SAVE 64% While SHOPPING Using These HACKS | Finance With Sharan

Summary

This video script offers practical advice for smart shopping and managing finances. It discusses the pitfalls of impulse buying through EMI and the importance of distinguishing between needs and wants. The speaker shares various tips, including using price comparison tools, taking advantage of student discounts, considering refurbished items, and leveraging credit card benefits. Additionally, the script touches on the benefits of renting clothes, the psychology of shopping while hungry, and tax exemptions for business owners. The summary also highlights the importance of investing saved money for long-term financial health.

Takeaways

• 💳 Embrace EMI for affordability but be aware of your financial limits to avoid unnecessary debt.
• 💼 Majority of Indians earn less than 3 lakhs and often buy expensive items for status symbols, which may not be financially prudent.
• 🕰 Use price comparison tools to avoid paying a premium for products and set price drop alerts for better deals.
• 🎓 Take advantage of student discounts offered by various brands and services, and consider buying in a student's name if applicable.
• 🔄 Explore the option of buying renewed and refurbished items for significant savings without compromising on quality.
• 💳 Choose a credit card that aligns with your lifestyle for maximum benefits, such as fuel benefits or travel rewards.
• 🔄 Utilize reward programs and credit cards wisely, considering the annual fees and the benefits they provide.
• 👗 Prioritize buying clothing that can be mixed and matched with existing items to maximize your wardrobe's versatility.
• 👚 Use apps like 'Closet' or 'Smart Closet' to track your clothing inventory and make informed shopping decisions.
• 🛍️ Consider reselling or swapping old clothes instead of discarding them to maintain a sustainable and cost-effective wardrobe.
• 👗 Rent clothes for special occasions instead of buying them to save on one-time use items.
• 🍽️ Go shopping on a full stomach to avoid impulse purchases driven by hunger.
• 💼 As a business owner, consider buying assets in the name of the business to claim tax exemptions and credits.
• 📈 Equity investors can enjoy special discounts from companies they hold shares in, which can be a smart way to save on purchases.

Q & A

What does the term 'Emi' refer to in the context of the script?

In the script, 'Emi' refers to 'Equated Monthly Installments', a method of purchasing goods by dividing the total cost into smaller monthly payments.

What is the average annual income of 90% of Indians according to the script?

According to the script, 90% of Indians earn below 3 lakhs in a year.

What is the significance of the watch mentioned in the script that was bought 10 years ago for 6,000 rupees?

The watch is used as an example to illustrate how people's perceptions of value and affordability have changed over time, and how they now opt for EMI to purchase items they might not have been able to afford previously.

What is the purpose of using price comparison tools as mentioned in the script?

Price comparison tools like Keepa or Price History app are used to ensure consumers do not pay a premium for products by comparing prices across different stores and setting price drop alerts.

Why should consumers check for student discounts when shopping?

Student discounts can offer significant savings on various products and services, such as airline tickets, electronics, and laptops. If a consumer has a college-going sibling, they can use their ID to avail of these discounts.

What are some examples of websites that sell renewed and refurbished items?

Examples of websites that sell renewed and refurbished items include Amazon Renewed and Cified.

How can consumers benefit from using credit cards smartly according to the script?

Consumers can benefit from credit cards by choosing cards that align with their lifestyle and provide maximum benefits, such as fuel benefits for frequent drivers or co-branded cards for frequent flyers.

What is the advantage of becoming a member of intermiles as mentioned in the script?

Intermiles is a lifestyle and travel rewards program that allows members to earn points on purchases, which can be redeemed for various rewards. Logging into Amazon or Flipkart via intermiles can provide double benefits from both the rewards program and the credit card provider.

How can consumers make smarter clothing purchases according to the script?

Consumers can make smarter clothing purchases by using apps like 'A Closer' or 'Smart Closet' that use AI to mix and match existing clothes, showing various outfits and helping to avoid unnecessary purchases.

What is the benefit of reselling or swapping old clothes instead of throwing them away?

Reselling or swapping old clothes can provide additional income or new items without spending extra money. Platforms like ThredUP, Poshmark, and FreeUp facilitate this process.

How can consumers save money on one-time use clothing like traditional outfits for weddings?

Consumers can save money by renting clothes for special occasions from local shops or online platforms like Rented Bay, Style Lend, or Flyrobe, which offer significant discounts compared to the original price.

What is the psychological effect of hunger on shopping behavior according to the research mentioned in the script?

According to the research mentioned in the script, hunger increases the likelihood of making impulsive purchases, with hungry shoppers spending 64% more money and buying 88% more products than those who are less hungry.

What are the potential tax benefits for business owners when purchasing items for their business?

Business owners can claim depreciation on the purchase amount and GST input tax credit when buying items like furniture or gadgets in the name of their business.

How can equity investors benefit from owning shares in certain companies?

Equity investors can benefit from special discounts offered by companies they own shares in, such as discounts on products or services from companies like Bata, Hawkins Cookers, Indian Hotels, Titan, and Trident.

What is the long-term financial impact of saving a small amount of money regularly and investing it?

Saving a small amount of money regularly and investing it can lead to significant wealth accumulation over time due to the power of compounding. For example, reducing monthly spending by 3,000 rupees and investing it through an SIP could potentially grow to close to 1 crore over 30 years, assuming a 12% annual return.

Outlines

00:00

🛍️ Understanding EMI and Smart Shopping

The first paragraph of the script discusses the prevalence of EMI (Equated Monthly Installments) as a method of purchasing expensive items, even when they may be out of one's budget. It highlights the societal pressure to own status symbols and the realization that many people in India, who earn less than 3 lakhs a year, still opt for high-priced items. The speaker shares personal experiences and strategies for controlling the desire for materialistic possessions, such as using price comparison tools, taking advantage of student discounts, and considering refurbished or renewed items. The paragraph also touches on the benefits of credit card rewards programs and the importance of matching new purchases with existing wardrobe items to avoid redundancy.

05:00

💼 Maximizing Savings with Smart Shopping Strategies

The second paragraph delves into additional tips for smart shopping, including reselling or swapping clothes to prevent waste and save money. It also addresses the issue of buying clothes for one-time events and suggests renting as an alternative. The paragraph advises on the importance of being well-fed before shopping to avoid impulsive purchases due to hunger. It further explores the benefits of using liquid funds for purchases to create a delay that can deter impulsive buying. The speaker also discusses tax exemptions for business owners when buying furniture or gadgets, and the potential discounts available to shareholders of certain companies. The paragraph concludes with a call to action for viewers to subscribe to the channel for more financial tips and emphasizes the long-term benefits of saving and investing money wisely.

Keywords

💡Emi

Emi, short for 'Equated Monthly Installment', is a financing option that allows consumers to purchase goods by paying in installments over time. In the video, it's mentioned as a reason why people buy items they can't afford, illustrating the theme of financial imprudence and the temptation of immediate gratification over long-term financial health.

💡Status Symbol

A status symbol is an item, action, or lifestyle that signifies one's social or economic status. The video discusses how people in India, despite earning less, aspire to own expensive items to project a certain image, which ties into the broader message about materialism and societal pressures.

💡Price Comparison Tools

These are online services or applications that allow consumers to compare prices of products across different retailers to find the best deal. The video suggests using such tools to avoid overpaying, emphasizing the importance of smart shopping to save money.

💡Student Discounts

Student discounts are special pricing reductions offered to students by certain companies or services. The script mentions that various brands offer such discounts, advising viewers to take advantage of these to save money, especially when purchasing expensive items like electronics.

💡Renewed and Refurbished Items

Renewed and refurbished items are products that have been restored to like-new condition and sold at a lower price. The video suggests buying such items to save money without compromising on quality, which is a practical tip for those on a budget.

💡Credit Card Benefits

Credit card benefits refer to the rewards, discounts, or cashback offered by credit card companies to encourage usage. The script discusses how choosing the right credit card based on one's lifestyle can provide significant savings, such as fuel benefits for frequent drivers.

💡Reward Programs

Reward programs are loyalty schemes that offer points, miles, or other incentives for purchases, which can be redeemed for discounts or gifts. The video highlights the benefits of such programs, including double benefits when linked with credit card purchases.

💡Mix and Match

Mix and match is a fashion concept where different clothing items are combined to create various outfits. The video recommends using apps to mix and match clothes to avoid unnecessary purchases and to get the most use out of one's wardrobe.

💡Resale Markets

Resale markets are platforms or stores where used items, especially branded or high-value goods, are sold. The script suggests using these markets to resell or swap old clothes, providing an example of how to recycle and monetize items that are no longer needed.

💡Rentals

Rentals refer to the temporary use of items or services in exchange for payment. The video mentions renting clothes for special occasions as a cost-effective alternative to buying expensive outfits that may only be worn once.

💡Impulsive Purchase

An impulsive purchase is a sudden, unplanned buying decision often driven by emotion rather than necessity. The script advises waiting for funds to transfer from liquid assets before making a purchase, which can help prevent such impulsive decisions.

💡Tax Exemptions

Tax exemptions are reductions or eliminations of tax liabilities on certain types of income or purchases. The video explains how business owners can claim tax exemptions on purchases made for business purposes, such as depreciation and GST input tax credit.

💡Consumer Debt

Consumer debt refers to the money owed by individuals for purchases made on credit. The video discusses the challenges of navigating a world filled with consumer debt and the importance of distinguishing between needs and wants to maintain financial stability.

Highlights

Using EMI for purchasing items can lead to a false sense of affordability.

A significant portion of the Indian population still buys expensive items for status symbols despite earning below 3 lakhs annually.

Price comparison tools like Keepa or Price History can help avoid buying items at premium prices.

Many websites offer student discounts, which can be utilized for purchases.

Buying renewed and refurbished items from websites like Amazon Renewed can save money.

Using credit cards wisely can provide benefits such as fuel benefits or co-branded cards for frequent travelers.

Membership in reward programs like InterMiles can provide additional benefits on purchases.

High-end credit cards with annual fees can offer significant benefits that may offset the cost.

Using apps like 'Closet' or 'Smart Closet' can help manage and mix-match existing clothes to avoid unnecessary purchases.

Reselling or swapping old clothes through apps can be a sustainable way to refresh your wardrobe.

Renting clothes for special occasions can be more cost-effective than buying them.

Eating before shopping can help make more rational purchasing decisions.

Using liquid funds for purchases can create a waiting period that may deter impulsive buying.

Business owners can take advantage of tax exemptions and credits when purchasing for business use.

Equity investors may receive special discounts for being customers of certain companies.

Being aware of mental biases and emotions can lead to better shopping habits and financial planning.

Saving even small amounts consistently can lead to significant wealth accumulation over time through investment.

Transcripts

hey how are you affording all of this

everything is on Emi bro I just found

out that if you can't afford something

you can just do it on Emi so you realize

that you cannot afford any of this but

you still bought it yeah YOLO 90% of

Indians earn below 3 lakhs in India and

they still want to buy expensive items

because they had a status symbol no not

this this is just a normal watch man 10

years back I bought for 6,000 rupees how

do I know all of this because I follow

my man hey no man because 70% of iPhones

that are sold in I bought under Emi if

you earn a good amount of money buying

all this expensive is

fine but if you buy it when you can

barely live paycheck to paycheck you're

not buying it but someone is selling it

to you now I know what you're going to

say I know I shouldn't spend money on

things I can't afford but I just can't

stop

myself well I have been there in the

past and I have used some tricks that

let me to control my lust for

materialistic things or if I really

wanted to buy something these hacks help

me SA a lot of money since I was feeling

generous today I thought let me share

these secrets with you brokies firstly

we all know how much online shopping has

taken over the world everyone sitting in

the comfort of their homes scrolling

through God knows how many online

shopping apps to top all of that doing

transactions online has become so easy

that we don't check all the pricing

options available from different stores

for that same product to solve that an

easy hack is to use price comparison

tools like keepa price before price

History app Etc they save you from

buying something at a premium price you

can also set price drop alerts using

online tools and gain an advantage of

good selling

cheaply a lot of sites provide student

discounts for example air vistara offers

up to 10% discount on their online class

tickets along with extra baggage

allowance Samsung offers a 10% discount

on their Galaxy devices to students Lear

two offers discounts up to 10,000 rupes

on

laptops and for for people like him even

apple offers student discounts up to 10%

on MacBooks and iPads so if you have

younger siblings who are college going

you can buy these products in their name

using their college IDs for something

that you absolutely need but can't

really afford check out websites that

sell renewed and refurbished items like

Amazon renewed cified Etc don't be like

this nimon who doesn't need any of this

but still bought it pro tip you can

check out .in they also sell recertified

quality laptops at a $4 50% discount

with a 6 months warranty now I know that

a few minutes back I said don't buy

anything you can't afford but we all

know that we will anyway end up buying

stuff that we don't need so for Times

Like These there's a smart way that you

can use your credit card to your

advantage consider your lifestyle and

get a card that provides maximum benefit

if you're someone who drives a lot cards

providing fuel benefits may be the best

for you if you travel by air frequently

like I do because I'm an influencer

co-branded cards like access bank

vistara Air India SBI and and so on

would be a great choice for you Pro tip

become a member of intermiles it's the

lifestyle and travel Rewards program if

you're already a member log to Amazon or

flip cart via interm this ensures that

you get double the benefits from

intermiles as well as from your credit

card provider on the purchases that you

make but Sharon such reward programs and

credit cards have an annual fees right

and that's expensive

right for example sbi's Elite card fee

is rupees

4,999 may feel like too much of an

expense but when you check the

Privileges of that card you might find

that there are free movie tickets worth

6,000 rupees also you get a welcome gift

voucher of rupees 5,000 rupees and 10 x

Reward Points too now that deal sounds

pretty good to me if the credit card

offers the benefits you need and if you

can recover these fees by all means you

should consider high-end cards while we

are talking about shopping smartly to

save more how can we forget the cost we

incur on shopping in the case of clothes

it's hard to filter what you really need

and what's just a fancy B hey don't look

at me like that bro I need all of this

do not be like him look for clothing

that can last and can be paired with

existing clothes using mix and match if

you have four shirts three pairs of

jeans and two jackets then you can

combine them to make 24 different

outfits sounds good enough right now

let's say I have this brown jacket I

have a yellow jacket I have a black

jacket and I have like three four

checked shirts I have around five to six

t-shirt I have four jeans pants so all

in all I have around 20 to 25 clothes

how do I know all of this I input all

the clothes that I have into this app

called a closet another app for this is

something called as smart closet so what

this app does is it uses AI to mix and

match all of my different clothes and

shows me n number of outfits also the

next time I go shopping I know exactly

what I already own so I can whip up my

phone see what clothes I have and see if

whatever I'm buying matches with the

clothes that I already have how often

have you felt I wish I knew whether I

had this clothes and then after you

purchase it you go back home and check

it out and then you see that you already

have that in your

wardrobe

we've all been there now when you're

done with wearing all the clothes that

you have you don't need to just throw

them away you can just resell it there

are a lot of resale markets for Branded

jackets bags and shoes stores like TFT

Poshmark free up can help you with the

reselling and if you do want to sell

them you can also swap your old clothes

with other clothes which are available

in these apps if you like that give it a

try when you're done with using them now

you might say Sharon you don't

understand some necessary expenditure I

had to buy a 50,000 Rupees traditional

outfit for my uncle's cousin daughter's

wedding stupid why are you buying

clothes for wearing just once a year

according to a wise survey of about

9,500 people 23 person said that they

buy clothes for one time use and then

these clothes rot away in the back of

their closet there is absolutely no

upside for such consumer Behavior rent

insert you can find many shops in your

locality that rent our clothes for just

10% of their original price and if not

local shops you can try this online too

sites like rented Bay sty Le rented an

attire or fly rad give you such service

I got got a cool wedding outfit which

cost 1.3 lakhs for just 6,000 Rupees at

flyr Lifesaver right now that we've

covered online shopping let's talk about

offline shopping if you're stepping out

to shop keep your belly full because

that helps your brain to make wise

decisions University of South California

Professor Schwartz along with others

confirmed in a research report that

hunger increases the chance of people

buying anything that grabs their

attention another study examined the

relationship between actual purchases of

fashion shoes and electronics at a mall

and the shoppers Dee of hunger in this

study hungry Shoppers spent 64% more

money and bought 88% more product than

those who are less hungry this is

mad imagine if you ate 100 rupees worth

of food before going shopping you could

save thousands of rupees in terms of

unnecessary expenses another trick is to

use the money from your liquid funds for

fund purchases now we all know that when

we try to withdraw money from our liquid

funds it will make us wait for a couple

of days before the money hits our

savings bank account you have no choice

but to wait until that time wait a

minute say during this waiting period

you realize that the pair of expensive

sneakers is not a need but rather an

impulsive purchase once you have that

Clarity you may be able to skip that

purchase it's all in the mind guys and

if you're a business owner this one is

going to blow your mind check out the

tax exemptions you can get when you buy

furniture or gadgets buying in the name

of the business can help you claim

depreciation on that purchase amount

plus GST input tax credit suppose you're

planning to buy a new mobile phone you

may use it for your business costs if

you are a business owner you can buy

this phone in the name of your business

and claim an input tax credit once you

get the tax invoice with the company

name GST number HSN number and Company

address you are good to go when the

supplier files the GST returns and pays

taxes to the government you can get that

input tax credit if you are an equity

investor I have some additional tips for

you let's look at the image if you own

shares of Barta Hawkins cookers Indian

hotels company Titan Trident Etc you get

a special discount for being their

customers they may come with some

conditions now I know there's a lot of

burger lovers among you if you own

Burger King share which is trading at

around 110 to 140 rupes and if you buy

two King collection Burgers whatever

that is you can save up to 50% on the

MRP close to 200 rupees but all in all

guys being cautious about one's mental

biases and emotions will make you a

better Shopper every rupee save today is

going to compound beautifully over the

next 20 to 30 years if you invest it

properly for example check out your

monthly spending suppose you can reduce

it by only 3,000 rupees using the tricks

above and invest them by an sip after 30

years

you can expect this investment to be

close to 1 CR assuming even a 12% per

year return if that motivates you get

your ass in line I use all of these

methods that we discussed today and I am

a personal finance Creator so I know

what I'm talking about guys I still use

just my phone to shoot most of my

content I don't have a super complex

wardrobe having 10 different items for

every type of social situation all these

things will help you in the long run not

just financially but mentally also your

financial planning works best when

expenses don't spiral out of bounds I'm

spiraling in today's world of Consumer

Debt it is truly hard to filter out what

really is a need and what's just a fancy

buy one such example of a need is that

subscribe button you need to subscribe

to my channel so that you can save more

money in the future by watching my

videos until then I'll see you in the

next

one