I QUIT Wasting Money And It Changed My Life
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- เผยแพร่เมื่อ 13 เม.ย. 2023
- Eliminate wasteful spending and your life will change!
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At an early age, I discovered the concept of wasteful spending and how a huge chunk of the money that we spend is wasted on things that do not provide any value to our lives. It was such a simple concept, but it changed the way I view personal finances. In this video, I discuss five steps on how to cut wasteful spending and enjoy life.
1. Understand What Real Wasteful Spending Is
It's important to know that not all unnecessary spending is wasteful spending, but wasteful spending is when you spend money in irrational ways on things that don’t bring any value to your life. It's an illogical way to use money because by spending it, it is not making your life any better. Examples of wasteful spending are buying chips at a gas station for two times the price or buying towels at Target on impulse when you don't need them. This is the type of spending that you must cut out.
2. Identify Your Wasteful Spending Habits
In order to start cutting wasteful spending from your life, you need to become aware of your unintentional spending habits. And in order to do this, you must see how you spend your money in third person. You must track your spending for at least a month and then analyze it to see the areas in your life that are pure waste. Below is a video of me explaining how exactly to do this.
Video: • How to DOUBLE Your Sav...
3. Start Changing Your Habits
Once you identify areas of your life that are wasteful, it is time to put it into practice. This can be difficult to do as it takes a lot of effort and intention; however, the best way to start changing your habits is by spending in cash. When you spend in cash, you are more mindful of your spending because it takes a little more effort than just swiping a credit card. So for every purchase you make, it is important to ask yourself the question, "Why am I buying this?" If there is not a good reason behind the answer, then it is probably wasteful spending and you should cut it out. And overtime as you start to change your habits, it becomes easier and more natural.
4. Decide What Is Important To You
Once you start to identify and change your habits, you will begin having more money because you are not wasting anything. By cutting out waste alone, many people could see a 25 to 50% increase in how much money they have left over because many people waste a huge chuck of what they make. With this extra money, you can start thinking about how you should use it in a meaningful way to enrich your life. It is important to determine what is important to you and focus on using your money for those things.
5. Start Using Your Money To Enrich Your Life
Finally, once you identify and cut out your wasteful spending habits, and then decide what is important to you, you can use your money on those important things you want to add in your life to bring value. You can use the money to live a richer life instead of wasting a huge chunk of your money. Eliminating wasteful spending from my life has allowed me to accomplish many things like traveling, living in different locations, and pursuing things I'm interested. It's allowed me to a much richer life with more money to do what I want.
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What is an unnecessary thing you spend money on that brings value to your life?
My dog's care. No we don't need a dog. We need the love the animal provide. My husband needs to laugh and when he plays with her they both have fun. She is sleeping with her head on my lap as I'm commenting.
Niche parfumes. They bring me so much joy and it truly feels like I am surrounded by a piece of art when I'm wearing them. Not a necessity, but they surely have a place in my life.
Plants. I have a small container garden and love tending it. They are mostly flowers so I admit they are unnecessary, but they are a good stress reliever.
Things that beautify my home. My ONLY Vice!
Take aways, eating out, Junk food,
Buy quality stuff because it will last longer
I've noticed that so often when I "see" something on Amazon that I think I need, I'll put it in my cart and wait a few days. Amazing how often I'll put it back and then thank myself for "saving" the money!
I do the same thing: I do NOT need that battery-operated sweater pill shaver! LOL
@@plappin hahaha
I transfer my cart items to “Save for Later”, and they linger there for a while. 😂 Then end up deleting 90%. When I was younger I was an impulse buyer. You think you need it, but most things are wants. 🤷♀️
@@debbiewalker273 So true.
Good video. I hate to waste food, it’s like throwing money into the trash.
It's incredible how much money you may save by simply paying attention to your purchasing patterns. Keep it up!
Stop spending $150/mo at the salons. Put that money into a Roth IRA instead. Your 60 yr old self will thank you.
I actually found that using cash for purchases was the cause of my wasteful spending! No one takes the time to write down what they buy with cash and there is no paper trail for the spending...I was like "wait, where did my paycheck go???" Using your debit card at least shows you where it all went and you can do better next time!
I also at my early 20´s wasted alot of money throwed out of the window. Mostly impulse buys with electronic stuff. Mostly pc parts. But one thing i can tell all of your is to control yourself to some degree when you get your salaries is to keep the cash physical rather on bank account debit card. Because it is very easy to swipe swipe on credit card terminals
Asking myself "Why am I buying this?" That is GREAT strategy, Austin. In the last month I've purchased two items on eBay (in the clothing category) I ended up returning and I can see that, if I'd asked myself the "Why" question first, I could have saved myself the entire experience. Thankfully they were both returnable. Hopefully, I've learned my lesson.
Thanks for always commenting! Makes me happy to see you keep coming back!!
I've been tracking my spending for over 20 year's. I started as an exercise to learn where my money went and I enjoyed it so much I just kept doing it.
I love your topic but what I'm amazed at even more is how you keep coming up with new video ideas that centered around the same idea and still keep it interesting.
haha, I'm amazed too! When you're trying to keep the lights on, you get creative!
@Austin Williams one of the best advice I give people who just starting to save money is to go shopping, but when you pick something up don't buy it right away instead just go home. If you feel the need to go back and purchase the item, give yourself the green light. This works very well because 99.9% of the time the item you wanted to buy in the store will lose all its appeal once you get home and you will not make the effort to go back and buy it. You also do not feel restricted.
My daughter who was 35years old passed away 2 months ago, it has broke my heart. I am having a plaque made for her which says what she was like, " I didn,t chose possessions but I wanted experiences ", and that is going to be me from now on, she loved concerts gigs shows and travelling and I am so proud of her.
Thank you for sharing your tips etc with us, it had made me think about how i need to be more intentional, begining to hate that word its passed around alot haha but all the same very true.
My heart goes out to you 🙏🏻❤️
Heaven and hell are real places. Pray and read the Bible.
My unnecessary thing in life that I spend money on is my car. I see cars as a necessity for me since I live in an area that is quite far from an urban setting that has public transportation options. With a vehicle, one can go on adventures, go to work, transport friends and family, but one has to be smart about it.
Vegetables... I used to buy them and then not always eat them! I started growing my own and now I eat my vegetables.
Excellent video, Agustin! I would love to see an entire video *series* on the importance of spending cash over using a card. My greatest general financial fear at this time is that our society will be forced into using plastic for payment across every segment of our economy. If and when that happens we will be forced to give up every aspect of privacy. Why can't people see that using plastic will turn individuals into robots whose every move can be under surveillance? Convenience is robbing us of privacy. Cash is king!
I start thinking of ideas related to that!
CBDC? I hope we all avoid this! "Take care" Cajun
Even tho I am debt free with a cash flow coming in I still tend to dine out to frequently, purchase un-needed junk from Amazon, Walmart. This video has helped me STOP wasting money on frivolous spending. If Dave Ramsey can get me out of debt you my friend can keep me debt free.
You can do an cash-credit card system as well. Before you make a credit card purchase, you have to put that much cash in an envelope for paying the bill at the end of the month. You still get the cash back/points, but don't pay interest charges. Of course you have to leave the envelope alone till the end of the month. :o)
That’s right. I have 5 credit cards and never pay interest because I pay in full every month. And spend only what I can afford
End of month.. i pay it a day after or once a week. Much better for me. It has become a habit. Much more controllable too and credit score also goes up.
Im so glad you made this film because i was getting a bit fed up with videos about shopping at 6pm to get the yellow sticker reduced items,stocking up on lentils and buying from thrift shops even though i do all that. This IS the point of frugal living. To minimise everyday expenses so you can "live out loud". Ive just learned this quote,it was what Emile Zola,the french writer considered the Purpose of Life. I buy plants when i can,the right plants at the right price. My limited (now) amount of gardening is important to me. Money spent on plants is not wasted,to me anyway. Id love to travel more but other circunstances as well as money have stopped that most of my life,but money spent on the experience of travel is also well spent.
Austin, you sure caught me on that one about buying towels on impulse when you already have enough towels is wasteful spending. For some reason (which I guess was unique to me), buying bath and kitchen towels as well as linen sheets was almost like savouring comfort food. I couldn't just stop it! I would console myself that I was buying from second hand outlets and so not expensive, but lol! I remember a time my Dear Mum assisted me pack up my house items in readiness to vacate, and she couldn't believe the number of kitchen towels she had to fold and pack. Earlier, she had on several occasions raised her concerns about my piling towels. On this occasion, she firmly let me know that she wouldn't approve of any further purchases for towels! 😢. She even asked (instructed was more like it) my teenage daughter to keep strict watch whenever I went to the second hand stores to ensure that I did not pick up any towel whatsoever. From that moment on, I refrained from making any towel purchase. Deliverance in deed. 😂 Watching your videos and learning from Nairobi, Kenya 🇰🇪
Something I do that's really useful is writing down what I spend my money for month per month and then go over it and make a ✅ if it's something I would buy again (if I could go back). 95% of what I buy is usually a good choice. It also helps waiting to see if you still want something after a long time or if the desire fades away.
I am paying with card, BUT I read the receipt always. Reason 1. Finding mistakes, quite often shop has sales but price not changed in system Reason 2. Seeing if prices has changed and should consider to change cheaper options...
the new background looks great!
I hate things, so I never buy something I will not use. And sell anything I am not using for more than a year in seasonal things and more than 3 months in common things.
Not using 2nd phone 3 months - sell.
Not using 2nd laptop - sell.
Life decluttering itself, I have lots of money, if I need I buy, no need no buy. I know everything I own
This video changed my life, thank you so much, everything you said is amazing and helpful
You need show like Dave Ramsey . So wise and so humble.
Dave is a real estate rich man.
Bwhahahahah I love how funny and helpful and smart this guy is❣️😘🙏🤣
Don't underestimate saving coins! I've saved a lot this way.
Am half way through your presentation, and have to say your content is GREAT STUFF.
"Decide what's important to you" ...Yep!!!
Amen to this video Agustin! You've identified the thing that so many of us are guilty of - wasteful spending. I once calculated all the unnecessary purchases I made for a month and the total scared me. Thanks for the continued encouragement to be financially responsible always!
I keep 10 grand in my checking account, anything over gets moved to a higher yeild savings account or low risk investments. I'm 69 and can't afford to lose!
Cheers dude! Yes, my problem is for every purchase I ask myself "Do I need this for my survival?" But of course the answer is always no, except for a few food purchases once in a blue moon. But something felt amiss with that. And your video pinpointed that I do need to determine some things not necessary for survival that I do want to do with my money, like travel the world etc. Even though that is not at all necessary for my survival either, well I gotta decide on SOMETHING my money will be good for other than survival. I'll make a list some time and sift through it. Thanks for the inspiro!
Good one.
Excellent messsge!!
Cool, loved this
This was so helpful, thank you.
Great explanation
Thanks for the video.
Another great video. So informative. Thank you!
Brilliant! Thanks,Austin.😊👍
I thoroughly enjoy these clips.sensible without being dreary.
❤ Thank you for this !!
Very informative and Necessary I need this
Keep up with the good work 🤟🏻
master teacher
thanks
Good day, Mr. Austin Williams. The notification of your new video just popped up seconds ago on my iPhone and now I'm watching it. Cheers to you with thanks and appreciation for all your fine videos.
Thanks!
I love your vídeos ! From Brazil 🇧🇷🇧🇷
DO NOT play a drinking game with this video. Pick "wasteful spending" as the word to take shots to = alcohol poisoning within 2 minutes.
I quit change my life and waste my money.
😂❤ muchas gracias
a ti!
We don't eat out unless we have the cash for the entire meal... including the tip. I encouraged Bank of America to cut us off. The education cost killed our available credit. I'm hustling to finish the training so I can pay it off faster.
Best of luck!
@@ElAgustin Thank you. I'm planning to be done by late August.
I try daily to live intentionally and to spend intentionally, not out of habit or laziness. One thing I spend on that is unnecessary to most people is my knitting hobby. Yes, good yarn can be expensive but knitting a garment is a long process. I intentionally limit my yarn store shopping excursions and rarely buy yarn without a plan to use it. This hobby brings me such peace and happiness. I also never eat out unless it's with friends, like at my book discussion group or other event. Spending to socialize is unnecessary yes, but I find I need to be with people some times. Another good message.
From one knitter to another I 100% agree 👍
Agustin - informative video as always. See this is why I look forward to Monday/FriYay - need some of that wisdom. Have a lovely weekend!
Thanks!!
I used to make purchases of £100+ on clothes/shoes/car accessories/technology without paying much though to it. Now every time I consider a purchase I look at how many hours I’ve worked for that amount and often it proves it’s not worth it. At the end of the day if you’re earning £22 an hour £100 is a lot of money and time to spend on a material item.
Make a video of the power of indifference.
Come on YMCA, V funny 🤣
My flight attendant colleagues waste so much money. They buy fast food in airports, even though we have nice free food onboard. Manicures, fake eyelashes, fancy hair, the list is endless. A/C 24/7. My colleagues electricity bill is 10 times as much as mine!
It always annoys me when people keep all the lights on in their house when they're gone!
@Austin Williams And the a/c in the entire house and all the bedrooms 24/7. I'd rather spend my money on traveling then on my electricity bill!
True, never marry or date an expensive woman or else you will never have money.
PREPPING? WHAT ABOUT BUYING NOW TO AVOID "INFLATION"??? Future is looking bad!!!
It's a hard thing to balance prepping and minimalism. I always have 3 months of food in the house but I have a rule that I can only use my two pantries for storage. I also never watch prepping or the sky is falling videos, it helps me keep everything in perspective.
The absolute shade at 9:15 ! But the unnecessary thing I spend money on is coffee or tea at the cafe. I don't need it, but I need the 15-30 minutes to chill out , have a drink and read a magazine!
I like your TH-cam! Your wise n spread the knowledge 🙌🏿💪🏿
Thanks!
@@ElAgustin thank you 💯
I've been to hundreds of concerts, had some great adventures and met some fabulous characters, your absolutely right, I don't regret a penny spent on any of them, love your posts, keep on posting.
Ok you seriously have me considering cancelling my hulu subscription......
The message is pretty consistent, but every video delivers it in a different and entertaining way, so I watch every video. The message is spot on and serves as my biweekly affirmation.
Not only money we should not waste but also the things we had,the food and anything aside from our money
Visit Nepal visa free and spend 2£ a day for 3 months. Make sure you visit the countryside and live.
Hepling the poor good people... giving to my church...helping out my kind, loving, girlfriend..giving small cash to good young peeps... decorating my home,,,day trips to Jersey shore,,,tools, auto motive. Care...do it myself home repair makes me high because is stick it to the man when i do my own home repairs..i love spending on self health care by eating organics,, acasional,,,drink..high quality internet...ect...ect ..ect ..
Agustín Can you talk about more about retirement after middle age, 40s and up.
I am 40 years old and I don't have anything for my "retirement" but I don't care much about that issue either, I just want to know what you think about it. I do not work more than 3 years for any company or business of another person.
I never received 401k benefits or anything for retirement. I have not debts at this moment, what do you recommend me to do?
Thanks 😊
I'll think about a video for that topic!
@@ElAgustin Sounds great, thanks!
Dave? Is Dave on the ceiling? JK :)
Wouldn’t that be awesome if you could build an empire for your generation? Oh my - DO IT,!!
Over the course of forty years I lost a half a million dollars due to being naive innocent not knowing..... trusting people and let me tell you people in general they have a short memory about the good you do for only keep people around me that show me interest as I do to them I have zero tolerance for people who do not reciprocate my love my joy my my giving
100% self discipline
Waste is one of my bugaboos. I agree 100% about wasteful spending, but when people throw out good stuff it makes me crazy. Old stuff is often better than new stuff, but people too often replace the better old items with trendy new junk. Paying with cash does help us to resist spending. I like to keep only a little cash on hand. If it isn't worth going to the bank for the cash it isn't worth doing.
I’m sad because I spend all my money on junk
I live in india. I do not earn and the little money which i have is my fathers money. I live with my parents. Now i do not waste my father money. I want to use it to create wealth for my future. Should i get married?
Someday you’ll need to make a singing video. I have a feeling that it will be even more popular
Once I feel like it's time, I'll start a singing channel!
Nice one .Any investment tip? I would love to know how you made it this far
@@Alexedmartin. Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy.. So I’ll advise you do get a good Investment advisor for yourself.
@@donaldgaff2271 I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.
@@Alexedmartin. by looking for her name online, you can quickly uncover her information. She recently appeared on CNN and she is really simple to deal with no matter where you're located
@@donaldgaff2271 I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this.
How possible please?
@@stephaniejose5565 investing requires higher knowledge. I invest across the top markets but not by myself tho. i follow the guidelines of Alexandra Diana Jose. you might have heard of her.. I can correctly say she’s worth her salt as a investment advisor as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 30 to 5O% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what her place and not just on some particular industries of my choosing. .
@@stephaniejose5565
@@paigehuston2060 Thanks Paige. Please how can I communicate with her?
@@stephaniejose5565 Look her up on the internet and leave her a message just like I did. She's quite popular for her services as she was recently featured on cnn.
Enjoy your videos very much Austin…..I’ve watched many different TH-cam videos on this topic, your message is the best so far 👍🏴
Excellent, thank you Agustin 👍🏻
After spending just under 4 years in state prison, and experiencing absolute minimalism and extremely limited access to good-tasting food, let alone filling foods, when I came home I no longer had an interest to jump back into the consumer lifestyle. My hedonic adaptation had died. Now, 5 years later, I'm doing alright- have a job, a business, and a side hustle, I buy things but things don't control me, but this kind of separation of myself from my things only came from forced separation from the entire system for years. Great content!
Bravo! Wise human!
This is a really good video - excellent points - unintentional spending habits #1!
👏👏🇧🇷🇧🇷
Fundamental
I certainly enjoy your videos!!! Thank you for your practical advice!!!! I love them all ❤
Me gustan tus vídeos Agustín . Great job 🇳🇮
Don't forget to add emotional coping spending. I have been frugal, but wasted my spending due to using my money to help cope emotionally. Love this video!
Why does your Spanish accent sound Cuban? LOL
Austin, I have a question. I have thought about starting a TH-cam channel for years, about Narcissistic Abuse…. But my question is: how do TH-camrs constantly keep thinking of ideas for content & videos?? It seems so daunting. It’s keeping me in Analysis Paralysis. I don’t know if I could keep coming up with ideas….. 🤔☹️
I just think about 1 or 2 videos at a time. If I think beyond that, then it stresses me out and makes it harder to think of ideas. But you have to dedicate a huge chuck of mental space to thinking of ideas as there is so much effort that goes into making a video. In the beginning it seems impossible to come up with so many ideas, but as you get in your groove it just becomes easier. I do this full time, so I treat it like a job and spend the work week doing it, but when I had a 9-5 job it was really hard to dedicate as much mental space to it. You just have to start, be consistent, and be willing to fail a lot! Nobody knows what they're doing!!
@@ElAgustin Okay, thank you so much for the insight! 🖤🙏
Story is different if you live in the east. And you're the bread winner.
*_I just turned 60, was planning to Retire Soon? BooM the Economy Crashes into Recession and High Inflation ! I guess I will keep working another yr or 2?_*
Working another 2yr is the not the problem. the problem is will you still retire well after that? I think the wisest thing that should be on every wise individual's list is to invest in different stream of income; I am earning more this year because I have been investing while working at the same time. I invested through *ROCHELLE DUNGCA-SCHREIBER,* same woman that an anchor kept mentioning on CNBC, and made multiple of my start up capital within three months . She lives here in the USA and she is licensed.
I have no idea why such a strong emphasis on the village people today, but I can dig it!
Good luck paying with cash in most European cities
Austin, i would argue that drive through is less wasteful spending than of that restaurant because you have to pay tips and food are super pricy. I use coupon for drive through, but if you do that multiple times a week then it is wasteful spending.
But the medical costs over time will be high. Aldi a great place for produce and real food
haha, just wait for Monday's video. I make a little joke about the tipping thing. It's getting out of control and making me not want to go out because you literally have to tip for everything now.
@@catliath5384 yo great thinking.
Why is he renting instead of buying a home as rent is a waste
Love the YMCA part 😂😂
I've been living in an extremely frugal way for the last 25 yrs. I like the feeling that it gives me.
I work in a medical office and eat free two meals a day thanks to the pharmaceutical industry peddling their wares. It’s a great way to save! My freezer is full of leftovers too! Although a little high on carbs but plenty of protein too. And we often get fancy restaurant food.
good thing when I looked up "good things to waist money on" this video showed.... Sorry
See, this advice is way more practical than watching Ali Abdal brag about how rich he is.
This comment made me laugh out loud.
@@ElAgustin 😇
I hate asking people how much they pay for their cell phone bills. I cringe inside when they tell me they're paying $80 per line, and they have 2 or 3 lines depending on how many people/kids live in the household. I pay $25/month for unlimited service with Visible and have been since about 2018. We have 4 lines, all for $100/month including taxes. One of those lines is only used as a hotspot for the home Internet connection. It's a Google Pixel so it has a cheat that I can get more than one device connected at the same time to the hotspot so the cell phone also functions like a router 😆.
I think convenience is a value.
Austin as always another great video full of nuggets of wisdom