11 Things I Cut from My Budget And Don't Miss At All | The Financial Diet

Summary

In this video, Chelsea from The Financial Diet shares 11 significant budget cuts that have improved her financial well-being without any regrets. She discusses eliminating fast fashion, reducing red meat consumption, and skipping drinks at restaurants. Chelsea emphasizes the importance of avoiding unnecessary expenses like expensive gym memberships and novelty clothes. By re-evaluating her social engagements and unsubscribing from promotional emails, she has successfully simplified her spending habits. Her insights encourage viewers to reflect on their own budgets and consider what they can eliminate to enhance their financial health.

Takeaways

• 😀 Cutting out fast fashion can lead to long-term savings as it reduces the frequency of replacements.
• 🥩 Limiting red meat consumption not only saves money but also promotes healthier eating habits.
• 🍷 Skipping drinks at restaurants can save money and reduce calorie intake.
• 🏋️‍♀️ Avoiding expensive gym memberships is beneficial if alternative exercise methods are available, like walking.
• 👗 Stopping the purchase of novelty clothes helps avoid clutter and wasted money on items rarely worn.
• 🏙️ Choosing to live in less trendy neighborhoods can lead to significant savings on rent.
• 🍹 Reassessing social obligations can eliminate unnecessary expenses, especially when meeting acquaintances.
• 💍 Recognizing personal preferences about jewelry can prevent unnecessary purchases.
• 🍽️ Skipping breakfast can save money, especially for those who don’t feel the need for it.
• 💄 Testing makeup products before purchasing prevents buyer's remorse from regrettable investments.
• 📧 Unsubscribing from store newsletters reduces impulsive spending triggered by promotions.

Q & A

What is the main topic of Chelsea's discussion?

Chelsea discusses various expenses she has cut from her budget that she no longer misses, emphasizing the importance of differentiating between needs and wants.

How has Chelsea altered her shopping habits regarding fast fashion?

Chelsea has largely stopped shopping at fast fashion stores and now opts for thrift stores or discount retailers, focusing on higher quality items that last longer.

What are Chelsea's thoughts on consuming red meat?

While she enjoys red meat, Chelsea limits her consumption at home due to its high cost and health concerns, treating it as an occasional indulgence.

Why does Chelsea choose not to drink alcohol with dinner at restaurants?

She has found that ordering drinks adds significant costs and calories to her meals, so she only drinks occasionally rather than every time she dines out.

What lesson did Chelsea learn about gym memberships?

Chelsea discovered that paying for an expensive gym membership did not motivate her to go; instead, she now exercises for free by walking her dog.

What does Chelsea mean by 'novelty clothes'?

Novelty clothes are items that Chelsea bought knowing she would rarely wear them. She has since stopped purchasing such items to avoid clutter and waste.

What advice does Chelsea give about choosing a place to live?

Chelsea advises against choosing trendy neighborhoods due to their high rent and recommends researching areas where more everyday people live for better affordability.

How does Chelsea handle social drinks with acquaintances?

She has cut back on meeting for drinks with acquaintances, recognizing that these interactions are often superficial and not worth the expense.

What realization did Chelsea come to regarding jewelry?

Chelsea realized she is not a jewelry person and has stopped purchasing items that she doesn't wear, focusing instead on meaningful and functional pieces.

What strategy does Chelsea recommend for purchasing makeup?

Chelsea suggests trying makeup samples for at least two weeks before buying designer products to avoid regret over impulsive purchases.

How did unsubscribing from email lists impact Chelsea's spending?

By unsubscribing from promotional emails, Chelsea was able to reduce impulse purchases triggered by sales alerts, which helped her save money.