How To Be Better At Saving Money | Financial Minimalism
Summary
TLDRThe video script discusses the importance of saving money and shares personal strategies for achieving financial goals. The speaker emphasizes planning purchases, quitting small spending habits, assessing values, setting savings checkpoints, automating routines, and appreciating current possessions. They also highlight the shift in perspective from seeing saving as a sacrifice to viewing it as gaining peace of mind, financial stability, and an emergency fund. The video aims to inspire viewers to adopt a more mindful approach to spending and saving.
Takeaways
- 🎮 The speaker has a second channel dedicated to gaming content.
- 💰 The speaker learned to save money over the years through practical steps and a change in mindset.
- 📋 Planning purchases, especially big ones, helps in setting priorities and allocating money effectively.
- 🛍️ Quitting small spending habits, like daily convenience store purchases, can significantly increase savings.
- 🔄 Assessing personal values helps in distinguishing between wants and needs, leading to better financial decisions.
- 🚫 Setting savings checkpoints and automating savings make it easier to avoid unnecessary spending.
- 💼 Prioritizing savings over material possessions like a cool car or frequent outings aligns with long-term financial goals.
- 🔄 Automating routine financial tasks, such as bill payments and budgeting, streamlines money management.
- 🎉 Appreciating what one already owns and avoiding the trap of boredom leads to less spending and more savings.
- 💡 Changing the perspective on saving from a loss (giving up spending) to a gain (gaining financial stability) makes it more enjoyable.
Q & A
What is the main topic of the video?
-The main topic of the video is about personal finance, specifically strategies and mindset shifts that have helped the speaker become better at saving money.
How does the speaker plan to save money on big purchases?
-The speaker recommends planning purchases in advance, which allows for arranging priorities and allocating money accordingly, such as setting aside money from each paycheck or waiting for sales.
What was the speaker's daily spending habit that they changed?
-The speaker used to buy something every day from a convenience store, spending around $3 per item, which amounted to $60 to $100 per month. They have since cut back on this habit.
How does the speaker assess their values when it comes to spending?
-The speaker assesses their values by distinguishing between wants and needs, prioritizing financial stability and long-term goals over short-term desires or societal expectations.
What is the concept of 'savings checkpoints' mentioned in the script?
-Savings checkpoints are personal financial goals set by the speaker to avoid unnecessary spending and to ensure they are saving money consistently.
How does the speaker automate their savings routine?
-The speaker automates their savings by moving money into savings accounts as soon as they get paid, treating it as a non-negotiable part of their monthly routine.
What advice does the speaker give about appreciating what they own?
-The speaker advises being more appreciative of what they already own, avoiding the trap of boredom that leads to unnecessary spending, and waiting out the hype for new things.
How did the speaker change their perspective on saving money?
-The speaker changed their perspective by viewing saving as gaining something, like peace of mind and financial stability, rather than giving up the pleasure of spending.
What is the speaker's stance on depriving oneself for the sake of saving money?
-The speaker believes it's important not to completely deprive oneself of fun or desired experiences just for the sake of saving money, as there is a time and place for everything.
What is the speaker's second channel about?
-The speaker's second channel is dedicated to gaming-related content, and they encourage viewers to subscribe if that interests them.
Outlines
📺 Introduction to Saving Strategies
The speaker introduces their second channel dedicated to gaming content and encourages viewers to subscribe. They discuss their journey in learning to save money, emphasizing the importance of planning purchases, quitting small spending habits, and assessing personal values. The speaker shares practical steps and mindset shifts that have helped them save money, such as planning before buying, automating savings, and being more appreciative of what they own.
🛍️ Overcoming Consumerism and Boredom
The speaker addresses the challenge of resisting the urge to buy new things due to boredom or the desire to keep up with trends. They emphasize the importance of waiting out the hype and reflecting on the joy that current possessions bring. The speaker also discusses changing their perspective on saving money, viewing it as gaining peace of mind, financial stability, and an emergency fund rather than giving up on spending. They conclude by reminding viewers that while saving is important, it's also crucial to enjoy life and not deprive oneself of fun experiences.
Mindmap
Keywords
💡Saving Money
💡Minimalism
💡Frugal Living
💡Planning Purchases
💡Automating Routine
💡Appreciating Ownership
💡Values
💡Financial Stability
💡Emergency Fund
💡Fear of Missing Out (FOMO)
Highlights
The speaker has a second channel dedicated to gaming content.
Saving money was not a skill the speaker was taught, but they found ways to make it easier and rewarding.
Planning purchases, especially big ones, has significantly helped the speaker save money.
The speaker used to be spontaneous with spending, but planning has allowed for better financial management.
Small daily spending habits, like buying something every day from a convenience store, can add up to a significant amount.
The speaker recommends identifying and moderating small spending habits to save money.
Assessing personal values and priorities helps in saving money by focusing on what truly matters.
The speaker prioritizes saving money over traditional luxuries, aligning with minimalism and essentialism.
Setting savings checkpoints helps avoid unnecessary spending.
Automating routine, such as moving money into savings after getting paid, makes saving consistent and painless.
Automating bill payments and budgeting helps manage monthly income effectively.
Appreciating what one already owns and avoiding the trap of boredom leads to less spending.
Waiting out the hype and reflecting on needs and existing possessions helps in saving money.
The speaker changed their perspective on saving by seeing it as gaining peace of mind, financial stability, and an emergency fund.
Saving money is not as fun as spending, but the speaker found it more rewarding by focusing on the gains rather than the sacrifices.
The speaker emphasizes the importance of not completely depriving oneself of fun or desired activities for the sake of saving money.
Transcripts
before I start the video I just wanted
to mention that I have a second Channel
I'll be working on where I'm going to
make dedicated gaming related content
I'll have a link for that in the
description box so if that is or even
isn't your thing please give that a
subscribe I really appreciate it and
thank you so much saving money wasn't
really something I was taught how to do
and one could argue that there really
isn't even anything to it than to just
simply save but I found a few things
over the years that have definitely
helped me find saving much easier and
rewarding the things I'm going to talk
about today are ways of thinking I
adopted as well as practical steps that
could be taken in order to reaching some
of those savings goals I've set for
myself this is how I became better at
saving
money but first if you're new to my
channel thank you for stopping by here
we talk about minimalism Frugal Living
Tech and things of that nature so if
that sounds good to you and to end up
liking the video be sure to like and
please emote on the Subscribe
button let's get started Plan before
purchase while this might seem like the
most obvious and logical thing to do
there was a time I was much more
spontaneous with my spending in a lot of
purchases had virtually zero thought or
planning put into it and it really just
came down to having a Buy It Now figure
it out later attitude I really wasn't
too surprised when I noticed how much I
was able to save when I would simply
plan out any and especially big
purchases planning for these purchases
allowed me to arrange my priorities and
allocate money accordingly whether was
setting aside a certain amount of money
every paycheck or waiting for something
to go on sale I always made sure I
carefully plan my purchases leaving me
to be able to set aside money to save
while still being able to make these
purchases I recommend trying to be a
little bit more careful with your
purchases and finding a system for
planning that makes sense for you quit
small spending habits embarrassingly
enough there was a period of time where
I was buying something every single day
from the convenience store before I went
to work and while in the moment a $3
item never really seemed expensive doing
the math to find out it would be around
$60 to $100 every single month really
hurt and to be honest this was worse
when I was truly caffeine addicted and I
would do or pay anything just to get rid
of that caffeine with draw headache
don't get me wrong if I'm somewhere and
I see something small that I want I
don't completely deprive myself but the
point is I'm able to control this small
spending and moderate it much better
I've made it a point to save all the
money that was otherwise spent on these
small daily items and I've absolutely
noticed a growth in my savings for it I
recommend finding areas of small
spending where you think you could cut
back or even get rid of altogether
assess my values and a much more simple
analogy for this would be wants versus
needs the point is once I figured out
where my priorities and my values were
it became much less of a chore to
actually save money identifying my
priorities in life came along with
minimalism and essentialism and as a
result my values when it came to money
came along as well I prioritized saving
money over a traditionally cool car and
getting a Corolla and over things like
going out very frequently preferring to
have a financial safety and bigger goals
like savings checkpoints made it really
easy to avoid spending
unnecessarily and this is where there's
a bit of a gray area because some things
that I value may require spending from
time to time and that's okay what is or
isn't worth spending money on will
obviously vary from person to person
it's just determining where your values
lie and what you think is worth spending
on automate my routine automating my
routine was a very simple but effective
thing that I implemented to make saving
money consistent and painless basically
every time I got paid I prioritized
moving as much as I could into my
savings without compromising my ability
to pay my monthly
responsibilities this was really
effective because it forced me to put
away money into savings before I even
had the opportunity to spend it where I
shouldn't have and automating money is
something I do in a lot of areas not
just saving I've mentioned before how
automating payments for bills has really
really worked well for me and automating
my budget is a great way to manage the
monthly income that I'm working with the
point is that if I try and make putting
money into savings a part of my routine
and treating it as something I have to
do it usually gets done and when it
comes to Growing savings well it's
definitely done that as well be more
appreciative of what I own I've talked
about this before specifically in videos
about minimalism but it most definitely
applies to a video about money as well
it's so easy to to look for the next new
thing to own thinking it'll solve all my
current problems and even if my current
problem is just boredom but when I step
back for a moment and ask myself what I
really need to be content for the most
part I have everything I need things
like technology and fashion are always
changing and trying to keep up with
those things in the past left me very
frustrated in spending more than I'd
like to admit the simple Act of waiting
out the hype and reflecting on my needs
and the things I already own that bring
me Joy is directly related to me being
able to save more I already own the
things that I need to be happy every
single day it's usually just falling to
that trap of boredom that leads to me
spending so doing things like avoiding
those triggers and just being more
mindful of the things I already have is
the main message with this point here
change the way I see saving lastly I
wanted to mention a point that really
went a long way for me it's pretty safe
to say that saving money is not as much
fun as spending it and I always knew if
I thought of it it like this I would
always be in an uphill battle to save
something that was really effective in
changing the way I see saving was to see
it as gaining something rather than
giving something up and in this case
giving up
spending once I realized that by saving
money I'm gaining things like Peace of
Mind Financial stability and an
emergency fund for example it became
much easier to do and even more fun I'd
ventured to say while saving
overspending might sound like the more
adult responsible thing to do one once I
convinced myself that by Saving I was
actually gaining these things spending
money on things I didn't need seemed
like a lot less of a thing I wanted to
do and it's almost completely eliminated
the fear of missing out anyways these
were just a few things I've been able to
do that have literally made me better at
saving money I should mention I think
it's important to not completely deprive
myself from having fun or doing things I
want to just for the sake of saving a
little bit of money cuz there is a time
and place for everything as always I
appreciate that time you spent here and
I appreciate you watching I really hope
you got some value from this one if you
did like this video and you like this
type of content be sure to like and
consider subscribing to my
channel and I'll see you next
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