Psychology of Spending Less | BeatTheBush

Knowing the psycholog of spending less can often time make the act of spending less much less difficult. For example, recognizing the huge profits the store is making off of you may make you think twice before buying at such a high markup. Other times, you can try writing your wish list down and let your desire cool for 30 days before actually buying it. You may recognize that if you do so, sometimes, a certain item is not as wanted any longer. However, if you still want the item after a certain period, then you can feel safer that it isn’t a spontaneous purchase. These and many more psychological tips in the video!

How’s it going everybody this is beat the bush today i like to introduce you to nine psychological ways to get you to spend less money 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 by often times 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

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Like best buy they actually buy products from other companies to sell to you now they buy at a great discount and they sell it to up to a hundred percent over what they pay now this doesn’t apply to high price items like tvs and laptops where demarcos 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 batteries and also by some vr gear or whatnot by the time you buy all of 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 into a 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 see that there’s a lot of duplicate items after you do your cleanup

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All of these items if they’re consumables 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 i know last year a lifetime this is because even if it lasts a lifetime you may be overpaying for the per year costs 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 so a way to get yourself to spend less is to look at the price of the item and see how much you would be losing out on in your retirement if you saved it instead if you assumed you invested this money properly you’ll get an average return of eight percent every

Single year over 30 years this is 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 car you’re actually reducing your retirement net worth by about $300,000 the ninth and final way to reduce spending is to reduce spending on food by

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Learning more about it just to give you an example you know all those trade of 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 is 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 one can we’ll give you enough salt for the whole day i hope you guys enjoy the psychology of spending let’s don’t forget to give me a like on this video comment

Down below let me know if this helps you spend less if you’re interested in supporting a channel don’t forget to check out my audible link down in the video description below where you can get a free audiobook and if you cancel before the trial period and you can still keep the book and you can still help support this channel i also have a patreon link over here

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Psychology of Spending Less | BeatTheBush By BeatTheBush

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