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