Great timing. I was easily spending crazy amount of money every month because of UPI and Credit card (I pay my bill properly). I was trying to reduce it for long time but not possible to do. Then I decided to track all my expenses by writing in a diary. It helped a lot. Once I got to know the amount of money I am spending every day by looking at diary, fear kicked in and it made me spend less. One of the key areas I spend a lot of money is going to restaurant like 20 times a month. Now it has been 20 days since I start tracking, I didn’t visited restaurant once. It feels like magic.
Some tricks I used to curb UPI spending: 1. Unlinking my salary account/main account from UPI apps. 2. Having a separate account for UPI with only around 1k in it. 3. Using RuPay credit for UPI transactions. This helped me track expenses at the end of the month.
4 account, 1 for salary (no UPI), 1 for retirement/ppf and long term goals (no UPI or net banking), 1 for household and large expenses, 1 for personal expenses (zero balance).
This is one of the best videos of the series. The world has changed rapidly and we need to change our minds to deal with these new sets of challenges. Such an educational video on the “Money mindset” we have these days. Money is just not a thing - it represents our thoughts and emotions. We need to take control over it and not the other way around. One tip I think could have been made in the video itself: we can use auto-pay to our advantage. Setup automatic pay to invest in mf/stocks. You don’t need to take the effort to invest, it will happen automatically, every month. Real wealth is built by investing, and investing for a long time. If we can reduce the friction to do it, we must do it.
You know when the team was writing this, all of us thought how earning & spending money has changed & whatever has been taught to us is obsolete now due to a massive change in our behaviour with money. Thanks a lot for your feedback, it really motivates us!
You people are insanely good. Topics are so so relatable to the people who really care about having a hold of finance but are clueless of where and how to begin. Keep doing the great work!
Yes this problem exists. Thanks for making this video to spread awareness about how we need to feel the pain of money is leaving you, thats how we can control our impulse buying feelings. I have gone throught this phase (still goes sometimes, but trying everyday to control my self). For that i just withdraw cash and only keeps that money wich is autopay like EMI, SIPs and Bills for other expenses I try to spend with cash as much as possible. UPI is a good tool to have but it is not necessary to spend all of your expenses through that. This can help you to spend less and save more.
What an amazing video. This is a genuine problem - UPI does not allow us to feel that we just parted with the money. Credit is even more crazy! Thanks guys 💯
One of the best episodes I've watched from Zero1 till date... Must watch for the majority of folks out there....we all keep complaining 'kuch bachta hii nahi yaar'....and don't even bother to know about how and where we spend.
Dont even think of shelving this series. I am a prudent person in terms of expenses, but still watch your episodes just because of the quality of production. Prateek and Abhishek, good job and carry on!
Hi, all these videos on de-influencing and psychology are very useful and informative. Thanks for giving out all true facts about finance topics. Could you also make a video on how to pick mutual funds? Like what criteria to check and how to evaluate? Maybe a "Checklist" for this is what we need 😛
I personally believe one of the main fault during an upi transaction is, not showing the amount balance in the sms after each upi transaction(as it's shown after each transactionvia debitcard). So, ideally once looses track of his account balance and we over spend it thinking we have money😅
Once I & my close friend were talking about perks of marrying a Doctor & you won't believe it , The same evening an ad of Doctor matrimony app came on my youtube shorts😂. Now i have made this habit of switching off my cellular Data or Wi-fi as soon as i no longer require them. I Don't want any third person to listen our private talks even if it's non living being like a smartphone or Alexa.
Hello! Keep doing these shows else how we can learn to play the game? Internet has levelled the field with access but this is direction you guys are giving. Keep it going! I don’t have any similar friends to discuss these so you guys are the ones I rely on😅
Multiple accounts work nicely. My salary account is with SBI and my UPI transactions were previously done through Paytm now with India Post Payments Bank. It works excellently.
I get my salary and within the next 5 days, the sips, manual investments are done. Then any amazon purchases stay in the cart for a month.. Only few consumables get purchased immediately. And when I feel like shopping I hop onto zerodha, and spend some 2-5k on some nice stock.. 2 birds with one upi
A very good youtube channel ...how i missed it ..Thanks much i searched about i phone buying , and i found one of your video ...very good and informative..i limited my spending using upi ...Thank you ...
Very very thank you zerodha for this channel. Also the team you rock you make finance things so easy to understand and guide us . This type of content is very much needed and these things are never taught in schools and colleges. Great work team 👍🏻🙏🏻
2 auto pay: Google 1 :100 GB of space 130 rupees a month ( I just need a hard drive) Spotify premium:119 rupees per month I feel this is not bad , but switching to yt premium makes more sense as I watch so much more RUclips.
Excellent presentation of the truth behind the scenes of online market and payments.Thank you the whole team for your excellent work and efforts for education like these.....
Hello prateek, I donot agree with you on the fact that purchasing is easy. Normally the total time spend by a person buying stuff online includes reserching, seeing advertisements, comparing 10 different products, thinking wheather I should buy ... If you consider the total time, there are chances that it will be more than what it would take to buy the same product from a small shop. Also it would be great if you can make a video on how supermarkets deceive people by showing offer prices discounts and god knows what.. which confuses customers in finding out the cheapest product and getting the same
The series is very helpful thank you a ton for making such videos please continue this series and make a video on anchoring bias and other spending habits ❤
one can have three bank accounts. 1. Monthly Salary (Should not be linked to UPI) 2. Monthly Spending Account 3. Emergency Fund Account (Should not be linked to UPI)
Create a new zero balance bank account. Take an audit of your salary and other than mandatory things like rent, electricity, groceries etc, create a plan for leisure like shopping and eat outs etc. Keep percentage out of your salary for this leisure amount say 10% or your in hand. Your mileage may vary though. Transfer this 10% to your new account. Treat it like a salary for your leisure spends. Unlink your salary account from UPI apps. This would help in tracking spends and also keeping a check on your leisure spends. This may or may not work for everyone though.
What worked for me was checklist item no 2. I have 4 bank accounts which gets auto credited after my salary via standing instruction. Each account is for a specific purpose .
This is exactly what I analysed for increased spending and was able to control my impulse. The next thing I was planning to do it turn off notifications for all e commerce apps on my mobile.
I remember once while my mobile was charging in *another room* , and my brother and I were talking about a particular product for a bit....half an hour later and i got an ad for exactly that. Like i had never seen or bothered about that product ever before nor shown any interest in something related to it, but yet i got an ad of it just by talking(physical not online), believing in privacy really sounds delusional to me at this point
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investments.
Building a good investment portfolio is more complex so I would recommend New investors to seek Wayne Gorman's support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams...
Having seen this video, I think a much frictionless way to increase spending friction would be to just pay everything in CoD mode. Will try this. The checklist sounds too much work to me. :p
The problem and advantage is easy availability of credits bhai nowadays even clothes are available on emi, people see per month emi and not the whole amount needed to buy nowadays.
Strong domestic demand is required for growth of the nation. If people are not spending much it will invite stagflation. However, present UPI situation is insane. Everyone is spending without actually feeling the cash. As the payments are easier to make, people are spending without a second thought. So I have never used UPI. I may use it in future but definitely I will be having a seperate account for that purpose. Indian bank has such a mechanism. We can open a separate account through internet banking and we will get a separate debit card for that. We can transfer funds to epurse and earn interest on that funds. We can transfer back the funds to SB account whenever we need it.
Yes I have seen ads on topics that we discuss with others... these phones have access to our entire life.. and I don't have any autopay except house loan EMI :)
Thats why I make sure every phone in my home must have 0 ads. I probably haven't seen any ads on my phone maybe since 8 years (I have seen a few but definitely not those which appears after tracking you). Life is great without peskey ads, when i use someone's else's phone I usually get disgusted by the amount of ads they get
Pretty cool visuals. I feel the topic is good but it felt like very stretched. Main point- UPI has close to no friction and has increased spending dramatically.
Once a wise man said, ''We buy things we don’t need, with money we don’t have, to impress people we don’t like.''
F**** c***
Well said
Fight club
@@asifa.993 That's right. Tyler Durden FTW.
Naval
Great timing. I was easily spending crazy amount of money every month because of UPI and Credit card (I pay my bill properly). I was trying to reduce it for long time but not possible to do. Then I decided to track all my expenses by writing in a diary. It helped a lot. Once I got to know the amount of money I am spending every day by looking at diary, fear kicked in and it made me spend less. One of the key areas I spend a lot of money is going to restaurant like 20 times a month. Now it has been 20 days since I start tracking, I didn’t visited restaurant once. It feels like magic.
The 1st step to solving a problem is to acknowledge it - You're on the right track man!
You can use fold money to track your finances
#notsponsered
@@sugdimama6489Or mymoney #notsponsored.
Some tricks I used to curb UPI spending:
1. Unlinking my salary account/main account from UPI apps.
2. Having a separate account for UPI with only around 1k in it.
3. Using RuPay credit for UPI transactions. This helped me track expenses at the end of the month.
Interesting! Tracking your expenses in any form helps a lot!
4 account, 1 for salary (no UPI), 1 for retirement/ppf and long term goals (no UPI or net banking), 1 for household and large expenses, 1 for personal expenses (zero balance).
Sweep out (pay yourself first) in the first 5-10 days of the month is a strategy that I decided to follow going forward.
Excellent 👌
@@NaveensPhone-k5ygreat 👍 thanks for sharing
Some tricks I used to curb UPI spending:
1. Don't spend
Save first, then spend.
The best advice I have received at the beginning of my career.
Thats great advice.... Thankyou
This is one of the best videos of the series. The world has changed rapidly and we need to change our minds to deal with these new sets of challenges. Such an educational video on the “Money mindset” we have these days. Money is just not a thing - it represents our thoughts and emotions. We need to take control over it and not the other way around. One tip I think could have been made in the video itself: we can use auto-pay to our advantage. Setup automatic pay to invest in mf/stocks. You don’t need to take the effort to invest, it will happen automatically, every month. Real wealth is built by investing, and investing for a long time. If we can reduce the friction to do it, we must do it.
You know when the team was writing this, all of us thought how earning & spending money has changed & whatever has been taught to us is obsolete now due to a massive change in our behaviour with money. Thanks a lot for your feedback, it really motivates us!
Absolutely 👍
there's SIP for every investing instrument you see
You people are insanely good. Topics are so so relatable to the people who really care about having a hold of finance but are clueless of where and how to begin. Keep doing the great work!
Thanks a lot! We'll keep bringing you good stuff, subscribe Karna :)
Warren Buffett Quote: “If you buy things you do not need, soon you will have to sell things you need.”
Well said
Home or 🚗
Yes this problem exists. Thanks for making this video to spread awareness about how we need to feel the pain of money is leaving you, thats how we can control our impulse buying feelings. I have gone throught this phase (still goes sometimes, but trying everyday to control my self). For that i just withdraw cash and only keeps that money wich is autopay like EMI, SIPs and Bills for other expenses I try to spend with cash as much as possible. UPI is a good tool to have but it is not necessary to spend all of your expenses through that. This can help you to spend less and save more.
Im happy to find that there are others like me as well. Who very rarely use UPI. And use cash mostly, to avoid overspending.
What an amazing video. This is a genuine problem - UPI does not allow us to feel that we just parted with the money. Credit is even more crazy! Thanks guys 💯
Thanks a lot! Your comments mean a lot to us!
One of the best episodes I've watched from Zero1 till date... Must watch for the majority of folks out there....we all keep complaining 'kuch bachta hii nahi yaar'....and don't even bother to know about how and where we spend.
Dont even think of shelving this series. I am a prudent person in terms of expenses, but still watch your episodes just because of the quality of production. Prateek and Abhishek, good job and carry on!
Hi, all these videos on de-influencing and psychology are very useful and informative. Thanks for giving out all true facts about finance topics. Could you also make a video on how to pick mutual funds? Like what criteria to check and how to evaluate? Maybe a "Checklist" for this is what we need 😛
Ahhh a good old checklist! We'll send this suggestion to our team for sure:)
This series is really helpful for someone like me who belongs to lower middle class family. Thanks for creating such a good content❤
Have you noticed your spending go up after using UPI?
Yes
Absolutely yes.
No
I personally believe one of the main fault during an upi transaction is, not showing the amount balance in the sms after each upi transaction(as it's shown after each transactionvia debitcard). So, ideally once looses track of his account balance and we over spend it thinking we have money😅
Once I & my close friend were talking about perks of marrying a Doctor & you won't believe it , The same evening an ad of Doctor matrimony app came on my youtube shorts😂. Now i have made this habit of switching off my cellular Data or Wi-fi as soon as i no longer require them. I Don't want any third person to listen our private talks even if it's non living being like a smartphone or Alexa.
This should be in School Syllabus and not when we have money in hand. Very useful, great work!!
Please keep these contents coming. Also its so good to keep the conversation casual not robotic. ❤
I think we should all take a moment & thank Abhishek for his genuine problems xD
I wish this video and of course this series reach millions!! Hence, from my side, I shared it with my mates..
Very useful series to current generation...
I can proudly say I am following all these checklist
Hello! Keep doing these shows else how we can learn to play the game? Internet has levelled the field with access but this is direction you guys are giving. Keep it going! I don’t have any similar friends to discuss these so you guys are the ones I rely on😅
Multiple accounts work nicely. My salary account is with SBI and my UPI transactions were previously done through Paytm now with India Post Payments Bank. It works excellently.
Amongst all the influencers trying to market products, this is a good thing. We are seeing the candle in the darkness.
Hey Zero1 team, this series has been really helpful and informative. Thank you for decoding a lot of myths in a fun way ! Keep posting 🙌🏽❤️
Thanks for your love ❤
i loved the entire series, thanks for your community service.
This series is creating REAL FINANCIAL AWARENESS! Kudos to the Team😁😁😁!✅
I get my salary and within the next 5 days, the sips, manual investments are done. Then any amazon purchases stay in the cart for a month.. Only few consumables get purchased immediately. And when I feel like shopping I hop onto zerodha, and spend some 2-5k on some nice stock.. 2 birds with one upi
buying stocks are also investment unless you sell them. otherwise its just shopping. Good one!😂
same here
My wallet is definitely feeling this video, Time to reign in those impulse buys! Thanks for the helpful reminder.
You got this!
I think this is the channel that is educating me in a way I never knew I needed. Keep it going till infinity
The Video editors and the whole team deserves a raise.
We’ve been at it for 5 years now. Your praise IS the raise :)
weekly budget was a newthing to me. Other things i am following . Thanks for the video
Glad it was helpful!
A very good youtube channel ...how i missed it ..Thanks much i searched about i phone buying , and i found one of your video ...very good and informative..i limited my spending using upi ...Thank you ...
Definitely loving this series. i will try to follow the all check list points in this video.
Thanks for showing your love ❤
Very very thank you zerodha for this channel.
Also the team you rock you make finance things so easy to understand and guide us . This type of content is very much needed and these things are never taught in schools and colleges.
Great work team 👍🏻🙏🏻
This channel is the most useful, truly educative and vitally essential to the youth of India. Thank you @Zero1 for making a game changing move👍❤
2 auto pay:
Google 1 :100 GB of space 130 rupees a month ( I just need a hard drive)
Spotify premium:119 rupees per month I feel this is not bad , but switching to yt premium makes more sense as I watch so much more RUclips.
Excellent series. loved it❤
Absolutely very useful,Great Timing, collective checklist probably better suggest good apps that tracks purchase and alert us if we are spending
What's awesome about this video is The way you've articulated the issue so deeply & easily in a way we could relate to 🍻
Thank you 🙌Kudos to the writers!
Much needed video for todays youth.
My thought is what if we try to spend only one month completely without digital payment.
Does it detox this issue?
Excellent presentation of the truth behind the scenes of online market and payments.Thank you the whole team for your excellent work and efforts for education like these.....
Thank you 🙌
The Summary Was The Best....
I actually find that Investment is also easy because of UPI.... 😃
Hello prateek, I donot agree with you on the fact that purchasing is easy. Normally the total time spend by a person buying stuff online includes reserching, seeing advertisements, comparing 10 different products, thinking wheather I should buy ... If you consider the total time, there are chances that it will be more than what it would take to buy the same product from a small shop. Also it would be great if you can make a video on how supermarkets deceive people by showing offer prices discounts and god knows what.. which confuses customers in finding out the cheapest product and getting the same
Please never discontinue this series Zerodha
And I really love the team and animations
Everthing is just the best ❤❤
BRB, sending this to boss!
ofc these are very useful videos, I've always wanted. very glad, you guys stopped too much hindi. Thank you all!
Thanks Abhishek for Sharing the same problems as most of us are having and the team for solving them🥰🥰
Thank you for this wonderful video, you guys are doing a great job 👏👏
U guys are too good ...ek dum jhakkaas......
So good, so elegant....just looking like a WOW
Your comment also looks like a WOW!!!!!
This is so well put! Amazing work you guys… need more such content!
Thank you 🙌Stay tuned, we are churning out more amazing videos for you.
Love your channel! Great way to educate people.
Very useful series! Keep up the excellent work team!
I think the people who watch this channel are already careful in spending and also investing. They just want to confirm if their pattern is correct
Just love your content. Especially with you both on screen. Keep up the pace guys!!
All the videos are really informative and fruitful !!!!
Please make a video about making a weekly/monthly budget for expenses. Btw you guys are doing an awesome work❤
This is a very useful series, please keep educating people on such important topics. Thank you Zerodha.
Thanks man! We will keep bringing good stuff for our viewers.
Some really good knowledge before income nice. Thank you.
The series is very helpful thank you a ton for making such videos please continue this series and make a video on anchoring bias and other spending habits ❤
"If you buy things you don't need, you will end up selling things you need."
Certainly this series is worth it, at least Abhishek will get bonus then.
one can have three bank accounts.
1. Monthly Salary (Should not be linked to UPI)
2. Monthly Spending Account
3. Emergency Fund Account (Should not be linked to UPI)
I have seen a lot of videos about saving money but this one is legit and made me think how i spend my money
Would love to hear your views on where offline retail is heading to
Commenting so that he gets the incentive. Very good series. Like the deinfluencing series also.
Create a new zero balance bank account. Take an audit of your salary and other than mandatory things like rent, electricity, groceries etc, create a plan for leisure like shopping and eat outs etc. Keep percentage out of your salary for this leisure amount say 10% or your in hand. Your mileage may vary though. Transfer this 10% to your new account. Treat it like a salary for your leisure spends. Unlink your salary account from UPI apps. This would help in tracking spends and also keeping a check on your leisure spends. This may or may not work for everyone though.
This channel is a goldmine!!
What worked for me was checklist item no 2. I have 4 bank accounts which gets auto credited after my salary via standing instruction. Each account is for a specific purpose .
This is exactly what I analysed for increased spending and was able to control my impulse. The next thing I was planning to do it turn off notifications for all e commerce apps on my mobile.
You nailed it man!
Aapke video ka hmesha besabri se intezar rahta h sir ❤
I remember once while my mobile was charging in *another room* , and my brother and I were talking about a particular product for a bit....half an hour later and i got an ad for exactly that. Like i had never seen or bothered about that product ever before nor shown any interest in something related to it, but yet i got an ad of it just by talking(physical not online), believing in privacy really sounds delusional to me at this point
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investments.
Building a good investment portfolio is more complex so I would recommend New investors to seek Wayne Gorman's support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams...
Wow!! I am surprised that his name is being mentioned here, I stumbled upon some of his clients testimonies on CNBC news last week..
Same here, I've seen a lot of recommendation about Wayne Gorman, is he really that good?
Recommending wayne Gorman to all beginners who wants to be profitable in their investment.
Recommending Wayne Gorman to all beginners who wants to be profitable in crypto
Having seen this video, I think a much frictionless way to increase spending friction would be to just pay everything in CoD mode. Will try this. The checklist sounds too much work to me. :p
Fair point :)
Very good series Sir. Please keep up
The problem and advantage is easy availability of credits bhai nowadays even clothes are available on emi, people see per month emi and not the whole amount needed to buy nowadays.
Strong domestic demand is required for growth of the nation. If people are not spending much it will invite stagflation.
However, present UPI situation is insane. Everyone is spending without actually feeling the cash. As the payments are easier to make, people are spending without a second thought.
So I have never used UPI. I may use it in future but definitely I will be having a seperate account for that purpose.
Indian bank has such a mechanism. We can open a separate account through internet banking and we will get a separate debit card for that. We can transfer funds to epurse and earn interest on that funds. We can transfer back the funds to SB account whenever we need it.
Yes I have seen ads on topics that we discuss with others... these phones have access to our entire life.. and I don't have any autopay except house loan EMI :)
The series is excellent. Thank you for such lovely content.
Very good series, keep continue this!
It is a perfect series for current generation
cant explain much better than this- great video
There is exam on 1st March, So only this -
"❤ × ♾️ " !
Thats why I make sure every phone in my home must have 0 ads. I probably haven't seen any ads on my phone maybe since 8 years (I have seen a few but definitely not those which appears after tracking you). Life is great without peskey ads, when i use someone's else's phone I usually get disgusted by the amount of ads they get
Really liked the topic, how do you guys come up with such brilliant ideas. Research is mind-blowing 💯
The series is really good and with practical examples
Much needed video ..thanks and expecting more videos like this to shower with finance knowledge 🎉
As usual, nailed it! It's a great series🙌🏼
Crazy series, loving it ❤
It was so simple but yet so intelligently put together.
Thanks a lot! :)
Please 🙏 continue this type education videos and help us our whole humanity to live better life with money management
Very good series 😊
Very good series
financial litreacy at its best
kudos to the efoorts
Amazing content 🎉🎉.. kudos for simplicity.
I like (digital equivalent of) the envelop budgeting paradigm. A decent compromise between convenience and conscious spending.
Loved this series
Pretty cool visuals. I feel the topic is good but it felt like very stretched. Main point- UPI has close to no friction and has increased spending dramatically.
Definitely useful
Thank you
Sir aap Hindi me video banoo, bahut jaruri hai essa video hamare society ke liye 😮😮😮
Yes, pls continue these conversations. We need this education to gen z. We have been tricked by all these things happening around us