The 70% Budget Rule | Minimalism & Frugal Living

[@GabeBult]

How do you budget?

[@MarshmilloJB]

By sending everything to savings before I can spend it 😂

[@diamonds8001]

I have a budget set up with the electric company throughout the year to keep the bill the same.

[@justadudeintheworldman.120]

I don’t really. I track & then intuitively seek balance

[@happyladyhere422]

I watch your channel🧰

[@joepep5434]

Your budget is noble, especially the last 10%. Very nice , thank you

[@kyf_]

Another tip: remember that you can save 100% on ANY sale by...not buying the item!

[@GabeBult]

Totally I often look at things that way

[@jochenkraus7016]

On one hand yes :-D On the other you sometimes just need certain stuff or it makes life much more convenient.

[@ritalynb7070]

I make a much, much smaller income than you and I am currently living on 70% or less. *I have no subscriptions of any kind. *No TV, cable, etc *No gym membership or any other memberships * I don't eat out. *I don't drink alcohol. *I don't shop as a "hobby". *I evaluate needs vrs wants. I also have paid off my consumer debt and work on a cash basis.... Which has allowed me to build an emergency fund. So it is doable for low incomes!

[@FatRonaldo1]

What ideas would you recommend to occupy time without any of these?

[@kate60]

Excellent

[@kate60]

@@FatRonaldo1 Read. Learn new skills. Exercise. Go to the beach. Sleep. Entertainment is free unless you are a consumer.

[@turtleanton6539]

​@@FatRonaldo1training walking bike reading push ups sit ups etc

[@FatRonaldo1]

@@kate60 I assume by no cable or any subscriptions he doesn’t mean internet as its hard to learn new skills for free without it. Sleep doesn’t count as a way to occupy time and not everyone lives close to a beach (although during summer this can be replaced by parks ect). In theory you can excerices all day every day but it’s a miserable existence

[@len1vetss]

I am glad that I started to study financial independence and financial minimalism. I started about a year ago. it was my best choice. with my small income, I cut everything I could and now I save ~ 60%. and when I suddenly receive money from an unexpected income, I save 90%. I went to this for a long time. and I'm glad I started doing it. your videos are some of the ones that inspired me. thank you very much for your work💜💜 P.s. the fact that I live with my parents helps me so much to save money

[@jmconant]

Good for you! You’re still putting in the work. You could have easily said, “I have extra money to spend.”

[@andrewminjiras5745]

The 70% rule makes my life easier…I save about 30% of my income. This site helped me a great deal.

[@tngardener231]

I hate it how people talk about full time jobs and “side hustles”. The fact that so many have to have side hustles just to get by makes me sad. Good video though, I’m not knocking your video I’ve just come to dislike the side hustles instead of quality family time.

[@amydecker6207]

Agreed. Who wants to hustle all of the time? There is a lot to be said for rest.

[@ChantaltheFrency]

Indeed was my exact comment on an other video of him when he said he worked in 4 jobs... You need to live a little too, not be working all the time... Fungal living is good but not go to extremes...

[@RyoHazuki1]

I dislike the term too, but I did this for many years before it existed by working full time as well as freelance. Eventually I was able to go full-time freelance earning comparable income, and add a few more 'low effort' revenue streams. I still don't call it a side hustle as the word feels disingenuous.

[@shannonbeer3576]

Agreed! My 20hr a week job is my side hustle after being a mom, homeschool teacher, and wife 👍🏼

[@awomanofvalueandworth5936]

The best tip I do is stay on my budget daily! I remember having to literally count pennies to buy food at one point in life, so that hard work taught me to work at it.

[@jimmyjoejeeter2366]

I remember eating Kraft macaroni & cheese 5 or 6 times a week! It was 5 for a $1.00 back in the day. One day would be with hot dogs sliced up, next day added a can of tuna, next over a salad, next with onions & broccoli, and toward the end of the week, it was just plain. Now I can afford to put shrimp in it, or cut up left over steak or chicken. I saute onions, garlic, spinach, and sometimes add curry or cayenne, and top it off with Siracha sauce, it can really help it tastes better.

[@awomanofvalueandworth5936]

@@jimmyjoejeeter2366 Lol. Wow Kraft is upscale compared to the store brand!

[@awomanofvalueandworth5936]

@@jimmyjoejeeter2366 I need to get back to the basics, I have been spoiled since those days and have upgraded. I think I miss the challenge of doing more with less.

[@jimmyjoejeeter2366]

@@awomanofvalueandworth5936 I felt like I was eating high off the hog, with adding hotdogs, or tuna! I still to this day have to glam up my Mac and Cheese, still love Krafts!

[@jimmyjoejeeter2366]

@@awomanofvalueandworth5936 I'm living on a small fixed income. So I have to look for the best quality at the best price. It just makes you more picker on what you buy. I always wanted a Reel to Reel Tape Deck since the 1970,s. I got a great deal on two of them on ebay!

[@stephen-finance]

Great rule! I really like your approach. I try and shoot for around 50% which means really frugal living. I'd love to get it even lower in the future, if possible. I want to be completely financially independent as soon as possible.

[@MarshmilloJB]

Minimalism + personal finance = this girl is on FIRE 🔥

[@GabeBult]

Great combo!

[@LittleMage1]

Since my bf and I are still in investing phase of our lives, and we have high expences, we don't have as much money to donate as we would like. But in our country (Serbia) there is a fb group where I can sell our stuff in (mostly our clothes, kids' toys etc.) where the money doesn't go to the seller, but to the people with health problems from one charity foundation. We are also frugal and we are building (relatively) passive income (apple orchard). Your videos are very informative and helpful for our family, keep up with the great work ☺️

[@JehanineMelmoth]

Remember that as long as your investments are ethical, you’re helping everyone anyway.

[@eaglessj]

Glad to hear that you believe in the 10% rule. I call it a tithe but we give it to various charities depending on how we feel led.

[@GabeBult]

Totally agree with that

[@AhmetKaan]

*If you are reading this, never ever give up. We will succeed. I'm cheering for you!* Have a great day! 🖤

[@perfectlyimperfectadventures]

I actually have been using the 70% rule for like a year now because I have several sources of income that comes in irregularly! Makes things way simpler. But for the rest, I do 20% debt-> savings, 5% investing and 5% for charity!

[@mylittlerebornlove8851]

Do you have any recommendations for investment companies that are trustworthy that have worked well for you?

[@createyourlifestyle.7449]

I'm actually going to try the cut outs you use to help me make a new budget. 🥇

[@wakeupstylellc]

I fell off my budgeting wagon, I needed this. Thank you

[@mmk82758]

I love that there is a specific category for charity.

[@tristanjaveegomez9244]

It’s nice that you include charity here.

[@YourArtJournal]

Great Content, man! your production value is getting better and better!

[@drlessismore]

I bought a few CUTS tshirts after seeing how good YOU look in yours. 2 weeks later. Nothing has arrived. I emailed them. They blamed COVID 🙄. Love your work bro. Thoughtful videos.

[@ShaunTrades_]

I currently do the pot method and have shared that on my channel but I also love the idea of this rule, I will probably give it a go for a few months and see how I get on! Thank for sharing! 😀

[@del_fino]

ugh, gabe talking about these subscriptions hits right at home for me. my paramount+ free trail has turned into 3 months of “eh, I’ll cancel it next month” 😩

[@christineo8510]

I don't side hustle....I just spend less and cut back. I need some quality time with myself, friends and family. Keeps me grounded and sane.

[@workhard6591]

I cut back on certain people and enjoy friends at work while caring for myself. Huge difference!

[@hisinheritance4048]

I like working with the numbers in a budget so I can tweak them enough to meet my goals.

[@limbo7883]

It's great to see a new video out! Omg! This is the problem area, budgeting! My income varies and expenses. Somehow I have to make it work at the end of the month.

[@GabeBult]

Yeah it's definitely a little challenging for me as well as my income goes way up and down

[@limbo7883]

@@GabeBult I really like this rule. I'm going to try it.

[@limbo7883]

@@GabeBult The other thing is I'm always catching up. A hamster wheel.

[@sc7991]

A tip that really works for me is that I pay all my bills and then whatever I have left in my checking account the day I get paid, I write out an extra payment in that amount towards whatever I am trying to pay off. So, if I have 94.98 for example left in my account and then I get my usual pay I take that exact amount and write a check for 94.98 to whatever, an extra bit on a car payment or whatever...it really works and because you didn't use it before you got paid you really don't miss it! It's amazing how quickly you can pay things off even making small extra payments!

[@kaminigupta6249]

I came to know about FIRE movement year ago and I have started saving and investing. I like watching videos to learn about minimalism and financial freedom. I really liked this video but the best point was charity.

[@alanbirkner1958]

I just got rid of my daily 15 items. Today, it was mostly recycling. Tomorrow, I have a bag for Goodwill. Tina

[@thisneurodiverselife]

As always, a great video, with great advice. One Life, One Search, Shane

[@tamingthemess1501]

As a minimalist my giving is in the smallest ways but adds up to a lot.

[@YennyCMorales]

Love this video, keep them coming Gabe!

[@beverlys.peacockmccranie6522]

You are such a sweetheart!!!! I love your videos young man!!!

[@strongandcourageous6970]

Paper and pen is where my budgeting stays. I don’t autopay on everything bc of variables in my budget. Some late fees are worth it more than other late fees.

[@moveit845]

I spend in cycles. So I need to be more aware of when that is.

[@dadaprishelo8085]

I like the 10 percent giving ✅🙌

[@DemetriPanici]

The casual flick of the paper $'s lol

[@GabeBult]

Them taxes lol

[@sherrymeurer]

We paid off credit cards and car payment and put those monthly payments toward our mortgage. Paid off our mortgage last year and our RV this year. I need to figure out what we are living on, but would bet it's not very much as all those past payments are going straight into savings.

[@bucsaved2111]

" Excuses are the tools of the weak and incompetent, used to build monuments of nothingness. Those who excel in it seldom excel in anything else but excuses" anonymous quote shared by Matt D'avella.

[@granitemoss1451]

Great video! I am going to give this a try next month. I am an established budgeter and I use Dave Ramsey's online budget app. I feel like I have been in a rut for a bit, in large part due to a variable income. When excess money comes up I am good about saving it SOMEWHERE but my priorities are not clear at the moment and it's hard to get much done anywhere if you're not focused. Maybe shaking things up, budget-method wise, will help bring me back in line here.

[@ChantaltheFrency]

I save coupons, buy seasonal fruit and veggies..Always shop with my coupons with me combining with the store discounts... I'm a pro at it. I only spend 300 euro/month on food (for 2 people).Fresh food every day, almost no can food. The shopping prices of goods in Belgium/France are very very high!!!300 euro is what average people spend in a week

[@nickelsanddimes4890]

Notifications sent as reminders. And I shop around for insurance.

[@cabragooncabulous4082]

I live the simple process's in a world of unnecessary complexities.

[@BryanEsler]

Love this, but for people who freelance our income is always up and down. I'm a photographer, and while I can predict when I'll be busy, it's hard to know what level of income I'll be at for a given month, especially with Covid. Any idea on how to handle this? Should you average out the year? Do it percentage-based each month?

[@limbo7883]

I have looked ahead a whole year with even planning monthly birthdays and Holidays and still find it a challenge. The only thing I can think of is for me to cut back more to break the cycle with saving more in the emergency fund.

[@annanowalk2049]

Thank you for mentioning charities!

[@brandonzapata]

I felt that flick of that money sign due to taxes LOL

[@GabeBult]

Yeaaaaa lol kinda how it feels

[@twotracking]

Make a video on what you eat and how you prepare foods for savings.

[@GabeBult]

Definitely on the list 👍☕

[@erakkovaatainen148]

Shop when discounts, about to expire products, and put inside a freezer. Food savings are nice.

[@AhmetKaan]

*Just a daily reminder:* 😉 📍 *The difference between an ordinary person and an extraordinary person is a little EXTRA...*

[@johnchitty2804]

Hey Gabe, can you share what credit cards you use and why? Also how about bank accounts? who do you use and trust with your money?! Thanks!

[@Dontbealemmingthinkforyourself]

I like to keep my expenses at 50% Or below so the other half can go towards savings and investments.

[@productiveways8886]

My budgeting includes weeks there will not be overtime.

[@davidparker5345]

Just wait a few months and there is a new video saying DON"T BUDGET LOL Nothing you learn on this channel is real. Gabe changes his message all the time.

[@investyourmoney6348]

$400.00 a month is generous to give!

[@kristinolan7240]

Excellent advice!

[@catfancier270]

Don't understand your numbers-my monthly bills come to $20,000 a year (mortgage, utilities and insurances-no subscription services) and property tax here is $8000 a year.

[@Christinamychas]

Great rule!

[@Sahy89]

Was hoping to see 70 % goes to savings/investment etc. Well too strict I guess, but aiming at 50% would be nice.

[@dwalker6868]

Thank you

[@mannybondoc7070]

Great Video!

[@GabeBult]

Thanks Manny!

[@reginaldshannon4220]

Outstanding video gabe. Reg in Dublin ireland

[@impactingothers3354]

I'm a strong believer that charity starts at home.

[@impactingothers3354]

@@d.s.151 What do you mean? If you don't teach your kids to give and help out around the home with chores and carrying some of the load of family responsibilities...how is that selfish?

[@impactingothers3354]

@@d.s.151 Also many families took care of one another with big families in the past? I believe it's training ground to look out for others in society.

[@jessicarathburn5334]

Is the 20% towards debit add to the regular payments? Like extra on them and include those payments in the 70% ?

[@theshyone28]

I have a friend who has used life insurance to invest. Is this a good idea?

[@wdeemarwdeemar8739]

I am super involved in charity. I accept all donations and if you feel good I feel good. Heh, great video.

[@liliamrodriguez3020]

Great video

[@amydecker6207]

I would be livijg in $840 per month. Dismal.

[@diamonds8001]

I also have the gym take a payment out of checking so I won't quit the gym and stay consistent with my lifestyle.😃

[@JehanineMelmoth]

You mention investments - are they ethical? Otherwise your charity donations probably aren’t offsetting the harm you’re doing.

[@Dantick09]

I spend like 300% of my income

[@teenoso4069]

42% for me.

[@GabeBult]

🔥👏

[@eagle7757]

For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. John 3:16 KJV, Jesus Christ is the only way...... You cannot ever lose your Salvation. Ephesians 2:8-9, John 10:28-29, KJV.

[@Hooman88634]

I PRAY FOR YOUR 500K SUBSCRIBERS TO COME SOONER BROTHER! I HOPE MINE TOO!

[@GabeBult]

🙏☕

[@joepep5434]

Forgot what your paying for? Not reading your statements?

[@FM-nk1zh]

All these people talk about living frugal with a big fat paycheck of $4000 a month. I want to see someone do a budget with $2000 a month with 3 kids. Go ahead, knock yourself out!