Do you want do save money? Well this is the video for you! In this video I will tell you 4 hacks on how to save money!
00:00 Hey what’s up investors!
Are you also curious on how you can save some money easily in 2021.
One of the 4 money hacks I’ll be sharing today is. Don’t buy today, but buy tomorrow.
And if you’re wondering what that means. well be sure to keep on watching as I’ll be sharing 4 money hacks that will help you, to save some money here in 2021.
00:45 Don’t buy Today, Buy….
Let’s get back to the don’t buy today, but buy tomorrow. I’m sure you’ve heard of this one beforeand you really have to just do, what it says. If there is something, you’d really want to buy tell yourself, it’s ok to buy, if you really like it, BUT there is one requirement, and that is… don’t buy it today… but sleep over it, and if the urge is still there tomorrow buy it then.
03:22 You have the choice, each and every time you purchase the product.
Absolutely! Now, when we use that example of a cup of coffee. If you go to work every day. and you buy that starbucks coffee, every morning. That’ll cost you about 5 dollars each time you take that venti cup of coffee. Now, I’m not saying that you’re not allowed to have any coffee
But, think about. If you do this 5 days a week, and 40 weeks a year… taking into account that you have holiday weeks and maybe even some days that the queue was too long, so you didn’t buy… well, that’s still a 1000 dollars that you spend on coffee, each year. just that one cup a day.
06:24 Putting things in perspective.
Whenever you spend money, put it into perspective, like how many do I have to work for it, to be able to pay for this product. For example, if you hourly rate is 50 dollar per hour, and the phone you would like to buy, is like 700 dollar , that means you’ll have to work 14 hours in order to purchase that phone. The question is is it really worth it? Because you work so hard for it that phone company just sells one more or less and that makes them more motivated to create and design more phones like these.
08:56 By looking at things differently.
Now this last money hack that I would like to share with you, is that you should look at the future value of the products that you buy. Let’s go back to the example of that cup of coffee.
Now, if you believe this cup from the Starbuck coffee is necessary, sure good. Now, not only put that into perspective, but also look at the future value of that coffee. Well, you have to see it like this. That cup of coffee is worth 5 dollars the moment you buy it. That same 5 dollars IF you would have invested it, and let’s just say you invest it in the S&P500 with an annual growth of 8% per year. Then in 10 years’ time, that 5 dollars is worth about 11 dollars.
11:11 challenge
Each time, you are faced with this choice buying the product or not buying the product, and if you’re not buying the product then therefore you’re choosing to stick with the money. And if you’ve done that please Note down, how much money you’ve saved just now. Now I would like to challenge you for 1 month. Every time you’ve saved money just note down, how much it was and for possible WHAT it was.
