you know guys it's practical psychology and today we've got another
collaboration with beat the bush now beat the bush has all kinds of videos on
credit cards how to save money how to spend money efficiently how to use your
money all kinds of financial planning videos I think you guys could get a lot
of help from and I was actually been watching some of his videos on the 7th
or 8th one I found this amazing video called how to look rich but live
frugally I think that's what it's called anyways before that I took his channel
really seriously he has a ton of awesome content and game plans and what to do
with your money anyways I watched this video and it was super entertaining like
I laughed like seven or eight times you guys have to watch it if you enjoyed
this video I'll put it in the in screen I hope you guys enjoy probably going
everybody this is beat the bush thanks practical psychology for having me on
your channel today I like to introduce everybody to 9 psychological ways to get
yourself to spend less money so let's get to it first thing you can do is
whatever you want write it all down on the list wait 30 days before actually
trying to buy the thinking behind us is that it reduces impulse buys oftentimes
when you wait a lot it would also reduce in price whenever I kept a list of
things I actually want I find that I would actually cross things off because
those things that I wanted before were no longer desired the second thing you
can do is look at a similar item that's two to five years old and then you can
see how much it actually depreciates if whatever you want to buy is actually to
new you should look at an older model and check out what the price it is today
oftentimes you'll see that prices reduces greatly after two to five years
especially for electronic items seeing that it depreciates so much this may
deter you from actually wanting to buy that item anymore the third thing you
can think about is the high market prices of some items if you go into a
retailer like Best Buy they actually buy products from other companies to sell to
you now they buy at a great discount and they sell at you up to a hundred percent
over what they pay now this doesn't apply to high price items like TVs and
laptops where the market is roughly ten to fifteen percent so knowing that
you're actually paying for their large profits and actually to run the store
may actually deter you from buying that item the fourth thing to think about is
that whenever you buy item it may require a lot of accessories for example
a game console may require you to buy another controller buy a bunch of games
buy some cables by some rechargeable battery
and also by some VR gear or whatnot by the time you buy all this it's going to
be three or four times the original price of the console
same thing with 4k TVs once you bind it as 4k business you have to buy a player
to play the 4k you may also want to buy a 4k camera after this and also media in
order to put into your 4k player as well the fifth thing to consider is to borrow
or rent it first a lot of people have a lot of items that are just used once or
twice if you get in the habit of borrowing or renting first just to make
sure you really are going to use this thing long term then you may save a lot
of money in the long run the sixth thing you can do is actually being organized
at home because this reduces your chance of buying duplicates at the store when
your home is disorganized you may have a whole bunch of things that you bought
already and it will be in the back of the cupboard and you didn't even know
it's there so you think you ran out of the item and
you go to the store and buy another one you'll notice if you ever go from a
cluttered home to an organized home you'll see that there's a lot of
duplicate items after you do your cleanup all of these items if they're
consumable they can be consumed however if you bought like 10 pairs of scissors
then really you can't do much with that many extra scissors the second thing is
kind of counterintuitive which is to not buy the lowest price but the lowest cost
per year to own that item the thinking here is if you buy an item that's too
cheap it may be not very durable and it would break multiple times in a year and
then you have to just rebuy that cheap item again
however you should not get caught up in buying the most expensive item because
you think it's really high quality and will last you a lifetime this is because
even if it lasts a lifetime you may be overpaying for the per year
cost what you actually want to do is buy the lowest ratio of the price of the
item divided by the number of years it would last the eighth way to get
yourself to spend less is to look at the price of the item and see how much you
wouldn't be losing out on in your retirement if you saved it instead if
you assume you invested this money properly you'll get an average return of
eight percent every single year over 30 years is this about a tenfold increase
if you're spending a thousand dollars on something you can actually think of
yourself losing $10,000 in retirement if you're buying something like a
$30,000 card you're actually reducing your retirement networks by about
$300,000 the ninth and final way to reduce spending is to reduce spending on
food by more about it just to give you an
example you know all those traded cheese well they put cellulose in it and do you
know how you get cellulose they start with wood pulp yet wood from trees and
they put all these chemicals in it in order to extract the cellulose this
cellulose is what they put in all these cheeses to keep them from comping they
also put cellulose in a lot of different foods now cellulose from vegetables are
just fine but cellulose from trees that are processed through all these
chemicals it's not so good for you tailpipe meats means they use carbon
monoxide inside the packaging of red meat in order to keep them redder so you
would actually buy it quicker now they put a small amount in it I certainly
don't want to eat too much of this if you go into middle aisles of the
supermarket most items are filled with preservatives lots of sugar and those
canned foods are usually filled with a lot of salt just eating one can will
give you enough salt for the whole day I hope you enjoyed the psychology of
spending less if you're interested in more content like this don't forget to
subscribe to my channel over here at beat the bush over in my channel I cover
things like personal finance how to improve your credit score and also early
retirement don't forget to give me a like on this video comment down below
let me know if this helps you spend less