https://youtube.com/watch?v=SS-pbHmjQbk

hi everyone welcome back to my channel two months ago last year now one of my tick tocks blew up and i gained 500 000 views on one of my videos i listed things to do once you're 18 financially and a huge concern that i got was getting in credit card debt so today we'll be talking about how to tackle your credit card debt we'll start off with the traditional way which is budgeting i know i know i know it's been said so many times but we'll also be talking about unconventional ways so stay tuned for that i also have a lot of ways for you to earn money just by signing up for things so keep watching i also received a comment from a gentleman named mr adam eve so i did what anyone would do in that situation and i cried because i can't take criticisms well and then i deleted the comment to make myself feel better he was also very upset that i was drinking alcohol so today's drink will be something healthy this is for you please don't get mad at me mr atomy not today no so cute walmart edition of peter mckinnon [Music] [Music] [Music] all right back to the video this is one of my favorites it's my version of mine over matcha from booster truth it's really good but it stinks your teeth blue so be careful with that all right to start budgeting i love budgeting i live it and i breathe it every single day so i have some pointers to give you i've read so many ways to budget but today we'll be talking about my way or the highway budgeting is never gonna work out if you deprive yourself of nice things so to start i like to set aside some money for myself and then count it as an expense i recommend setting aside five percent of your income just for yourself whether that be for eating out drinking or starbucks whatever it is that you want if you end up not spending it then you could add it to your savings or you could also add it to next month treat yourself budget it's also really important that you have an emergency fund that is enough for six months of living expenses so take your monthly expenses and multiply that by six minus three thousand so if i multiply that by six that would be eighteen thousand which is a lot but trust me your future self will thank you because you never know what's going to happen in life and you don't want to get stuck in a job or relationship just because you don't have enough money saved up the smartest option for your emergency fund is to leave it in a high interest savings account and the highest interest that i've seen on the market is currently with tangerine at 2.5 i have a link down below that will give both of us 50 when you sign up for tangerine and also leave 250 for 16 days in your account aside from writing down my budget one thing that's been helping me lately is coho it's a prepaid visa that works exactly like a debit card but offers more and it's also free you just have to load it either through e-transfer or through visa debit they have amazing features like power-ups which are cashbacks and seriously i've never heard of a debit card having cashbacks have you so currently i'm earning 3.5 on all of my purchases and to start you get point five percent of cash back and you get an additional one percent for every friend that you refer i have a referral link down below that will add one percent to your cashback that you could earn 1.5 percent of cash back for the next 90 days another issue that popped up on my tick tock is not getting approved for a credit card in order to build credit history coho offers a credit building history for just seven dollars a month for six months what happens is they open a line of credit for you that you can't touch at every single month they take some money out and also pay it back automatically so that you're building your credit history and for the next time that you apply for a credit card you're probably going to get approved i'm honestly in love with this card like look at it it's so cute i also got the metal card because i'm so extra but i love it i love love love it i love it so much i know you've heard this so many times before but please look at your expenses and see where you can save money i've been paying 15 a month for banking fees and i cut it off and signed up with coho tangerine and also simply and i'm able to save money i still have cibc but for some reason they're not charging me so i think i'll milk it so like i said i also have simply and i also have a link down below that will give both of us 50 as well if you sign up and also leave a hundred dollars in your account for at least 60 days honestly i've been crazy with all these promotions and just kept on signing up for free things i think it's worth it and i highly recommend that you do that too because it's free money and i honestly believe that no one should be paying for banking fees we're moving on to the second tip that i have if you have credit card debt i know that you probably dread calling the bank but for this tip you will have to call up your bank and ask them to switch the current credit card that you have to the lowest possible interest rate credit card right now your credit card is probably at 20 interest rate which is standard but you can get something as low as 10 so you're automatically saving half on interest every single month three while you're at it on the phone with them also ask them to increase your minimum payment if you can afford it if you find yourself constantly spending money on things that you don't even need or things that don't even make you happy then might as well force yourself to pay double or even triple the amount of your minimum payment so that you can pay your credit card balance as soon as you can four this is a little bit more desperate but if your credit score is at least at the 700 then i recommend that you research about balance transfer credit cards and you can transfer the credit card balance that you have with this existing card to a new one that has zero to very little interest rate for a certain amount of time usually for 60 days i did this when i was also in huge credit card debt i was able to get zero interest rates for 10 months so i think it could be worth it depending on the deal that you find but you also have to know that there's also a balanced transfer fee of 3 we hate interest we don't know her five if you have multiple credit card debts then tackle the highest interest credit card first remember that the interest is our enemy and we want to take down the biggest giant of them all so that you could save money and not waste it away by donating it to the banks six set aside some money to invest you will learn to be more frugal because you're gonna see your money grow and you're more likely to put your extra money into investments instead of spending it away but like i said before do your research you're gonna have to do a lot of it i've been lucky enough not to lose any money by doing constant research how do you get started on investing into the stock market well you can get started by downloading wealth simple app and i also have a referral link down below that will give both of us ten dollars if you sign up and also deposit at least a hundred dollars into your account i recommend opening up a tfsa with well simple so that you can take the money out just in case you need it and it's also tax-free those are all the tips that i have for now feel free to comment down below if you have any questions or if you have any recommendations or suggestions to those who are trying to tackle their debt and since you're already here please give this video a like and also subscribe so that you can see more of this thank you for watching and see you next time