SAVE 64% While SHOPPING Using These HACKS | Finance With Sharan
Summary
TLDRThis 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
- π³ Embrace EMI for affordability but be aware of your financial limits to avoid unnecessary debt.
- πΌ Majority of Indians earn less than 3 lakhs and often buy expensive items for status symbols, which may not be financially prudent.
- π° Use price comparison tools to avoid paying a premium for products and set price drop alerts for better deals.
- π Take advantage of student discounts offered by various brands and services, and consider buying in a student's name if applicable.
- π Explore the option of buying renewed and refurbished items for significant savings without compromising on quality.
- π³ Choose a credit card that aligns with your lifestyle for maximum benefits, such as fuel benefits or travel rewards.
- π Utilize reward programs and credit cards wisely, considering the annual fees and the benefits they provide.
- π Prioritize buying clothing that can be mixed and matched with existing items to maximize your wardrobe's versatility.
- π Use apps like 'Closet' or 'Smart Closet' to track your clothing inventory and make informed shopping decisions.
- ποΈ Consider reselling or swapping old clothes instead of discarding them to maintain a sustainable and cost-effective wardrobe.
- π Rent clothes for special occasions instead of buying them to save on one-time use items.
- π½οΈ Go shopping on a full stomach to avoid impulse purchases driven by hunger.
- πΌ As a business owner, consider buying assets in the name of the business to claim tax exemptions and credits.
- π 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
ποΈ 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.
πΌ 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.
Mindmap
Keywords
π‘Emi
π‘Status Symbol
π‘Price Comparison Tools
π‘Student Discounts
π‘Renewed and Refurbished Items
π‘Credit Card Benefits
π‘Reward Programs
π‘Mix and Match
π‘Resale Markets
π‘Rentals
π‘Impulsive Purchase
π‘Tax Exemptions
π‘Consumer Debt
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
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