7 Psychological Money Saving Tricks - How to Save More Money Each Month!

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spending money is a major factor that is

affected by how our minds work and

knowing the psychology tricks behind

this put you a step ahead in the money

saving game I'm going to give you seven

psychological tricks you can apply in

your life to save more money each month

so the first is cash this is a big one

when you go out somewhere to eat or buy

groceries or just buy things in general

try to use cold hard cash instead of a

debit card or a check when you use cash

you have an emotional attachment to the

physical material paper and it's

actually more painful to hand the

cashier eight $20 bills than it is to

swipe a card simply because it feels

like you're giving less whenever you

swipe a card try to always keep cash on

you and limit that swiping bonus points

if you only carry hundreds with you

who's gonna break a clean crisp $100

bill for some gas station candy or a

milk at the grocery store I know I

wouldn't all right guys this is going to

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back to the video so tip number two is

automatic deductions this is an amazing

tip because you can set it up to not

even know that the money is being taken

out wherever you work most places have

the option to take a percentage or a

certain amount out of your paycheck and

automatically add it to a separate

account do this and send the money

straight to a savings account you can't

withdraw from after many years and yes

becoming rich does take time if there's

interest on this account you'll have a

ton of value from that very simple

hundred dollars a month going into the

savings account tip number three is a

monthly statement now peter drucker once

said if you can't measure it you can't

manage it and this is so true I started

a monthly balance sheet around 6 months

ago and it's amazing to see where your

money goes once you start managing it I

realized I spend way more money on

little things like food and small gifts

than I thought I did and here's how I do

it and I recommend you try it too

I write expenses on the top and add in

my monthly payments like phone bill rent

video scribe automatic saving deductions

loan payment and other little personal

things I pay along with the date that

they are deducted below that I leave

space for extra unpredictable things

like gas or fast food or even stuff like

movie rentals or clothes and right under

that I

my income this is usually a pretty small

space since I don't have very many

income sources at the moment at the end

of the month you add up your total

expenses and income and you find out if

you had a profit or deficit and it

definitely helps knowing that if you

spend $8 on some food

they'll have to write it down and you

start to realize that these little

things add up try it and it will help

tip number four is to avoid advertising

now this is kind of a passive tip to

save money but try to avoid general

advertising this will reduce your

likelihood of impulse buying something

like that extra pack of gum at the

cashier stand or that awesome cup of

coffee that doesn't tip over that you

think you need reducing exposure to this

type of content or reduce what you think

you need the next tip is now versus

later so have you ever thought that you

were super hungry at some point your

life I bet if you drink a glass of cold

water and wait at just 5 minutes your

temporary starvation feeling will

subside it's super easy to trick our

brain that we need something now and it

takes practice to cultivate delayed

gratification you can use the same

principle as food with your money

instead of buying that super cool tech

toy wait a month and see if you still

want it as bad as you did chances are

something new will come out or something

better or you'll find some other area of

your life that will make a better

investment try to delay the things you

want to spend money on and you'll notice

the extra money in your bank account

each month so the second to last tip is

to turn your prices into hours

and what I mean by this is to

psychologically trick yourself into

converting that $50 t-shirt and to how

many hours you would have to work for it

would you have to go to work for five

hours just for that shirt and is it

worth it

probably not would you work half an hour

for that burger yeah what about working

an entire week for a new TV or a game

console this goes into value investing

and will help your brain understand the

value of what you're buying and the

opportunity cost of what you're giving

up for what you're buying better so the

last tip is something that Donald Trump

would do it's basically a mentality

shift if you're saving money because you

want to buy something the best advice I

can give you is to focus more on how you

can increase your income simply focusing

on how you can make more money will help

dramatically more than focusing on

reducing your expenses back to that

balance statement beefing up that income

spot by $300 a month will be way easier

than cutting my phone insurance gas and

a couple other leisure item

I bet you have a couple hours in your

life to spend working a bit more and if

not the company are employed at working

on your own life by starting your own

business or investing in your thoughts

by reading so that's it guys those were

seven psychological tips you can take to

save more money in your life right now I

hope you guys enjoy this video and learn

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