How To Be Better At Saving Money | Financial Minimalism

Summary

The 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

00:00

📺 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.

05:01

🛍️ 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.

Keywords

💡Saving Money

Saving money refers to setting aside a portion of one's income for future use rather than spending it all on immediate consumption. In the video, the speaker emphasizes the importance of saving as a means to achieve financial stability and peace of mind. The speaker shares personal strategies for saving, such as planning purchases and automating savings routines.

💡Minimalism

Minimalism is a lifestyle that focuses on simplicity and the reduction of material possessions. The video connects minimalism to saving money by suggesting that understanding one's true needs and values can lead to less spending on unnecessary items. The speaker's adoption of minimalism helped them prioritize savings over acquiring material goods.

💡Frugal Living

Frugal living involves making a conscious effort to reduce expenses and spend money wisely. The video's theme of frugal living is evident in the speaker's advice to quit small spending habits, such as daily convenience store purchases, which can accumulate and deplete savings.

💡Planning Purchases

Planning purchases means thoughtfully considering and organizing one's spending, especially for significant items. The speaker highlights the benefits of planning, such as setting priorities and allocating money accordingly, which leads to more effective saving and avoiding impulsive spending.

💡Automating Routine

Automating routine refers to setting up systems to handle repetitive tasks automatically, such as transferring money to savings accounts or bill payments. The video suggests that automating financial tasks can make saving money a consistent and effortless habit, reducing the temptation to spend unnecessarily.

💡Appreciating Ownership

Appreciating ownership involves being content with what one already has, rather than constantly seeking new possessions. The speaker's approach to appreciating what they own helps them resist the urge to spend on unnecessary items, thereby contributing to their savings goals.

💡Values

Values are the principles or standards of worth that guide one's decisions and behavior. In the context of the video, the speaker identifies their values as a key factor in saving money, as understanding what is truly important helps them make choices that align with their financial goals.

💡Financial Stability

Financial stability means having a secure financial footing, with enough savings and income to meet current and future needs without excessive worry. The video's speaker sees saving money as a way to achieve this stability, which in turn provides a sense of peace of mind.

💡Emergency Fund

An emergency fund is a sum of money set aside specifically for unexpected expenses or financial hardships. The video emphasizes the importance of having an emergency fund as part of a saving strategy, which can provide a safety net in times of need.

💡Fear of Missing Out (FOMO)

Fear of missing out, or FOMO, is the anxiety that arises from the belief that others are experiencing more rewarding or exciting events. The speaker in the video suggests that changing the perception of saving can help overcome FOMO, by focusing on the long-term benefits of saving rather than short-term spending.

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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