How I paid off $20k of DEBT in 6 months | EXTREME FRUGALITY

[@blessedbygod3430]

Thanks Spencer. I paid off 75K in 36 months worked crazy overtime and cut the budget drastically. GREAT RELIEF!

[@spencers-adventures]

Wow that’s huge! Great work and thanks for sharing :)

[@willm5032]

My current office has a full kitchen, I save a goddamn fortune ~£10 a day, by cooking my own meals at lunchtime. Combine that with eating a breakfast bought from home and it makes a huge difference. I still get myself a treat from time to time, but I must be saving close to £200 a month just on not eating lunch at cafes etc. Would advise anyone that your own lunch and breakfast is a great way to save and not really notice

[@spencers-adventures]

You’re right, taking care of meal costs like you have is such a huge way to save! Those little costs like meals out seem like nothing in isolation, but they really add up. Great tip buddy!

[@Meat-Puppet]

I felt this same panic when I signed a car lease a year ago. I felt like my freedom took a major hit and the worst part was the guilt that I already had a functioning car. That motivated me to get rid of my 16k credit card debt and now I have almost 50k saved. I want at least a year of expenses at all times which for me is a tight 50k or a comfy 60k. When this car is paid off in 2 years that will be an even bigger weight off my shoulders but at least it taught me that debt is slavery

[@spencers-adventures]

Love this story - that’s great that you’ve saved so much! Thanks for sharing your experience 👍 you’re 100% spot on with the last line. Dave Ramsey always says, “the borrower is slave to the lender.”

[@Luncheon23]

This is such an honest account, told from the heart. Thank you. It is inspiring me to reach my own financial goals.

[@spencers-adventures]

Thank you :) really appreciate your comment!

[@YOLOBNB]

I am so grateful that one of your videos came up in my feed. This one in particular felt personal somehow even though I am not facing a debt crisis. There was a time when I worried abouy my financial situation but I salvaged it before it became a problem. The most striking point was selling off the 'things' that you do not need and also sharing the possibility that you can still get it at a later point in time. I am so happy for you. Do keep the honesty in all your videos. It's something that comes as a luxury these days.

[@spencers-adventures]

Thanks very much for the kind words - I’m glad to hear you enjoyed the video :)

[@buckyyyb]

this was incredible. One of your best videos. It was such a punch to the gut hearing about how stressed and lost you felt. Thank you so much for sharing such a vulnerable part of your life. Your perseverance is beautiful and endlessly inspiring. There is a light at the end of all of this ❤

[@spencers-adventures]

Thank you so much for the kind words :) it makes me so happy to know you enjoyed the video so much. Glad the personal aspect was appreciated - I know most money issues are normally kept private but I think getting personal can really help people struggling feel less alone.

[@edwardjacknitsky5630]

This came up in my YT feed. I really enjoyed it -- and subscribed.

[@spencers-adventures]

I’m so glad you liked the video :) thanks for the comment!

[@christophermcleod1353]

Fantastic video. I can understand your pain with the Guitars. i had to sell my Guitars a few years back. That pain... But as you said, the freedom of being debt free and the sense of ease... priceless!

[@spencers-adventures]

100% the feeling of relief is worth the pain! Glad you agree as a fellow guitar-guy!

[@RandomRabbitHoles]

You sold things you "couldn't afford to own" is a very mature way of looking at belongings and debt We still fight the want-vs-need battle.

[@spencers-adventures]

It’s a process and mindset that I’m working on improving at every day - definitely not perfect yet! Thanks for the comment :)

[@lindagbukvic9441]

Due to a few circumstances our kitchen was non-functional. I got permission from our church, to use their kitchen facilities. That was very generous of them and a blessing to us.

[@adamwragg4606]

Thanks Spencer! I did this earlier this year as I've told you before I think, to pay off my wife's credit card and money for this year too, selling my collectables or most of them. I used to go to the supermarket when I lived on my own and spend as little as possible each week and make it a challenge lol!

[@spencers-adventures]

I love the idea of making the supermarket run a challenge to spend less - great tip Adam! Keep up the good work, and congrats on paying off that card!

[@adamwragg4606]

@@spencers-adventures yeah it was good when I did it. That was before the world is as it is now though 😅 I couldn't do it now, the prices are too high and I have 2 kids 😂 Thanks Spencer, yeah I was really plesed and selling stuff to pay stuff off and have some savings is a feeling you want to keep going

[@user_account_youtube]

Resources in the end was a solid choice 👍 Thank ya!

[@sharonsomers]

I've started baking my own bread in a bread machine. A loaf of the kind I'd buy is nearly $4.50. Insane. I cut the recipe in half to make a smaller loaf, and have fresher, nicer bread, and for around 1/4th the price. That's one small area to cut down costs in, making more home made meals is healthier and less expensive than take out or prepared ones.

[@Nicobreizh]

Depend on where you live , here in France there is no interest to bake you’re bread . Can you tell me which is the price of one kw/hour on your country ? ( for my personal knowledge)

[@spencers-adventures]

That’s a great idea Sharon! Baking bread is such a nice way to go - especially because you can control the ingredients too

[@spencers-adventures]

Yeah I think France has it a bit better in this case Nico. In most towns in North America the store bought bread is extremely low quality compared to what’s available in Europe. Pricey and using tons of filler ingredients - nothing like the fresh bread that people can make at home. I’m lucky that I live in a big city and can acquire a large day old but natural loaf for $1.50, but that’s not the case for most towns. I think Johnny Harris did a video about this topic specifically, “How The U.S. Ruined Bread.”

[@sharonsomers]

@@Nicobreizh You caused me to look, and the results surprised me! I'm in Ontario, Canada, and the rates vary by the time of use from a high of 28.6 during peak use, to a low of 2.8 overnight. I do try and always run the dishwasher and washer and dryer in the low priced overnight hours. I had no idea it was such a difference, and I thought the lower price started at 7 pm, not 11 pm.

[@Nicobreizh]

@@sharonsomers Yes, it’s somewhat like our peak and off-peak hours in France. I pay 28 euro cents per kilowatt-hour from 7 AM to 11:30 AM and from 1:30 PM to 1 AM, and 20 cents during the other hours. We also have a more complex system of red tension days, white days, and blue days (Tempo system). Despite the government's dismantling of EDF since 2000, we still benefit from some of the most affordable energy in the world (for how long, who knows). The difference in your country between expensive and cheaper periods, however, seems incredible.

[@geekyprojects1353]

Tip 5 ist great.

[@madisonsnovlogging]

I am not in debt, but I am trying to get myself out of my family's nest. So I will definitely take some of your advice, especially with selling things. I can create a whole yard sale with the old stuff I want to get rid of, which is mainly old clothes that do not fit me anymore and books I don't read anymore since I have grown out of them.

[@spencers-adventures]

It’s a great idea to have a yard sale like that. Letting go of stuff that is no longer useful to you is a great way to get some money back and to minimize clutter. Keep up the good work!

[@truckn]

My co-worker is always moaning about how broke he is but he buys his lunch almost everyday and coffee from a shop on his way to work. I cook Saturday or Sunday for my food for the week and bring my own coffee from home. Am i rich, no but I'm not broke either. For those of you that want another approach to paying down debt fast search for content related to velocity banking. Christy Van has an awesome channel dedicated to it if you don't want to sell everything and get another job. Thanks Spencer for these tips. Be well.

[@waltlongmire6277]

Nice stuff 🤙

[@spencers-adventures]

Thanks buddy! Glad you enjoyed 👍

[@RetroEdUK]

Some great tips there Spencer!! I love the common theme of honesty and reality across your videos; practical steps and experiences are shared whilst in the context that tough decisions may need to be made and certain actions may take time. It differentiates your recommendations and strategies from a lot of “magic wand” approaches that are out there. Great stuff as always mate 👍😊 P.s. that was a crazy priced rent 😬.

[@spencers-adventures]

Thanks for the thoughtful comment Ed, always appreciate hearing from you! And yes the rent was crazy for what the place was - but honestly cheap for the city which is a bit sickening lol

[@Tweegrrl]

"We jam econo." --D. Boon

[@kingsofthering]

I'm glad I've never allowed myself to get into debt because this sounds painful

[@Nicobreizh]

Wow , inspiring….

[@ionlawrence4401]

Debt snowball should be number 1

[@spencers-adventures]

Agreed - it’s a perfect tip but I’ll leave that one to Dave! Thanks for the comment 👍

[@magpie9223]

Nothing new here. And no, some of us do not have valuable items. My 15 year old Honda is cheap to own and I will not sell the cheap wedding band my husband got me. I've been frugal and don't buy expensive things including cars which I pay for in cash. At least you didn't say to move in with people to avoid paying for housing. Regardless congrats on getting out of debt. 2020 was brutal for many.

[@spencers-adventures]

Paying cash for a car is key. My Toyota is a 2008 and I paid cash for it too. It does seem like there’s not much hope sometimes but I think there’s always one or two stones we can still uncover. Thank you for the comment