9 Things I Stopped Buying to Make More Money

hi guys welcome back to the channel in this video  I'm going to go through the 10 things which I've   stopped buying as we've already spoken about I'm  not a big believer in Saving but I am a believer   in spending below your means and saving will only  get you so far but spending less so that you can   use that money to invest and work and grow for  you will make all the difference cutting out   these things has left me with so much more money  every month without having to sacrifice on my   quality of life let's get into it number one or  books I read a lot and I think reading is super   important and it's a great financial investment  to increase your human capital and your knowledge   and that is something that no one can take away  from you material items can go out of fashion   they can be stolen looks fade but knowledge once  you've acquired it that's yours to keep it will   it'll always stay with you so now what I do is  I keep my all-time favorite books in a hard copy   um on my bookshelf and then the ones that I know  that I won't be reading again and again and again   I either Buy on my Kindle or I rent it for free  through my local library on an app called Libby   number two a brand new car if you don't have money  for it just don't buy it the second you put your   key in the ignition and drive that car out of the  showroom it loses 10 of its fat and average brand   new car will lose a further 60 by its third  year I know some people like the feeling of   having a brand new car but is it really worth  that additional amount of money at this point   in your life or can you hold off to invest that  money into an asset that will generate the cash   flow to buy that new car later on in your life  if that's what you want number three souvenirs   I really love traveling flights hotels making  memories these are all things that I'll be buying   more of but why I've stopped buying is souvenirs  from every trip more than a waste of money it   also massively Cutters up my living space I live  in a two-bedroom apartment with a kitchen that's   the size of a shoe box anyway so the last thing I  want is shot glasses from every city I've been to   overflowing from my cupboards if you really want  to kind of remember a trip then write in a journal   I've made an online Journal slash Vlog and I've  been writing in it after every holiday that I've   been on since 2016 and I just read through it  before recording this video and it brought back   so many more memories than any souvenir there ever  could number four buying the updated version the   rate in which new technology comes out way exceeds  our actual need to replace them but regardless   of this we still do keep buying it I've actually  found that the more I have of a particular thing   the less additional happiness it gives me so  when I first got the Apple watch there was a   big jump in my happiness and going from no Apple  watch to having an Apple Watch it was worth the   money I felt healthier I felt happier with all  the workout prompts it did the job that I was   looking for and then a year later a new version  came out and I spent a few hundred quid more to   get the upgrade and that maybe five percent  increase in happiness that I got from getting   a slightly better version just didn't correlate to  the amount of money I spent on it so now whenever   I think we're upgrading something I always ask  myself is it really worth spending that 100 000   quid more to upgrade the specific thing or should  I rather spend that money on a new experience or a   new item that will correlate more to the amount  of happiness I get from it number five items on   sale there's a difference between buying something  on sale and buying something because it's on sale   sales can seem like a great way to save money  at first because when stores do these 20 off   30 off 40 off sales they're just actually using  a psychological trick to make you justify that   spending in your head if there's a jacket that  you were going to buy anyway and now it's on   sale from 200 down to 140 then yeah you've saved  sixty dollars but if you're buying it because it's   on sale then you've got to look at it like you're  140 out of pocket sales are just a way of buying   things that you wouldn't have otherwise bought  and remember it's you against these multi-billion   dollar organizations with huge marketing budgets  behind them number six investing in things that   I don't understand this isn't one that I stopped  buying but it is one that I've stopped putting my   money in and it's things I don't understand a lot  of people put their money into Investments without   really understanding what they're investing in  it and even if you do have a financial advisor   you should have a basic level of understanding  in where your money is going whether it's ethical   whether you actually want to invest in that thing  because no one would care about your money and   where it's going as much as you will number seven  and fast fashion I mentioned in one of my other   videos how I haven't bought an item of clothing  in the last six months I didn't think this was   anything surprising but it seems to be long story  short I used to shop at all the fast fashion shops   you can think of Forever 21 misguided boohoo  whatever but when I look at my closet today none   of those fast fashion items that I bought are  still in there I used to spend a lot of money   on stuff that I'd wear a few times and then I'd  get rid of them because it started frailing or it   went out of fashion now I've learned my lesson and  when it comes to clothing I'm so much more about   quality over quantity if something feels really  good and it's really comfortable then I'd buy it   even if I'm spending a bit more money than I would  have if that was a fast fashion item at Forever   21 or something also I find that having fewer  clothes just frees up my mental space I don't have   to spend much time deciding what I'm going to wear  and I have like three different tops that I choose   between when I'm recording my YouTube videos and  it's just one less thing that I have to worry   about number eight anything high maintenance so  that's getting my nails done getting my eyelashes   done getting my hair dyed it's all too high  maintenance and it just doesn't happen anymore   and a big part of why I don't get this done is  also because of the time it takes to get those   things done when I'm getting my nails done I can't  do anything else at the same time I can't get my   work done at the same time so it's for me it's not  only the price I pay for getting these things done   but I also think about it as a time value of me  sacrificing an hour that I could have spent on   doing something else that would get me a greater  return just FYI I don't think of this time dollar   value with everything in my life like seeing my  friends family going on date night that would be a   bit outrageous but it is with things that I think  are just a waste of time number nine a prenup this   Christmas I'll be signing up to a prenup which  is a no unnecessary present pact usually during   Christmas we give presents to an extended list of  people but right now we're going through a cost of   living crisis and expecting to see the longest  recession in the UK to date and honestly I feel   like holiday gifts are things that we just do out  of habit and very often I get things that I don't   even want or need but then I feel obliged to give  it back to that person and vice versa according to   find a dot com the average British adult would  Fork out 548 pounds of Christmas gifts and the   average American will spend 990 dollars and I'm  no Grinch but I think there are three ways to give   back which will still be very much appreciated  and that way maybe other people won't feel like   they need to spend on you just for the sake of it  either my overall mindset for spending is that I   have absolutely no problem in spending things  that really bring me joy and value but I don't   want to spend on things just because it's out of  habit or because it's based on my ego and feeling   like I need to impress people I think if you cut  out on those two things then you'll be in a pretty   good place financially with all of these things I  like to kind of look at my financial decisions in   terms of trade-offs so if I'm buying a liability  or something that is going to decrease in value   over time is that extra amount of money that I'm  going to pay for this thing worth the trade-off   of potentially sacrificing my Financial Freedom so  spending maybe an extra five grand on a better car   right now might not feel like it's a big deal but  if it's a choice between spending that five grand   on a nicer car versus spending that 5 Grant on  an investment or to educate yourself or to build   wealth that could potentially change your life  then is it really worth it if you want to know   how much I spend each month then I've got another  video here that I'll link thank you so much for   watching don't forget to subscribe if you haven't  already and hopefully see you in my next video

Channel: Nischa

Views: 2,188,631

Keywords: Financial minimalism, things i stopped buying, things i no longer buy, things i dont buy, minimalist, things i dont buy anymore, minimalism, what i stopped buying, how to be a minimalist, money saving hacks, simple living, 10 things i dont buy, things i dont buy minimalism, 10 things i no longer buy, things minimalists dont buy, save money, money saving tips, how to save money, simplify your life, i dont buy, fast fashion, nischa, how to make more money

Id: ogOIoYh0b38

Length: 7min 15sec (435 seconds)

Published: Sun Nov 27 2022