10 Things To STOP Paying For NOW! | How to Save Money UK

hi guys today we're going to speak to you about a bunch of things we think you should stop paying for today but literally after watching this video you should ask yourself should I be paying for this cost on that should I even bother paying for him at all my name is Ken off the humble penny and finish like Adam II and what we do understand I was give you the tips the insights the practical hacks to help you work towards a dream life or financially independent center and money joy so stick with us as we now explore these things we believe you should absolutely stop paying for today okay so the first one is TV subscriptions oh yes there were some people who have multiple subscriptions I am really in charge yourself do you need more than one subscription yeah you even have time so what's all these things that you're paying for example some people have Netflix cable sky what else I'm top of that tune for MTV license yeah a benefit of BBC what's interesting about that is that the stats show that the UK in the UK an adult over the age of 25 spends around 3 hours per day watching TV ok which makes you think am I sound like oh yeah it's just three hours but what's interesting about that is that that comes with a ton of costs because we think about it so you're spending there's a monetary aspect number one is actual money it's costing right there so you're spending say the average was about 65 pounds per month is what people spend across their various TV packages and if you think about that the monetary aspects by itself has a huge implication so so you were not paying that and let's just imagine we invested that money at least insane return over say 25 years that works out to be around 51 thousand pounds over that period of time is the monetary cost say second you've got the opportunity cost of that money because you've completely missed out on something else you could be doing with that money potentially in your own life okay then there's the time okay so you're spending all this time essentially just staring at the television and doing nothing you know watching these shows but being completely unproductive you know and a lot of us want to move forward in our lives financially or in various aspects but a thing is most people don't know that that time that they're spending watching TV is actually where the Nugget is for them to move forward in other aspects of their lives and I remember doing this remember when I did the audits yeah I used this app and essentially timed and tracked what I was spending my time on for an entire month I revealed to myself that I really had the time to do other things a lot of time to do other things that's really important and the time to the point on time is think about this if you're spending labra three hours a day watching TV and we think that's actually nothing think about that over the next 25 years actually works out to be three years of your life spent watching TV in 25 years which is about 12% so you ask yourself am I willing to commit 12 percent of my life over the next 25 years watching television when I can be having kind of huge impact in the world of doing something a lot more interesting which is that because we don't really think about TV that we're doing that we just think of them now I'm just watching TV but if you almost thought about it into the future more is how extrapolate I'm gonna get you there but yet you did that it becomes it just changes your perspective really on this activities that's just TV essentially yeah and the third point is the more subtle one actually which is about creativity okay do you want to touch in that way so yeah creativity is a bit like a say a muscle yeah so you're not really exercising it when you're just constantly watching TV you essentially kind of like dumbing yourself down I mean yeah you could be watching you know educational shows and stuff but really that put part of your brain where you just exercise that creativity does get dumbed down or does get kind of surreal race when you watch a lot of TV yeah so the point is is that you're not you're not stopping entirely your TV consumption I said yes actually asking yourself right you know should I be spending how much how much time am i spending on TV and should I be spending this much time on TV and if I'm not spending this time on TV what else should I be doing with my time and the other piece of my creativity is actually tied to that is imagination because if you moved your time away from the television on Tuesday reading books books helped to expand your imagination and your ability to solve problems because you've improved your ability to do magic okay so guys the next one's phone upgrade this one kind of gets to me actually because there's this assumption and I think it's the language that a phone companies use so this is hey hey do not great don't need one the fake companies say you are do not great right it's very psychological because it's almost like a gift you do something come and take what you do well you always a story try to decide speaking to one of my uncle's recently and he was saying to me oh you know I'm due for an upgrade I'm gonna go get my upgrade and I looked his friend I said but but uncle your phone looks completely fine he said no no but they told me I need an upgrade so I'm gonna go get my hurry the thing that transpired was he didn't actually know that upgrades were optional right so you and I may think that's like come on that's a standard every knows right but no not everybody knows this it's it upgrades one of those things where just feel they have to get the next thing the next iPhone comes out the next Android phone comes like people feel they have to upgrade to the next thing when in actual fact they should read it I mean for us I mean to say what we do we just stick to it's got to be at least two generations behind right nice try me yours is and we should assure Mary's phone in a second right that's it actually no we showed you in a minute at least two at least generations before and we have a rule we kind of aim for at least three years of a life of a faith at least right you wanna show them your faith I mean it's slightly embarrassing I don't know if they're ready for this I think I think I think these guys already I think I've been mr. shaver okay so this is my phone this is the bear six looks good yeah good flip flip the favor why don't see that but this phone I reckon this phone has been to hell and back I've had it for four years to be first I've actually know very well I'm really like overdue an upgrade yeah so guys let me know what phone do you think I should get next put it in the computer I'm not going to get the latest one I'm like yeah it's gotta be like yeah I phone seven maybe and it ain't maybe I can work but point here is serious are we joking right serious point is these are brains and not gifts to you they're just they're just options right and I think we need to just ask ourselves what's the Kannamma costs of getting an upgrade like Winky can I use an excel sheet right and I look at I look at what this is actually costing us and what it'll cost us it cost us in a future and so I think we kind of need to ask these questions which is just you know make a phone call or get online and just click upgrade and that said because we think we can afford that this phone upgrades actually connected to our life goals so you know what row is that very play in your life and what should you really be paying for a thing I think is the point well yeah I guess the point is that if you are doing upgrade but you really don't need it because it's functioning well don't get it you there's an option for sim only right yeah as well which is the cost of your monthly payment yeah but obviously don't let it get this bad yeah this is this is extreme and our kids our kids our kids okay Tyrone is wearing this yeah it's not just merrily kind of helping FA yeah came had enrolled dude yeah anyway fine all right so the next one is excessive holidays know it kind of guilty about it because we we travel quite a lot we're a lot more intentional about the holidays really so we we collect point so we've just been to st. Lucia for example and that trick we started planning two years ago knowing that we need to companion vouchers and so we collected these obvious points and so we've got our be a flight you and I got our be a flight for free but our kids have to pay for their flights so the point about this is we're off the millennial generation that what generation you are but Millennials were socially known for their experiences so it might seem like traveling is the thing you should be doing because it's what everybody said right but it's just very important to really ask yourself well how many holidays I might do per year and I might really able to have four days and could I budget for them mm-hmm because that's the other thing we're doing we're doing really well actually is actually budget symphonies and making sure that our holidays fit the budget rather than go around yeah joins make a point about how I tickets were free yeah okay so essentially because you've got the obvious points we collected obvious points using American Express I put a link to it below for you to check out and when you collect these spines you've got to spend on one kind ten about ten thousand pounds and we have will you say family members you can call it obvious points through friend referrals and so on but all your expenses through provided obviously compare that the card immediately by doing that ukuleles at this point which you then used to book your flights fired British Airways which is what we've been using with more recently my doing baby bear flies we pay taxes though that's the thing to make sure we mention isn't it I still say yeah it's a massive say huge I mean I mean we say like quite a few thousand pounds go into the Caribbean and back so yeah it's definitely worth that me worth doing yeah yeah so we're reading that we're filming this in October we know that without without a doubt in two months in December people look every think about it new year resolution getting themselves really excited and dusting off to his old goals that they've never achieved in the current year and one of them without a doubt would be to become fitter as a basical girl and sign up for gym memberships which most of them Dave don't hold and they know this they know that people be sitting there goals and a new year's resolution so they'll have all these in life packages that would try and learn you in yes it's funny cuz one of one of my really good friends and he might be watching this actually he told me that he just said it pass it he said to me yeah we love you he said to me he was paying for two gym memberships so one was like a gentlemen's club right which has like swimming pool and what-have-you and the other was like a family gym so both of them really really expensive but it's guys an executive it's very busy and it's working but he was not attending the gym memberships at all so in a month it's paying hundreds of pounds out but without anything happening and I'm sure he's not alone I've been a ton of people out there so question is this for you is all you pay for a gym membership and if you are how many times are you going per week per week I reckon it's got to be at least twice yeah twice it's got to be at least if you go in two times a week always consistently yeah once or twice consistent might be a case for keeping the gym membership alternatively do what we do sometimes like I do walk in like I look at a ton of walking I can do home exercises why are you spending that money if you aren't really getting the benefit things that's really the point we're trying to make here isn't it yeah if you're going and you're you're hit in the gym two times a week making it happen then you're getting value for your money but if you're paying for and you're really not attending then do it that's the point we're making that's it okay the next one is expensive cars oh yes we're laughing right because we at some point used to drive a really expensive cars analogy right god it's a German car and I guess a good way kind of segments expensive cars this kind of look at who the manufacturers are so if you're driving a German car I kind of probably say you drive an expensive car right so I'm talking here Sadie's your your Porsches your all these BMWs all those cars right and the question here is really is what are you driving that car right and most of us struggle to admit that the reason we drive is because it gives us a particular status right and if you're chasing status maybe there's a bit of a problem because it means that you know you're like we kind of following the Joneses right what tends to happen with it most of us don't admit this but the real cost of driving economy concerns to the initial cost of you purchasing that car and depreciation over time in fact cars in addition to another parameter talked about in a minute takeaways cars are one of the ways in which most people kind of deplete their wealth because essentially you're investing in an essay that's just spoiling your money oh yeah so we're possible by second hand by a fairly old car if possible something reliable or buy electric so we drive a 2013 electric car it has to be a few years old when we bought to abort it below 10 grand and it's just been the most amazing thing yeah pretty much don't you've had as far as cars are concerned so guys gonna talk about takeaways next so you probably know this is coming right the thing about takeaways is is that I don't think most people do one take away weeks I think you're either the person who does takeaways and you probably do maybe two or three takeaways a week or you're the person who just doesn't you take her as at all or maybe does takeaways maybe once every two weeks right I think most people probably fall into the camp of did you take aways maybe two or three times a week right I think right but the thing about takeaways is the very easy way to kind of deplete money you know without you even kind of keeping up with a budget right so easy to do this I mean what are alternative ways people to you kind of save money in this area by it so is the takeaways guys I guess it's just planning a hitch so doing a lot of milk reps on the weekends if you don't like cooking just literally back cook the lot so just the way you we say to shop in bulk cooking bulk making a big pot and it's cooked loads of different meals freeze them and so those evenings when you just cannot be bothered to cook yeah so back out the freezer rest there and eat it there you go if you absolutely did not have any food then you've got the pizza options that you can buy from the shops yes it's not about healthy one healthy pizza is freedom in the oven it's healthier and even tastes nicer than the greasy pieces that you'll buy from the takeaway shot yeah so America recently a place called 27 Mill prep ideas for a happier life I'm going to put a link to it below so you can check it out these are really good 30-minute meal prep ideas that you can cook you can batch code phone vehicle and they were planning a meal prepping so on a Sunday for example for the week ahead okay and they will offer you really good ways to eat something really healthy on a budget or without taking up a ton of you guys right yeah so please go check it out guys this is a really tiny point and the point is about buying juices now you might think juice is like who cares only like one pound fifty of juice or one pair of the juice but the thing is he adds up and if you've been to a supermarket kind of look to what people buy right look at people shop and get it noisy and have a look and you see people pile on a ton of Jesus by a ton of juicers then they buy a ton of alcohol okay now the juice is really for us we used to buy juices quite a lot ya know we used to spend quite a feminine running buy apple orange mango then the shops have these amazing things when it's sent by three four - yeah I see you're like okay I've got two apples and orange okay I want a mango juice as well then it starts to add up before you know it you've spent five to ten percent of your family budget on drinks right when you let your friends well touch you hit a lot healthier is my salary cheap it's just a drink water okay we buy bottles of water or we just drink tap water okay sometimes we buys which I know who boil water just had that we're cutting out the bottled water Young's thick into we need to get those filters don't we baby yeah but the point here is this water is actually a really good alternative to juices and you'll be amazed really if you can look to your family budget and its how much you spent on juices and thought about extracting that away from that budget and he'd find that you'd be saving quite a fair bit of money this isn't easy wit can do that lightly freely today do you know I made some people that they don't like the taste of water but they have to have it labor yellow like that so guys if you fall in that cam there definitely there's some things you could slice some lime either touch it maybe honey or you know syrup and you can have like a bit ginger as well yeah yeah just add some flavor to your water yeah infused like berries and people do that you can put some berries in your water but this sounds like too much effort it is just chuck it in maybe a little you know just is not as much work as it sounds just chucking the fruits in and yeah infused fruity water you got options so the next one is retail therapy oh yeah everything you see the thing about retail therapy is that it's not necessarily that people just get from work and just get your shops and just buy whatever they ones without planning for it or budgeting for it it's even more that there's usually an underlying issue that people are not addressing okay this might be lonely nursey might be pression you might be all kinds of things there's a usual bit of things that cause people to live you know kind of feel that they need to shop impulsively to keep themselves happy it's a much more difficult point I think because it's about people growing in some form self-awareness or maybe you know seeking some form of help ring it's kind of tack or the underlying issue which then hopefully should then tuck Ortiz you off just you know retail needing retail therapy and compulsive buying and stuff like that so that yeah the final one is skin care products and kind of beauty products and everyday products that we use and we feel we must pay for there are bits of things that we can actually stop in for or we can actually make from home using everyday products ok so just tell us a bit more about those yeah so things like you know hair conditioners conditioners can be quite expensive okay the cheaper ones are probably not so good for your hair but you can make your own life really really deep conditioners from all everyday items that are in your kitchen things that you eat you'd be surprised at you you know I can put some links below for some recipes if you'll find that useful and another thing is deodorants so yeah if Ken is on the fence with clear yeah I've got a skeptical cos yeah you've made you ready Children's Mary refuses to use like the everyday deodorants the most of you she makes her own I make my own and deodorants so it's not an antiperspirant so you will still sweat a bit so it might not be so good in the summer but in the winter it's perfect and it's literally I make it use it everyday items in my kitchen and there's no chemicals in it no harsh chemicals nothing that I can't even pronounce it is good for your skin yeah yeah it's just healthy products that you're putting on your why would you want to use all these harsh chemicals I think if you realized what you will put some in your body you wouldn't use it the point of it being an anti purse but is not good because you are naturally supposed to sweat yeah yeah this one's a difficult one Vegas I'm just so used to using my deodorant spray right so it's interesting I am being challenged by this myself it's goes beyond just not spending money it's actually a healthy point rina to tell my wife actually trying to get me on board is actually quite her quite a big thing because I'm really on the fence with them kind of not sure if I want to do it but it's an interesting point on the less yeah to mention because Mary is taking that idea beyond just kind of Deirdre and she makes her own hair products makes a lots and lots of things using everyday process and that's really helped us save quite a quite a favorite of mine at the time because she's just not having to go back go to shop on autopilot yeah to just buy quite expensive but they lost so not as well yeah guys I hope you found that video really useful I'd love to know which of those ideas you thought you could really implement today my literally which of those did you think well you know what I think this hasn't met a really good point I'm going to stop paying for this today because of X Y or Z please let us know in the comments and what's a lot to know which of those your challenge you know it makes for good kind of debate let us know in the comments which of those kind of thing I'm not quite sure because of x y&z just let us know in the comments as well thank you so much for watching it's been fun making this video you don't marry we really appreciate you watching please subscribe if you're new to this channel that she hit that notification is buzzing because we publish content every Tuesday and Thursday in order to help you work towards a dream life of financial independence we appreciate you guys and we'll see you soon on our next video bye for now because the next plane let's play - so drone takeaways for you look great oh my gosh are you ready yeah all right

Channel: The Humble Penny

Views: 46,045

Rating: 4.8704581 out of 5

Keywords: How to Save Money UK, How to save money, Everyday Things You Should Really Stop Paying For, ways to stop spending money, saving money, ways to save money, the financial diet, ways to save, frugal life, personal finance, what not to spend money, save money hacks, money hacks, frugal living, stop spending money, finance, money, budgeting, minimalism, simple ways to save, wasting money, money saving tips, Ken Okoroafor, Mary Okoroafor, The Humble Penny, Budget

Id: FtLZl5p5xsc

Length: 23min 0sec (1380 seconds)

Published: Tue Oct 15 2019