Nearly 60% of adults do not have enough money saved to cover a $1000 emergency…so here are 5 simple tips on how to save more money, even with a low income. Enjoy! Add me on Instagram: GPStephan
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First, DON’T SPEND MONEY! Just kidding…obviously. But my first “Trick” that I use is that if there’s anything I’m looking to buy…don’t “BUY IT NOW”..instead, I always just “buy it tomorrow”
This one is really just about cutting down on impulse purchases that you make without really thinking about it…because this one gets really interesting once you start digging deeper. Many studies have shown that shopping can release dopamine in the brain, which then brings about a sensation of well-being and happiness. And if we take a step further, research has shown that the dopamine hit doesn’t actually come from the purchase itself…it comes from the ANTICIPATION of the purchase.
From this, we can conclude that BUYING something won’t necessarily give you that fun excitement you’re looking for…and you can get all the same enjoyment from shopping…by not actually buying anything, and instead, window shopping and then saving the money.
https://www.psychologytoday.com/us/blog/brain-wise/201510/shopping-dopamine-and-anticipation
Second, assuming you’ve waited a day and you’re thinking about buying something - think to yourself: “if someone offered me the cash value for this item - would I take it?”
Sometimes we forget about how much something is going to cost us when we’re so fixated on just getting the thing that we want. But start thinking to yourself: if I had the choice between buying this item, or getting paid that exact amount of money - which would I rather have? Because, in essence…when you decide not to buy something and save the difference - it’s almost as if you’re getting paid to save.
The third trick to saving more money is to think to yourself “how many hours will this cost me to pay for it?”
Basically, we have a limited amount of time on this planet - and it’s important we make the best use of our time, not only from a financial standpoint, but also from personal fulfillment. Given that, it’s vital that we spend our money on things that are most important to us - and since our time is a very limited resource, we shouldn’t spend our time working for things that don’t bring us long term value.
Now fourth, a fun exercise you can do is whenever you save money by not buying something, or by spending less - is by immediately transferring the difference into another account.
This is a great way to not only make sure you actually keep the money you’re saving, but it’s also really effective because you can begin seeing the immediate results of cutting back. I think that once you begin seeing it work firsthand, you’ll be more likely to get excited at the aspect of having some extra cash laying around - and you’ll be more likely to stick with it.
And fifth…most importantly, think of what your money is worth in its future value.
When you save and invest your money, it’s going to grow over time…when you spend it, it’s almost like your halting its growth that it would have been worth, had you saved it, instead. So, instead of spending $20 on avocado toast, you took that $20 and invested it over the next 40 years…if you just took the average, historic return of the stock market - adjusted for inflation, with dividends reinvested…that’s a lot to say…that $20 would be worth about $300 in future value.
And lastly, if you’re already doing all of the above, and you’re still not saving enough…you need to make more money. EVERYONE will get to a point, eventually, where they cannot possibly save anymore…and it’s at that point where you should begin to shift your efforts from saving, to learning how to increase your income.
This could be learning a new skill, picking up a side job, looking to switch careers, smashing the like button, you name it - the point is, increasing your income is the necessary last step when it comes to saving money.
And I really believe that it’s by implementing these strategies, slowly over time, and sticking with it, that you have the potential to begin saving a LOT more money - without really feeling it, until you look at your bank account and see all those extra Benjamins.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Merch: http://www.GrahamStephanStore.com/
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
First, DON’T SPEND MONEY! Just kidding…obviously. But my first “Trick” that I use is that if there’s anything I’m looking to buy…don’t “BUY IT NOW”..instead, I always just “buy it tomorrow”
This one is really just about cutting down on impulse purchases that you make without really thinking about it…because this one gets really interesting once you start digging deeper. Many studies have shown that shopping can release dopamine in the brain, which then brings about a sensation of well-being and happiness. And if we take a step further, research has shown that the dopamine hit doesn’t actually come from the purchase itself…it comes from the ANTICIPATION of the purchase.
From this, we can conclude that BUYING something won’t necessarily give you that fun excitement you’re looking for…and you can get all the same enjoyment from shopping…by not actually buying anything, and instead, window shopping and then saving the money.
https://www.psychologytoday.com/us/blog/brain-wise/201510/shopping-dopamine-and-anticipation
Second, assuming you’ve waited a day and you’re thinking about buying something - think to yourself: “if someone offered me the cash value for this item - would I take it?”
Sometimes we forget about how much something is going to cost us when we’re so fixated on just getting the thing that we want. But start thinking to yourself: if I had the choice between buying this item, or getting paid that exact amount of money - which would I rather have? Because, in essence…when you decide not to buy something and save the difference - it’s almost as if you’re getting paid to save.
The third trick to saving more money is to think to yourself “how many hours will this cost me to pay for it?”
Basically, we have a limited amount of time on this planet - and it’s important we make the best use of our time, not only from a financial standpoint, but also from personal fulfillment. Given that, it’s vital that we spend our money on things that are most important to us - and since our time is a very limited resource, we shouldn’t spend our time working for things that don’t bring us long term value.
Now fourth, a fun exercise you can do is whenever you save money by not buying something, or by spending less - is by immediately transferring the difference into another account.
This is a great way to not only make sure you actually keep the money you’re saving, but it’s also really effective because you can begin seeing the immediate results of cutting back. I think that once you begin seeing it work firsthand, you’ll be more likely to get excited at the aspect of having some extra cash laying around - and you’ll be more likely to stick with it.
And fifth…most importantly, think of what your money is worth in its future value.
When you save and invest your money, it’s going to grow over time…when you spend it, it’s almost like your halting its growth that it would have been worth, had you saved it, instead. So, instead of spending $20 on avocado toast, you took that $20 and invested it over the next 40 years…if you just took the average, historic return of the stock market - adjusted for inflation, with dividends reinvested…that’s a lot to say…that $20 would be worth about $300 in future value.
And lastly, if you’re already doing all of the above, and you’re still not saving enough…you need to make more money. EVERYONE will get to a point, eventually, where they cannot possibly save anymore…and it’s at that point where you should begin to shift your efforts from saving, to learning how to increase your income.
This could be learning a new skill, picking up a side job, looking to switch careers, smashing the like button, you name it - the point is, increasing your income is the necessary last step when it comes to saving money.
And I really believe that it’s by implementing these strategies, slowly over time, and sticking with it, that you have the potential to begin saving a LOT more money - without really feeling it, until you look at your bank account and see all those extra Benjamins.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
You can save money on fireworks by rubbing your eyes
I’m here after $600 disappeared from my bank account over one week. I don’t know what happened but it wasn’t me. (jk of course it was me)
Please do an update of this video
Showing some love years later because people need to watch this again even today ❤
What if am a student
Pretty lame! Random comments! Nice try though, cos your presentation is strong.
All I want is a Sneakers bar now!
I can't believe how much our lives have changed since meeting Rodger Michael Karl. He's helped us become debt-free and save for retirement." I made over 220K during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is currently the best course of action, especially for those who are close to retirement ..
This is Helpful. Thank You
<>>I learnt most of these principles about seven years ago. A lot of people have been trapped strongly in the matrix– Go to school, get a job, and then slave your whole life. Many miss out on life-changing information that could have great effect on their finances. I played with the stock market sometime in 2020, and I was surprised at how well it turned out. I want to put in $80k more into the market. I heard people are making really great returns despite the downturn. Any recommendations?<><<
Just old advice that nobody ever follows!
No wonder our government is so horrible with money! Question now is, are we modeling ourselves after them, or are they simply a reflection of their voters?
My husband and I figured out that we DO have money to save, we always have, but we allowed ourselves to succumb to societal/peer pressure. While coworkers are going on cruises and to the casinos, we're paying off debt and putting back money. Pretty easy to do since we moved out of the larger cities and into a much smaller, more rural area.
I smashed the 👍🏻 button at “ coffee maté coconut creamer” HELL YA…..🤣
its really a misnomer. Beyond an emergency fund, or saving up cash for a specific purpose, youshould be investing, not saving.
I’m gonna eat the snickers bar
Why are you wearing a undershirt and move your hands so much??
I save 80% of my check every paycheck
Best trick is to not spend it like a moron! Lol
If you want to save money, buy what you need and hold off on things you want. This takes a little willpower in the beginning, but it will become a lifestyle, if you stick with the program. After you have saved your emergency fund, you can reward yourself with a small item you actually WANT.
Loved the Bugatti reference makes the content interesting and different
I’m here cause I need to stop spending unnecessary money 💰 😢
I agree with everything except that money will be worth more in the future. Sometimes it’s better to buy something now bc in the future it’s going to cost you more. For ex, buying a car in 2019 was cheaper then buying a car now, if someone waited to buy a new car or a new house it would actually cost them more now. What your saying is only true if you invest that money but If you just leave it in a savings account things will just get more expensive so your better off buying it now
Stop spending money on unnecessary things
I didn’t save a dime for over 14 years of well paid wage. Big mistake.
But now I’m micromanaging family budget and we save over 20% .
100 eur is more than enough for personal spendings.
Buy it tomorrow def works because chances are you won’t run back to that same store the next day or even go online and actually checkout
Same exact things said on other videos
Waiting 30 days helps.
I personal realised , thinking about how many hours I’ve worked for the money I’m gonna spend makes me think twice bout the purchase
Graham listening to your thought process before you buy something made me realize you sound like me, and here I was thinking I’m cheap but I’m actually being smart with my money 💴😂
I figured out how to have my local pharmacy pay me money to go to their store. I’m going to become a savings god and undergo metamorphosis into a human coupon.
Lololol
I eat chocolate chip cookies for breakfast because I burn those calories off long before break time and I’ll have a bacon double cheeseburger for lunch (I work through lunch nowadays) and burn those calories off before the end of the day at work
Construction;; get paid to get fit!¡!¡!¡
Noooo I just ate avocado toast, where were you earlier in my life. Oh but I most definitely concur!
I ask myself "will this item save me money or is it an investment"? If the answer is yes then go ahead. For example I recently bought a solar cooker… a great investment as I can cook for free on sunny days. If the answer is no I wait until it is my birthday, Xmas or special occassion and I then treat myself if I still want the item in question.
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