The Rachel Cruze Show - Clever Tips for Saving and Spending Anyone Can Use

Episode Date: March 18, 2024

💵 Sign up for EveryDollar today. Create a free budget!  Show Description  Want to learn clever tricks for saving money? This week I’m sharing wealth building lessons that anyone can take advantage of. I’ll also show you four easy ways to save $1,000 and give you some fun date night ideas that won’t break the bank!   In this episode: ·      3 Wealth-Building Hacks Anyone Can Use ·      4 Ways to Easily Save $1,000 in a Month ·      5 Cheap Date Nights You’ll Actually Want to Go On Next Steps 🏡 Find out how much house you can afford with Ramsey’s Mortgage Calculator: https://www.ramseysolutions.com/real-estate/mortgage-calculator 📈 Track your investment progress with Ramsey’s Investment Calculator: https://www.ramseysolutions.com/retirement/investment-calculator 🍎 Check out my Groceries Saving Guide: https://www.ramseysolutions.com/budgeting/meal-planner 💲 Find extra money with the 14-Day Money Finder: https://www.ramseysolutions.com/saving/moneyfinder ✅ Create a monthly budget with EveryDollar: https://www.ramseysolutions.com/ramseyplus/everydollar 💸 Find out how to make wise financial choices for your family with Financial Peace University: https://www.ramseysolutions.com/ramseyplus/financial-peace?gad_source=1&gclid=Cj0KCQjwwMqvBhCtARIsAIXsZpac5u3WZEBuuZ3zif2e6SMxfiXDeE-CNWgP_PdU_YZaL3COBE-J5SsaArhiEALw_wcB   Offers from Today's Sponsors 🏥 Learn more about Christian Healthcare Ministries.   Listen to more from Ramsey Network 🎙️ The Ramsey Show   🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

What if you had an extra $1,000 in your budget this month? There are ways that you can save, start finding money in your budget, possibly where you least expected. May it take some sacrifice, a little bit of work, but you can do it. Hey, you guys, welcome to this episode of the Rachel Cruz Show podcast. I'm so glad that you're here. So in this episode, we'll chat about how you can easily save $1,000 in a month to reach your money goals faster.

Then I'll talk through five creative date-night ideas that are budget-friendly and actually enjoyable. But first, I want to share three wealth-building hacks that anyone can use successfully. Take a listen. Okay, I'm sure we all grew up hearing the phrase, slow and steady wins the race. And nowhere else in my life have I seen that to be more true than with money. Now, of course, there are some exceptions and like overnight success stories, but 99% of the time, If something seems to be too good to be true, it probably is. So today I want to talk about some anti-get rich quick schemes and talk about three money

habits that anyone can use to build wealth successfully. And stay tuned for number three because it's one that very few people prioritize, and I want to make sure that you know about these because, man, this is a good one. All right, first and foremost, the number one way to build wealth is through your income. So at Ramsey, we always say your income is your most powerful wealth building tool. And you guys, it's so true. A change in income could mean a change in your monthly budget, which means more margin, which means more momentum as you work towards your financial goals.

And also, when you keep your income, that's the thing that's going to help you win. That's the thing that's going to help you pay off debt and get rid of that car payment to save up for an emergency fund, to buy a house, whatever your money goals are, getting your income to you and not towards debt and to get your income up is huge in this process. So there's a few ways that you can do this. Number one, if you are content with your current job and you want to stay, have a conversation with your leader about what your options are to get a raise or a promotion for the future because the people in your community need to know what your goals are so they can help partner with you to reach them to know that you're working for something.

Number two, if your current work isn't fulfilling and also isn't paying you a salary that's helping you win with money, consider possibly a career pivot. Because once you start refining that resume and researching and reaching out to a few connections, you might get a fresh wave of motivation that's going to help launch you into the job market with some other growth opportunity that's out there.

And number three, if you have a solid main source of income, but it just isn't cutting it, then maybe consider a side hustle for a period of time. And again, this could be from food delivery, personalized at photography session, maybe you could babysit a couple of weeknights for friends and family. Whatever it is, try to get your income up. And getting your income up is such a game changer.

And just because, again, that your income's up doesn't mean you have to go spend everything because lifestyle creep, it is a real thing. So make sure you have a plan for that extra cash. And budgeting is one of those things. So I recommend every dollar. It's a budgeting app and it's fantastic. It has some great resources on that app to actually teach you and show you how to budget. So make sure to check that out.

Now let's talk about the second way. to build wealth, which is through investing. Investing in retirement is one of the simplest, most effective ways to set yourself up for the future. Now, it's really important that you don't rush this phase too soon, so I want to make sure that you are in a place where investing money is wise. I want you to be completely out of debts, except for your house, and have a fully funded emergency fund of three to six months of expenses. Then once you do that, then you can fund 15% of your income into retirement. So again, it's kind of getting all your ducks in a row to make sure you're in a place where 15% of your income can go to that because you have no payments

and you have a fully funded emergency fund. And then you get to experience compound interest. Such an amazing thing. Now, there are a few ways that you can go about this. When you're looking at that 15% of your income into retirement, this could be towards your 401k or 403B, your Roth IRA. These are two great vehicles when it comes to retirement investing. And the sooner you can start, the better off you're going to be. Because 20, 30 years down the road, you're going to look up and be like, oh my gosh, you know, I'm getting close to retirement. I want to retire soon. What does this look like?

And then you get to look at those numbers, which is an amazing thing because you started decades before. And the problem is a lot of people wait too late, even though it's never too late, start where you are. But the idea is, again, the earlier you can start, the better off you're going to be. And I want you to be able to, again, track this progress. So I'm going to put a link to an investing calculator down below. So make sure to check that out because you can type in some of your numbers and get an idea

of how much you want to be investing per month. The third wealth building habit is one that very few people prioritize, and some people don't even realize that this is an option. But that is paying your house off early. So for a lot of people, their housing payment is their largest expense every single month. But imagine how much money you would free up in your budget and in your life if you didn't have a mortgage payment. So not only does paying off your home increase your net worth, but it also gives you a level

of freedom when it comes to your money that is truly unmatched. Like, when you have no payments in the world, it is amazing. And we have found that the average baby step millionaire pays off their house in just 10 years. To find out what your timeline looks like, you can go to the mortgage payoff calculator. Go through and put your numbers in and just say, gosh, how quickly could I pay my mortgage off? And if you've made some major financial progress, make sure to share that in the comments because people love hearing this. So again, you guys, there's some ways that Sloan SETI wins the race when it comes to building wealth long term.

That's your income. So you want it to go to you, not debt. and also look at ways that you canuppets. Investing is huge and paying off your house and using your house payment towards your future versus the banks is key. All right, you guys, picture this with me. What if you had an extra $1,000 in your budget this month?

I mean, what would you do? What would you do with that kind of margin? It's amazing. So maybe you'd use it to put towards your student loan debt to pay it off. Maybe you'd add it to your house funds. Maybe you'd invest some of it, half of it, throw it in a sinking fund for a summer vacation.

I mean, the possibilities are endless. And no matter what your finances look like, I know there are things that you want to have and goals that you want to achieve. So today, I thought it would be fun to share four ways that you can easily save $1,000 in just one month. And number four is actually trending on TikTok right now, so stick around towards the end.

So first, let me start with this tip. It is one that doesn't require a ton of immediate lifestyle change, and we're going to have a little tough love later on. But what if I told you that you already had an next time? extra $1,000 laying around. Yep, that's tip number one. It's to sell items around your house. Okay, again, start out small, but you can put on your favorite show or podcast and just do a little closet clean out. Some of you are already thinking, but I like all my clothes or I don't have anything nice to sell online. Make it a goal for yourself to find that just five clothing

items that you could sell on Poshmark. Some brands that tend to do really well are made well, Target, free people, Nike, Ugg, Patagonia. And if you don't have a closet full of high-end clothes, that's okay. But you can make some money, you guys, by selling what you have. And then from there, if you feel inspired, maybe look at your jewelry, maybe your shoes, I don't know, anything around that you're like, okay, I can do this. And after your closet resets, think about some other items that you could sell. Maybe an old laptop or a nice camera.

You could even put a piece of furniture on Facebook Marketplace. I mean, there's so much that you can do, whether it's a garage sale or talking to friends and family. I mean, one of my co-workers literally does a closet sale twice a year, and she makes several hundred dollars every time. So, any bit counts. The second way to save $1,000 a month requires a little bit more sacrifice, but the good news is it's only temporary. And that's tip number two to do a no eating out challenge for a month. Before you freak out, let me just remind you, it's literally only four weeks. Okay, that's it.

You guys, you can do that. Most of you had your Christmas decorations up for double that amount of time. You can do anything for just a season. So just for one month, say no to delivery services or takeout meals, Instacart, going out to eat. Just say no. And again, it's going to require some strategy and planning, but trust me, the savings will blow you away. You have no idea how much the tipping and delivery fees and appetizers and everything just absolutely just adds up when you could just make some grilled cheeses and put some fruit on the side.

and you're good to go at home. You can do this. Now, that we're all warmed up, let's talk about number three. And this one will require the most effort up front, but once you're in the groove, you'll forget that it was ever not part of your life. And that is a side hustle.

And let me just say right off the bat, I know, you're busy, you're tired, there's so many priorities pulling at you in life, other than just work. I mean, stuff is going on. I get it. But I would also argue that the most important thing you have to remember is that when you're working towards a financial goal, nothing is permanent.

And I'm not asking you to work a million jobs forever and ever. And I'm not even asking you to work multiple jobs every day. But what if you got a small, manageable side gig to earn a little cash on the weekends? Or if you work hybrid and your home a couple of days, maybe you took a few of those nights and added a part-time job. So if you're making $12 an hour, it only takes two eight-hour shifts a month to bring in an extra $200. I mean, you could drive for you. Uber or Lyft. You could offer babysitting to your friend's kids. If they want a monthly date night, you can share about your home organization business on Instagram or apply to work at Target so you get a discount. Like, whatever you're already doing, see if there's ways that you can actually monetize

that hobby. All right, we finally made it to number four. And this is the viral tip that's going on right now. And this is something that I've been preaching since day one. And the TikTok teens finally caught on. And the fourth way to find your extra thousand dollars in your monthly budget is to do a subscription check. There is a challenge going around right now that people are guessing how much money they actually spend monthly on fees and subscriptions, and then they're going through their spending history

to double check themselves and see, okay, what's actually facts? And you guys, people are finding hundreds of extra dollars. They didn't even know they were throwing away to unused subscriptions. When girl quit teaching three years ago and was still paying for a curriculum service that she didn't even know about, another guy, didn't realize that he could have been watching Hulu because he was paying for it for six months and never used his account. Now, don't get me started on that mysterious $999 charges from Apple that we all deal with,

but it's not just for subscriptions, you guys, that you're not using. One of my team members recently deleted her Amazon app, just to do a little experiment, and she ended up saving more than $100 on things that she could use, but doesn't really need. So again, think about this. It's not permanent, but just, you know, open-handed a little bit, you know, just for the plot, just for like little things going on. Okay, at the end of the day, it's always good to make small tweaks because those things really will make a big impact. And there are countless more hacks that you can do on the 14-day money finder. This is something that I created, and it is so helpful for 14 days, you go through

tasks to find extra money. So go to Ramsey Solutions.com to access that tool and start finding money in your budget. Again, possibly where you lease. expected. So you guys, there are ways that you can save. May it take some sacrifice, a little bit of work, but you can do it. Do you ever feel like the relationships in your life are getting really expensive, really fast? I mean, it costs to be social, doesn't it? People have holiday parties, or they want to go on bachelorette trips, or little kid birthday parties. Like, whatever your community looks like, it's important to invest in those relationships and still have boundaries around your money. And I would argue that sometimes this is even more difficult when it comes to the romantic

relationships in your life, which is hopefully just one. So whether you're dating, engaged, or married, whenever two people are deciding to be a team on how they spend money, it can be kind of tricky. But listen, you can come together and actually agree on this, because what if I told you that you can have fun date nights that don't have to end up breaking the bank, but you can actually do it when you're saving money. So today I'm sharing five creative date nights that are budget-friendly and legitimately fun. And number five involves not one, but two ways to get a free babysitter. So stay tuned.

The first cheap date night requires a little bit of paperwork. But trust me, this isn't a boring task that you're doing for your boss's boss, right? This is paperwork that will actually benefit you in the long run. And idea number one is to plan for a future vacation. If you have a significant other, then set time aside and just dream about what trip you would take. Make a list of everything you'd want to do when you get to that destination. You know, get some links on a good Google Doc and make a Pinterest board, add up some costs, you know, look at your sinking fund and say, okay, how much do we need to save?

And just kind of planning it together actually can be really fun. And when you do these tasks, there is something in the relationship that just gets sparked again. We're like, oh, we're dreaming, dreaming about the future. and at the end, you actually end up having a game plan that you're going to work towards. So it's actually a pretty fun day night. All right, the second cheap fun day night idea is to go to the dollar store and buy a DVD to watch together. Okay, I can already feel the hostility from the comments section.

So if you don't have a DVD player or a laptop with a DVD slot, don't worry, stay tuned. But if you do, again, going into the dollar store, you can get cheap candy, you can look at some of the movies that are on sale and then what's your home. Again, you can rent one of those on a streaming service if you want to. But the idea is that you have a limited selection when it comes to the DVDs, okay? Because if you're like me, you can just scroll and scroll and scroll through hundreds of options of what to watch. But this way, you're getting out of the house, you're getting some sweet treats, and you

might see some DVDs that you're like, oh my gosh, we'll buy some of these because they're really cheap. Or we're going to pick one out and then we're going to go home and rent it. But either way, you're limiting your options. so you're not sitting there and scrolling, which is helpful. Number three, might make you a little bit emotional. You know, I'm picturing some laughter, some tears, some embarrassment, you know, all the things.

But being nostalgic, I think, is one of the best ways in life to just enjoy the moment. Because when you look back, you're like, we are creating new memories here in the present, but looking back is always fun. So the third cheap day-night idea is to take a trip down memory lane and go back and look through your old pictures together. Now, obviously you could do this on your smartphone, but I think it's actually fun when you dig up old photo albums and you actually look at real pictures

and the conversations that come because you see yourselves, you know, 15 years ago and it's hilarious, it's so fun, it's so great. So if you find any really fun pictures, post someone on social media tag me because I think like going back, again, 5, 10, 15, 20 years, it's just so funny to see each other have been. The fourth cheap date night is to go to a bookstore or the book section of Target and pick out a series of books for each other. Now, hear me out.

Don't bail on this if you hate to read because this actually isn't you reading books, okay? So just hold tight. But here's where this list comes in. Go in with a few prompts for each other, like choose a book cover that matches my vibe the best. Choose a book with a title that I could go in my Instagram bio. Choose a book that if you saw,

you were like, oh, I bet money that they've already read this. And I'm telling you it costs zero. but you walk away with a solid conversation, a few inside jokes or two, and it is so fun. Okay, as promised, my fifth cheap date-night idea consists of two ways to score free babysitting. And I'm all about fair pay, but babysitter rates these days, you know, I mean, they've doubled is what it feels like. And you just spend so much on a babysitter and then going out. So these next two options is, again, to help you, especially if your budget is tight.

The first hack is to ask help from your community. So if you have in-laws in town, or if your kids have an aunt or uncle nearby that they just love, or even if you have to choose friends who have offered to watch your kids because they don't have any of their own right now, lean on people in your circle who are willing to help you out. Now, obviously, make sure to be self-aware and just don't expect people to drop everything to pick up your parent responsibilities. But for the most part, if there are people out there who know that you're being really money-conscious and you need a either, just ask them if they'd be willing to help. All right, trick number two is to do a swap date night. So if you have friends whose priorities are similar to yours, then you can say, hey,

would y'all want to swap date nights? One night, you can come over and watch their kids, the next night, they can return the favor. And it's all about communicating your needs and leaning on your people. I think it's such a good idea. And if you have little kids who like to play with other kids, sometimes it's a treat for the kids too. They want to be with other kids. And it's so fun. Now, I have to be honest, there are so many more ideas that you can add to the list. And so you just have to be creative. And if you have ideas, put them in the comments below, going with your spouse and knowing, hey, if you're going through a tight season when it comes to money and you're saying, we're really going to double down. You still don't have to hate

your life. You can still enjoy some date nights out, just get creative. But if you need some direction and guidance for you and your spouse to work together, make sure to go to ramsysolutions.com and click on the baby steps. And you guys together can be working a plan, towards financial freedom. Because I'm telling you, this whole process has been a game changer for me and my husband when it comes to money. And I want you guys to have those tools as well.

So I hope those gave you some great ideas, you guys, for cheap date nights, because you know, love is still in the air. Now, if you love this show, make sure to leave a review so we can hear your feedback. It really helps us out a lot. And while you're at it, subscribe to this podcast and share it with your friends who may want some clever tips when it comes to spending and saving.

And thank you guys again so much for listening. And remember to take control of your money and create a life you love.