Conscious Spending Habits that will Improve Your Life
HTML-код
- Опубликовано: 6 авг 2024
- To learn more than ever from important non-fiction books, join me on Shortform: shortform.com/samlui. You’ll get a 5-day free trial AND an additional 20% off the annual subscription. One of my favorite books on Shortform is I Will Teach You to be Rich.
In this video, I talk about how to spend more consciously and save more money. More specifically, what's worked for me.
Conscious spending is so important nowadays because our income does not have the same purchasing power as it once did. Unless we drastically increase our income or marry rich, we have to be more intentional with our purchases. In this video, I share tips on how to participate in more conscious spending, so that we can save more money and ultimately live the life that we want.
A really common way piece of advice that we hear is to set a budget for yourself. Is that really effective though? In my opinion, you don’t have to spend limit yourself and count every single dollar that you spend. Instead, you can pay yourself first: after every paycheck, you automate a certain % of your money to go to an investment account like a ROTH IRA or 401k. Then, you set aside an amount for bills, and whatever is left over is fun money that you can use to spend guilt-free. A common split between saving & investing, wants, and needs is 50-30-20.
Define your values. We must remember that money is simply a tool, not an end goal. To be better at conscious spending, analyze your spending habits, understand what your core values are, and connect your spending to your values. For example, I want to spend more time with people that I care about, spending on experiences and immersing myself in other cultures when I travel, investing in things that help me feel my greatest.
Find hobbies that are cheap or free. If you have fewer expensive hobbies, you don't have to pick and choose where you spend your money as much. Hobbies such as hiking, going on walks, reading, and gaining knowledge are free. Something like skiing or partying often is not.
Abstain from whatever pleasure or indulgence once a week. Example: Set days where you don’t eat out or get coffee. Restraint every once in a while is never a bad thing.
Re-evaluate the type of people you hang out with. Spend on things you actually want to spend on-- not in order to impress other people.
0:00 It’s expensive to be alive
0:40 Do we really need budgets?
3:33 Shortform
4:28 Define your values
5:30 Finding cheaper hobbies
7:23 Be careful with the people you hang out with
My Gear
📸 Camera: amzn.to/3hhX1RZ
📷 Vlogging Tripod: amzn.to/3toww2d
🎙 Microphone: amzn.to/38P59oj
💾 External Hard Drive: amzn.to/3DXz8sL
💰 Earn $200 cash back with Chase Freedom Unlimited or Chase Freedom Flex credit card. I can be rewarded, learn more.
www.referyourchasecard.com/18...
FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :)
--------------------
- Say Hi on Social Media! -
Instagram: gotskll
Tiktok: gotskll
Disclaimer: This video is for entertainment purposes only. Please consult a licensed professional before taking any major life-changing action.
what's your favorite cheap/free hobby?
Right now. Going on walks or hikes with my wife.
You know I don’t really have a hobby, but I will say driving is a hobby for me. It sounds weird but I feel like just driving on the freeway when there’s no traffic feels relaxing to be or just driving around in general. Too bad gas is expensive now but I find myself having to drive out somewhere to a coffee shop, hiking, etc everyday even if I don’t need to go anywhere.
Sleeping 🗿
RUclips lol
Surfing! Once you've got a (used) board and (used) wetsuit, the ocean is free to use
I really liked the points you made! It actually helped me as an over-saver to think of money as a tool rather than just keeping all of it.
brought a lot of clarity. i really didn’t want to budget my money because i felt i would be constrained and couldn’t live the “free” life that i so desire. it honestly makes so much more sense to pay self first and then do as you please with the rest. i was a little worried about my future self but if i just invest in myself first i have nothing to worry about 😇. thanks for this!
Absolutely! Such an underrated idea 💡
*lolol the shampoo meme had me dead, good vid!!*
I knew someone would like it 😂
Thanks for this! I recently started making a lot of money and idk why but my first thought was to go shop online or give money to a bunch of people lol. I don't actually /usually do any of those things but the itch is just...idk. I'll definitely look into this more.
Thank you ❣️
Great video Sam!
Thank you Bud!
As a college student I needed this!!
Glad u liked this!!
50% 30% 20% thats the best way to control our money thanks for sharing
‘Best is all relative’ 😉
Tennis! I can be social and active, and the only cost upfront is the racquet and a few balls
Truuuu! U need a friend too 🙃
I definitely want to be spending money on experiences.
Money can definitely make you happier, but you need to spend it on the right things. If you haven't seen it before I'd recommend checking out the Rational Reminder Podcast #148 "investing in Happiness" (available on RUclips) which goes over research on what we can spend our money on to make us happy. I'm sure you'll hear stuff you've already heard before like experiences > things or the magic income number where happiness no longer increases and hedonic treadmill... But they go more into detail and give concrete examples too. I took many notes from it.
Good tips here! Thank you Tabeeb 🙏
I have a very expensive hobby. I create electronic music but It fills me with joy creating art with sound pieces so thats totally worth it for me + I need to have clothes that feel good on my skin. That is also a pricier thing but I tend to have way less clothes.
My System:
I have 3 accounts. 1 Emergency Fund, 1 normal Bank account, 1 Stock Depot for etfs and stuff.
I automatically send Money to my Emergency Fund until I have a certain amount of Money there + I send some money to my Long Term Stock depot. I do that right at the start of the month so I can spend every Money left after Rent was transferred guilt free.
Also please dont assume that I have a lot of Money because I buy stocks. Iam a student I send 20€ every Month to my stock depot which is better than 0€ every month I guesssssss
You seem diligent about your financial health! I think it’s awesome that you found something that brings you so much joy :)
@@SamLui Yes! I care about my financial situation a lot because that situation was really not good for a long time because nobody taught me how to handle my money with care. And yes that is awesome and I wish everyone to have something like that! I just need to overcome the fear of releasing something. I have a lot of respect to all people who do social media because I struggle a lot with putting something out. But I am on the right path and doing the microsteps :)
Apreciando a una mujer tan hermosa. 2:9 sentadillas son unos X18TINDER.Uno muchas y un buen ejercicio. 5:25 Se deja ver que hay muy buenos resultados 😍👍 Saludos desde la Cd.. de world losr mortales abian apreciado tan hermosa mujer
We pay ourselves after we pay the government hehe 🥲
FUUUUUU-