I QUIT Wasting Money And It Changed My Life

ladies and gentlemenos when I was 16 years old I made a huge discovery about money and this discovery nearly doubled my pay and it was so easy and it was so simple but it felt like a secret like something that other people couldn't seem to understand and this was my Discovery if you don't waste money your money will go a lot further I know it's so simple but I realized that money isn't this random thing that we have no control over that money isn't this evil tool that only benefits a handful of people but money is just basic math and I discovered that if you make intentional decisions to never waste a single dollar then you'll have a lot more money to do what you want to do in life in this simple discovery changed my life and although it's so simple most people don't understand it most people don't understand that they're having so many financial problems not because of the lack of money but because of wasteful spending and if people understood what wasteful spinning is and how to cut it out of their lives it would be like getting a 25 to 50 percent pay increase so in this video I want to talk about wasteful spending and how to get the most out of every single dollar because we don't always have control over how much money we make but we do have control over how much money we spend and if you can learn how to be less wasteful with your spending you will have more money to do what you want in life I can guarantee you that it will change your life so here are five steps to stop wasteful spending and enjoy life step one understand what real wasteful spending is as a Frugal minimalist ladies and gentlemen I don't believe in depriving yourself and not spending money because I think that is not a sustainable way to live instead my Frugal motto is cut waste not spending it's important to know that wasteful spending isn't spending money on things you don't need no just because you don't need something doesn't mean it's a waste wasteful spending is spending money with no logic wasteful spending is when you spend money in irrational ways on things that don't bring any value to your life now in order to make this more clear let me explain the difference between non-wasteful spending and wasteful spending buying snacks isn't wasteful spending but buying snacks at the gas station for two times the price is wasteful spending eating at a restaurant isn't wasteful spending but going through the drive-through multiple times a week is wasteful spending buying towels at Target isn't wasteful spending but buying towels on impulse when you already have enough towels is wasteful spending there's a difference you see it's wasteful spending because it's not logical spending that extra money isn't making anybody's life better but it's just like throwing money in the trash it's a waste you see so now that we understand that not all unnecessary spending is wasteful spending let's move to the second step step two identify your wasteful spending habits so now that we've discussed that not all unnecessary spending is wasteful spending let's talk about the reasons people do wasteful spinning now there are many reasons in some of the common reasons our status impulse convenience laziness lack of patience not doing research the thrill of the purchase or being weak to marketing strategies but if you summarize all these into one the main reason people waste money is unintentional spending habits people waste so much money because they're unaware of their own habits they're so accustomed to these habits that they can't even see that they're so wasteful and that's because we're often more aware of other people's habits than our own it's so easy to judge and point out other people's wasteful spinning habits and that's because we see it from a third person perspective so in order to understand your own wasteful spending habits you must see yourself from this third person perspective in order to do that you must track all your expenses you must write down for one month every purchase you make so you could see what your wasteful spending habits are in many moons ago I made a video on how to do that I'll put it up here somewhere that's that's the ceiling oh wait you guys see something different but once you understand where your money is going you're viewing yourself in third person you're seeing your negative you're wasteful spending habits and you're identifying your wasteful spinning habits and you're becoming aware of your unintentional habits you start to recognize areas in your life where you're just wasting so much money and just being conscious of those habits and as I said before some of the common reasons that people waste money is for status impulse convenience laziness lack of patience not doing research the throw of the purchase or your week to marketing strategies and when you start to identify your own wasteful spending habits we can move on to the third step three start changing your habits one blessing and at the same time a curse is that I learn about wasteful spinning at a very young age so cutting out wasteful spending and having good financial habits is just very natural to me but for most people it will be extremely difficult it takes an extreme amount of effort and intention to cut out all this wasteful spending in your life you have to become conscious of your spending habits and I think one of the best ways to become conscious of your spending habits is start paying everything in cash it's a lot easier to recognize your negative wasteful spending habits when you're spending money in cash over card because when you physically hand over money it takes a little more effort you physically see the money departing and you are aware that you are spending money whereas when you pay with everything on card you just swipe it and you don't even realize you're spending money and because you identified some of your wasteful spending habits in the previous step you can now start to notice when you do those wasteful spending habits you can be more intentional when you're spending money and recognize when something might be a waste and to do that it's important to ask yourself before any purchase why am I buying this and if it's because status impulse convenience lack of patience laziness or any of the other reasons it's wasteful spending in its wasteful spending because it's not bringing any value in your life and so you must cut it out you must be intentional and recognize these wasteful spinning habits and just begin to ask yourself this question for every single purchase that you make and it is very difficult and it will take a long time to change these habits but once you start to recognize these habits Things become easier your wasteful habits will be replaced by good intentional habits it eventually just becomes a second nature you just look at other people when they do some wasteful spending and you just think it is so bizarre and next thing you know you have started your YouTube channel and you are preaching to the world to everybody else how to do it and once you become intentional about spending money and you recognize your wasteful spinning habits and cut them out in your life you can now and we can move on to the fun part step four decide what's important to you when I was 16 years old and I discovered this concept of wasteful spending I realized that if I lived my life without waste I would have a lot more money to do the things that I wanted to do when I made decisions like stop going through the drive-through stop impulse buying or not seek convenience over time these decisions add up to hundreds then thousands of dollars when you live a life without wasteful spending you start to have more options doors start to open because you have more money to do what you want to do in a life and I think that once you get to this point it's important to ask yourself the questions what do I want to do how can I use this money to enrich my life and I am not one of those Finance Bros that preach about not getting that four dollar cup of coffee and instead investing that money in a Roth IRA while in the meantime going out and buying a mansion and a bunch of sports cars and maybe even aquarium does anybody find it ironic when somebody says those things but anyways wasteful spinning to me is about not spending money on things that don't bring me any value and using that money to bring more things in my life that do bring value and that starts with just understanding what is important to you and for me the important things are experiences like going to concerts visiting friends and family or traveling the world and having Peace of Mind of being financially secure and maintaining what I have I don't need to go to a concert or I don't need to travel the world but I think it's important I don't think it's wasteful spinning because it's bringing value in my life and I ultimately believe that is what money should be spent on on things that bring value to your life and when you know what is important to you we can move on to the final step five start using your money to enrich your life this concept of not wasting money changed my life just like the YMCA changed the village people's lives because it's fun to stay at the YMCA but it has enriched my life in so many ways it's allowed me to do things that I couldn't have done if I lived a wasteful life like I've traveled over 35 countries I've lived in many different places and I've never allowed fear to hold me back from trying something new in the ironic thing about wasteful spending is that it doesn't make your life better because it provides no value it's simply waste there's no point to it it's just a rational spinning that doesn't bring any value in your life however when you cut out the wasteful spending in your life you have more money and so you can use that money meaningful ways to enrich your life you can focus on the things that you actually want to do because you've cut out the wasteful spinning in your life you have more money and you've identified what is important to you and so you can start using that money to enrich your life to make your life better and I think that if you live with a little bit more intention and cut out this wasteful spending in your life your life will change just like the YMCA has changed the village people's lives and with that muchas gracias que tengo muendia video 105 nobemo Chico

Channel: Austin Williams

Views: 42,390

Keywords: Minimalism, Frugal, Frugality, Waste, Wasteful spending, Money, Personal Finance, Investing, Lifestyle, Life

Id: 6-oNvHPNK0s

Length: 11min 45sec (705 seconds)

Published: Fri Apr 14 2023