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.