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#money #investing #hacks
Everybody wants to save more money but most of us struggle to do so. Try these 7 money savings hacks that will help you save hundreds and thousands of dollars every year.
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0:00
saving money is a goal many aspire to
0:02
achieve including myself yet it often
0:04
seems extremely elusive fortunately
0:07
there are numerous strategies and hacks
0:09
that Financial experts recommend to help
0:11
individuals build their savings
0:13
effectively from simple lifestyle
0:15
adjustments to savy financial Maneuvers
0:17
these tips can make a significant
0:19
difference in one's Financial well-being
0:21
and number one create friction between
0:23
you and spending here's the scenario you
0:26
haven't laid your hands on your cash or
0:28
debit and credit cards in months but
0:31
somehow your money disappears out of
0:33
your bank account does somebody else
0:35
magically come in and have access to
0:37
your accounts yes and that somebody else
0:39
is the frictionless spender version of
0:42
yourself online shopping and cardless
0:44
checkout is so common that you might go
0:47
months without laying your hands on any
0:49
cash or even your debit or credit cards
0:52
your card information is saved on all
0:54
your favorite online shopping apps dare
0:56
I say Amazon and you tap your phone to
0:59
make payments everywhere else this makes
1:01
life very convenient true but it also
1:03
makes spending money super super easy if
1:06
you have a spending problem one of the
1:08
first things you should do is create
1:09
friction between you and spending your
1:11
money start by deleting those shopping
1:13
apps and only keep the one or two that
1:16
are absolutely necessary most of them
1:18
are not necessary at all and even on
1:20
those apps don't save your card
1:22
information make yourself have to get up
1:24
go get your card and then plug in the
1:26
number every time you want to buy
1:28
something can you imagine how annoying
1:30
that is if you have to make several
1:32
purchases on apps like Amazon every week
1:34
trust me you need that annoyance to
1:36
deter you from buying things mindlessly
1:38
by just the click of a button it's the
1:40
same thing as if you're struggling with
1:42
eating well get rid of the freaking
1:44
Oreos in your house when you have the
1:46
friction of going out to buy one bag of
1:48
chips or that one pint of ice cream
1:50
every time you crave it I'll bet you end
1:52
up eating way less junk food than if
1:54
your pantry is filled with junk food
1:56
friction is your friend in these cases
1:59
at number two and this is something I'm
2:01
going to personally struggle with try
2:03
going generic are you a brand name
2:05
fanatic even when it comes to things
2:07
like grocery shopping you might be
2:09
selling out hundreds and hundreds of
2:11
dollars extra every month on everyday
2:13
brand name items when the generic
2:15
version of those items will work just
2:17
fine why pay the extra money mostly for
2:20
brand names when the generic products
2:22
are made of similar ingredients
2:24
especially on items you don't care about
2:26
food items from peanut butters to pasta
2:28
sauces to cereal you all have a generic
2:31
or store brand the same goes for
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cleaning items and everyday beauty
2:35
products just because you grew up on
2:37
specific brand names doesn't mean you
2:39
have to keep buying them especially in
2:41
these tough times when grocery bills are
2:43
rapidly skyrocketing maybe stick to the
2:45
brand names on specific things you
2:47
really care about but go ahead and grab
2:49
those other generic products and save
2:51
your money you won't notice the
2:52
difference and number three no upgrading
2:55
anything for a specific period of time
2:57
tell me why you need a new phone every
2:59
couple couple of years when the old one
3:01
works just fine and has features you
3:03
would have killed for just a few years
3:06
ago do you really need to go into debt
3:08
upgrading your TV from a 65 to a 75 in
3:11
American consumerism is famous for a
3:14
reason and that reason is Ridiculousness
3:17
I gave up keeping up with the Joneses a
3:19
long time ago and you should too make
3:21
yourself a promise that you won't
3:22
upgrade anything for a year 2 years 5
3:25
years unless it's absolutely necessary I
3:28
have a friend who still has a freaking
3:30
iPhone 7 she's going on 8 years and it
3:32
still works fine she's able to do
3:34
everything I'm able to do on my newer
3:36
phone except maybe I can take better
3:38
pictures but she's not a photographer or
3:40
a content creator so why does she need
3:43
the latest technology in phone photo
3:45
taking and number four and this is a fun
3:47
one take up fun challenges with friends
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and family there's nothing I love more
3:52
than a challenge and it's even made
3:54
better when you involve family and
3:56
friends and since most people are always
3:58
looking for ways to save money I'm sure
4:00
you'll find at least one person willing
4:02
to do some fun challenges with you
4:03
Center the challenges around the idea of
4:05
saving money some challenge ideas can be
4:08
no eating out for a month no spending
4:10
any money for a week or no buying
4:12
anything on Amazon for a month or even
4:16
longer the no eating out challenge can
4:18
be really fun as you can send each other
4:20
new recipes to try at home and social
4:22
media is filled with recipes you can
4:24
become a better cook and save money at
4:27
the same time if you're spending like 5
4:29
to 7 $7 a day on coffee learn to make
4:32
your favorite specialty coffee drinks at
4:34
home you don't even need the fancy
4:36
espresso machine just look up an
4:38
alternative way to make these drinks
4:39
without the expensive machines you know
4:41
what I did I went and found me some
4:42
Ethiopian friends it's like the gift
4:44
that keeps on giving they know how to
4:46
make coffee always good for good
4:47
conversation know how to have a good
4:49
time anyways the point is these money
4:52
saving challenges can be fun and
4:54
creative as well as very productive and
4:56
number five automate savings another
4:58
powerful money saving hack recommended
5:01
by experts is automating your savings by
5:04
setting up automatic transfers from your
5:06
checking account to a savings or
5:08
investment account you remove the
5:10
temptation to spend money that could
5:12
otherwise be saved take advantage of
5:14
your employer's direct deposit option to
5:16
allocate a portion of your paycheck
5:18
directly into your savings account set
5:20
up reoccurring transfers on your online
5:23
banking platform to ensure consistent
5:25
saving contributions every month
5:27
automation makes saving effortless and
5:29
frictionless and this is the right place
5:32
to take friction away at number six we
5:34
have rounding up here is another
5:37
effortless way to save a little bit of
5:39
money every time you make a purchase
5:41
maybe you spend
5:43
$545 at the coffee shop although I've
5:45
already told you you should be making
5:47
your own freaking coffee at home these
5:49
days with these prices or you spend
5:52
$655 at the grocery store it wouldn't
5:55
make much of a difference for your
5:57
expenses if you round it up to six or or
6:00
$66 right some banks offer you to do
6:02
exactly that and put the change into a
6:05
different account for your savings
6:07
saving up an extra 75 cents there or 45
6:10
cents here might not seem like much but
6:12
it can add up to hundreds of dollars
6:14
every year and number seven we have
6:16
utilized secondhand when you're looking
6:18
to buy something that's expensive or you
6:20
need it for minimal use the first thing
6:21
you should think about is if you can get
6:23
it secondhand think about it we get cars
6:25
secondhand most of us buy houses other
6:28
people have obviously lived in before so
6:30
why can't you get some of your items
6:32
secondhand too like a dining table a
6:35
stroller a grill computers whatever the
6:37
next item is you're looking to purchase
6:39
apps like offer up or Facebook
6:41
Marketplace have a ton of stuff your
6:43
neighbors are looking to sell for 50 or
6:45
even up to 90% off actually I just
6:48
bought a camera that uh was worth $2,000
6:51
and I got it for 900 bucks and it works
6:53
perfect on the flip side you can also
6:55
sell stuff you no longer need to instead
6:57
of throwing it out or just letting
6:59
collect dust declutter your space and
7:01
make some money on the side another
7:04
win-win saving money doesn't have to be
7:06
daunting or restrictive by implementing
7:08
these seven money saving hacks you can
7:11
set yourself up to a path of financial
7:13
success remember small changes can lead
7:15
to significant results over time once
7:17
you have saved up some money but don't
7:18
know how or where to start investing
7:21
watch our video on how to invest your
7:23
first ,000 next see you next time with
7:26
more money talks
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