together! Thank you Julie. 💚

[@christy_i.42499]

🍏 Truly enjoyed another of these money management videos you made! This was VERY helpful, thank you❣️🍏

[@hellocatwalkcity]

I’m so glad it was helpful! 💚

[@rubycheah630]

Thank You Hannah ❤❤ 🍏

[@hellocatwalkcity]

💚

[@keimiyagi3605]

Thank you🍏💕

[@hellocatwalkcity]

💚

[@HappyHomeCrazyFarm]

You already know this, but I LOVE your videos!! 🍏

[@hellocatwalkcity]

Thank you so much! 💚

[@appleblond]

Great video and information! 🍏

[@hellocatwalkcity]

I’m so glad you enjoyed the video til the end! 💚

[@kimberlysanchez8287]

Green apple 💚

[@jeannecruz7006]

Thank you for this video and being so transparent. I think this video is so important. I’m also concerned about the state of financial literacy in our country and social media has a way of distorting things, not intentionally but it only presents one dimension of a situation and doesn’t include everything behind the scenes. Congratulations on all you have achieved and for sharing your knowledge!❤

[@hellocatwalkcity]

Totally agree that social media distorts reality.

[@devincristopher3]

writing out a buget is super helpful for me so i dont go crazy shopping😂❤

[@hellocatwalkcity]

Whatever works! We all need tips and tricks to keep ourselves in check. 😉

[@joyvillavicencio3501]

Thank you for all the concise advice! This truly empowers us women in making financial decisions for our future!

[@stephv7527]

Thank you for this, i always love these videos from you. Please suggest a savings account or what to utilize for my toddler. He is not even two yet, but i want to have some type of savings account but that would have some type of interest that his money can grow etc. Ty

[@hellocatwalkcity]

So glad you enjoyed the video! If you’re already taking care of yourself financially and maxing out tax savings vehicles for your retirement etc, then I suggest you consider setting up a 529 plan for your son. Withdrawals on qualified education expenses are tax free. Or if you want something a bit more flexible, you may want to consider opening an UTMA/UGMA brokerage account and invest in some index funds. He has such a long time horizon, why not take advantage of compound interest and start investing for him. You can always open a traditional savings account but the interest rate will be so low and it will always be behind inflation. If you do want to open a savings account though, I recommend Capital One, Barclays, Goldman Sachs… those generally have slightly higher interest rates than most other banks, at least right now. Hope this helps!!

[@casalist5426]

Thanks…🍏🍏🍏

[@iamjulia9458]

May I ask where do you categorize "Insurance" to? And also saving for "Family Holidays"? Can you also make a video on "Split payments over x months" like Klara etc. Is it a good idea to spend in such a manner ? Its really useful to spend in a controlled manner when one is trying to stick to a budget in a month, yet able to afford certain items.

[@hellocatwalkcity]

I actually covered this in the video. Insurance is under “needs” and holidays/travel is under “wants.” I’ve never taken advantage of the split payments through Klarna but I’ve heard it’s super popular nowadays. It’s an interesting topic. I will consider it for a future video!

[@iamjulia9458]

@hello catwalk city People tend to take advantage of such payment purposes. I feel that one have to be very disciplined and have some ground rules using such payment methods, otherwise it will be another dangerous way of getting into huge debts! 😅

[@hellocatwalkcity]

@@iamjulia9458 I agree, it sounds quite risky without a level of discipline. It also sounds a bit like a headache trying to keep track of all the split payments. But I can see how it may be beneficial for some people on big ticket purchases.

[@g.b2206]

❤

[@marywalquist210]

🌞

[@reachm9606]

One thing that bothers me is the growing travel expenses in the Wants category. We love travel and I don’t want to pull my kids out of school to save on costs. Also I think college tuition in US is ridiculously expensive. Would you categorize kids college tuition as needs when the time comes?

[@hellocatwalkcity]

I can relate as our travel category keeps growing as well! This is not an area that we want to cut though, so I’m working on cutting down other areas in the “want” category such as shopping. As for college savings, we are categorizing it in the “savings” bucket since we’re saving for it now. When we start spending that money that we have set aside, yes, we will consider it a “need.” But even within the “needs” category, there is an order of priority. Shelter, food and even retirement come way before college money. The kids can always take out school loans but you can never take out a loan to fund your retirement. Hope this helps!

[@YosheaLux]

This is a great topic. I love how you got everything in order. I heard a lot are living paycheck to paycheck. It’s sad. I so enjoyed watching this. No money for retirement or future is very scary

[@lindanguyen4340]

🍏 Good stuff

[@hellocatwalkcity]

Thank you 💚

[@bellgirlamy]

🍏 thank you for a helpful video :) I find it hard to lower my need percentage due to high mortgage rate in California :/

[@hellocatwalkcity]

I understand. We were there once too with our mortgage in Manhattan. In order to grow your savings, it may make sense to reduce your wants category for a little while until your mortgage is paid off. Even small adjustments can make a big difference in the long run. Good luck!

[@hypnoticpoisons]

could you talk about the other side where people have too much of a scarsity mindset? i came from a poor family so even though now i make really good money it hard for me to 'treat' myself to things.

[@hellocatwalkcity]

This is a huge topic!! I grew up with the scarcity mindset too and it has taken me YEARS to adjust my way of thinking. I’ll work on a video.

[@yuuyuu2745]

This was so useful. I’m definitely going to use the needs, wants, savings system now! 🍏

[@hellocatwalkcity]

Amazing!! Good luck! 💚

[@thesoftieshyboy4281]

🍏 ❤❤❤

[@Monkey-oy1us]

Green apple 🍏

[@bingkosaurus]

Hi Hannah! Thank you for talking abt this in your video. May I ask, being a dual income family, how do you manage your money for the ‘wants’ between you & your husband, especially for big purchases (like handbags fashion stuff etc)? Do you set out a personal ‘wants’ savings? Thank you ❤

[@hellocatwalkcity]

I don’t have a separate savings for “wants.” We pretty much share all of the expenses and all the savings. Of course with any major purchase, we discuss first. Hope this helps!

[@janetleesteinman9165]

Stay out of debt and save what you can. I was widowed suddenly last year and I wish I had done more.

[@hellocatwalkcity]

I’m so sorry for your loss Janet.

[@marysettergren9035]

Green apple

[@everlastingelation]

🍏 ❤

[@hellocatwalkcity]

💚

[@Lee73Lee]

🍏

[@hellocatwalkcity]

💚

[@YusN9]

🍏 thank you so much for this Hannah! Women around the world need to understand and prioritize their financial wellbeing. I'm not American but your advice is valuable nonetheless!

[@hellocatwalkcity]

💚 💚 💚

[@steffiej6380]

🍏❤

[@hellocatwalkcity]

💚

[@Luxtalkaboutit]

This was so helpful! I’m in my mid twenties so definitely want to be conscious about my finances. Do you have any videos or tips for lowering/cleaning up your debt?

[@hellocatwalkcity]

I’m so glad it was helpful!! For paying off debt, I would say start with the debt that has the highest interest rate and then work your way down. Also, see if you can transfer some debt to 0% promotional interest rate cards for a few months and steadily pay off your higher interest debt in the meantime. Good luck!! 🍀

[@Mia-sp8jc]

🌍🌍🌍

[@jodyanderson7809]

🍏👍

[@hellocatwalkcity]

💚

[@jackieduplessy1459]

Green apple 🍏 lol

[@hellocatwalkcity]

Aw thank you Jackie! 💚

[@katrinapineda6873]

I live in such a different world. We have no government savings.. we have SSS and that's it 🥴 Our healthcare is also a joke

[@BobaNuWong]

🍏🍏🍏

[@hellocatwalkcity]

💚

[@hh565]

🍏👍🌹

[@hellocatwalkcity]

💚

[@gorgeouss79]

Housing has taken up more than 1/2 of my budget 😢

[@hellocatwalkcity]

Don’t be discouraged. We were in the same scenario in the past. Anyone living in a high cost city like NYC or San Fran etc… can relate. Over time, increasing your income and/or decreasing your spending in other categories may help to grow your savings category. For now, stay focused on what you can control.

[@gorgeouss79]

@@hellocatwalkcity Yes, thank you! Staying focused is sometimes hard but I am trying my best.

[@carriechun6178]

Thank you! 🍏

[@jackieduplessy1459]

Great video! ❤

[@hellocatwalkcity]

Thank you Jackie!

[@jamelsydney2737]

🍏 ❤

[@hellocatwalkcity]

💚

[@_livoutloud]

🍏❤

[@SugarberriesT]

🍏

[@hellocatwalkcity]

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[@belindajonelle]

🍏🍏🍏

[@PinkPixie01]

🍏

[@hellocatwalkcity]

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[@mandalmaadorjdagva]

🍏🍏🍏

[@drcynthiabmcneill]

🍏

[@hellocatwalkcity]

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[@aggiesmiles]

🍏🍏🍏

[@emailshs]

🍏

[@hellocatwalkcity]

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[@shifatanowrin4931]

🍏

[@hellocatwalkcity]

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[@Heythere97115]

🍏

[@hellocatwalkcity]

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[@nashsilverstone]

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[@Rose06906]

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[@melanielewis6467]

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[@laurenschoonmaker8557]

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