How To Change Your Money Mindset To Save Money | Spending Habits | Money Saving Mindset

In this video I’m going to talk about changing your mindset around saving and spending and how they can increase your savings to help you reach your financial goals faster. I’ve been thinking about how people save and spend and part of it becomes a habit where certain consumptions are automatic. Keep this phrase in mind: It’s harder to change a habit than a mindset. Habits are hard to change, but if you can change your mindset around consuming, saving and spending it can be extremely impactful on achieving your financial goals and to develop money saving habits. Take a look at your overall expenses, try and see if you’re making the best use of what you already own and use and how you’ve been spending.

Tangible vs. intangible assets. Intangible assets are non physical assets meaning they are not something that you can touch. Examples of this would be any subscription service like a Spotify subscription or things like patents, trademarks and copyrights. These assets only have a transactional exchange value so they are only worth something when exchanged for money. Tangible assets are physical assets that have a monetary value. Examples of tangible assets are physical items like electronics, land and watches. Balance between paying for too many intangible assets over tangible, because you can’t sell intangible ones or exchange them for money. If you have to spend money, focus on tangible assets that do not lose much value over time, can still be used now and can be sold in the future if needed.

Monthly subscriptions. Everyone has at least a few that are not bills. Things like Spotify, gym membership, Netflix, Hulu, Scentbird, Dollar Shave Club, Rent The Runway, Trunk Club, Stitch Fix, the mr & mrs collection. From what I listed, you should probably only be paying for about 2 or at a maximum of 3 of these subscriptions. Scentbird, I think their business is really interesting and you would be able to try different fragrances for $15 a month. But this should be a short term subscription like 1 to 3 months max. Before you start this type of subscription, create a list to know which ones you want to try out while using the subscription. With gym memberships, use the payment as part of holding yourself accountable or just cancel the membership.

Even things like reusing tea bags can help you save a decent amount of money over a long period of time. Over the long run you are cutting the cost in half by doubling the usage of your tea bags or more. Another way to save is when you’re traveling and staying at hotels. Think hotel shampoo, body wash, hand lotion and soap bars. The hotel will throw these away when you check-out anyway so consider taking them with you and save a few bucks for yourself.

Upgrading electronics is something you might find yourself spending more than you realized. Not buying a new phone every year or every other year and waiting a bit longer to extend your upgrade cycle is something that you should consider. It’s been shown by even Apple that people are upgrading their phones less frequently and keeping their phones for 2-4 years so this is generally underway. It’s more cost efficient to replace the screen if it’s cracked and the battery if it’s not really holding a charge for very long anymore. Keep in mind battery replacements now may void any warranties these days because you have to take apart the entire phone to replace them.

NEVER PAY FOR SHIPPING or instant gratification, always go with free shipping if it’s available. Predict and plan ahead that you may need something to avoid paying for same day or next day shipping. You can save on shipping costs by also just buying less things.

These 5 shifts in your mindset will help you change your habits over time.

• Buy items that have a resell value in the future that don’t depreciate (tangible assets)
• Eliminating expenses (like subscriptions)
• Think outside the box for ways new to save and consume within your lifestyle
• Extending the life cycle or usage of things (like tea bags and electronics)
• Don’t look for instant gratification (same day shipping/plan ahead)
Please Subscribe to Financial Fitness below: https://www.youtube.com/channel/UCZof6bjhlF1jfgz5S3IooIA/about?view_as=subscriber

Disclaimer: This is not a sponsored video.
The ideas, contents and opinions presented in this video are for entertainment purposes only. Bryan does not give tax or investment advice. All information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal. Bryan is not a Financial Advisor, Tax Advisor or CPA/Accountant. Only you are responsible for the financial decisions that YOU make.

For business inquiries: financialfitness88@gmail.com

Видео How To Change Your Money Mindset To Save Money | Spending Habits | Money Saving Mindset канала Financial Fitness