Why are Indians spending more than ever before? | Money Psychology
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- čas přidán 5. 06. 2024
- Are you also left with no money towards the month end? Not sure where your money disappeared? Don't worry; you're also a victim of overspending! This video highlights how the convenience of payment systems like UPI actually leads to impulse purchases and overspending.
Watch it to get the ultimate checklist that explains how you can control your expenses!
0:00 Let's begin
1:29 What has changed around the world?
4:01 Money systems
6:43 Why do you make an impulse purchase?
10:50 The psychology behind impulse buys- FOMO, behavioral biases, and launch of new products
12:59 Checklist - check before spending digitally
14:51 What’s so funny yaar?
#upi #money
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Once a wise man said, ''We buy things we don’t need, with money we don’t have, to impress people we don’t like.''
F**** c***
Well said
Fight club
@@asifa.993 That's right. Tyler Durden FTW.
Naval
Some tricks I used to curb UPI spending:
1. Unlinking my salary account/main account from UPI apps.
2. Having a separate account for UPI with only around 1k in it.
3. Using RuPay credit for UPI transactions. This helped me track expenses at the end of the month.
Interesting! Tracking your expenses in any form helps a lot!
4 account, 1 for salary (no UPI), 1 for retirement/ppf and long term goals (no UPI or net banking), 1 for household and large expenses, 1 for personal expenses (zero balance).
Sweep out (pay yourself first) in the first 5-10 days of the month is a strategy that I decided to follow going forward.
Excellent 👌
@@user-re7qh4uc5ogreat 👍 thanks for sharing
Warren Buffett Quote: “If you buy things you do not need, soon you will have to sell things you need.”
Well said
Home or 🚗
Great timing. I was easily spending crazy amount of money every month because of UPI and Credit card (I pay my bill properly). I was trying to reduce it for long time but not possible to do. Then I decided to track all my expenses by writing in a diary. It helped a lot. Once I got to know the amount of money I am spending every day by looking at diary, fear kicked in and it made me spend less. One of the key areas I spend a lot of money is going to restaurant like 20 times a month. Now it has been 20 days since I start tracking, I didn’t visited restaurant once. It feels like magic.
The 1st step to solving a problem is to acknowledge it - You're on the right track man!
This is one of the best videos of the series. The world has changed rapidly and we need to change our minds to deal with these new sets of challenges. Such an educational video on the “Money mindset” we have these days. Money is just not a thing - it represents our thoughts and emotions. We need to take control over it and not the other way around. One tip I think could have been made in the video itself: we can use auto-pay to our advantage. Setup automatic pay to invest in mf/stocks. You don’t need to take the effort to invest, it will happen automatically, every month. Real wealth is built by investing, and investing for a long time. If we can reduce the friction to do it, we must do it.
You know when the team was writing this, all of us thought how earning & spending money has changed & whatever has been taught to us is obsolete now due to a massive change in our behaviour with money. Thanks a lot for your feedback, it really motivates us!
Absolutely 👍
there's SIP for every investing instrument you see
Save first, then spend.
The best advice I have received at the beginning of my career.
You people are insanely good. Topics are so so relatable to the people who really care about having a hold of finance but are clueless of where and how to begin. Keep doing the great work!
Thanks a lot! We'll keep bringing you good stuff, subscribe Karna :)
Yes this problem exists. Thanks for making this video to spread awareness about how we need to feel the pain of money is leaving you, thats how we can control our impulse buying feelings. I have gone throught this phase (still goes sometimes, but trying everyday to control my self). For that i just withdraw cash and only keeps that money wich is autopay like EMI, SIPs and Bills for other expenses I try to spend with cash as much as possible. UPI is a good tool to have but it is not necessary to spend all of your expenses through that. This can help you to spend less and save more.
Im happy to find that there are others like me as well. Who very rarely use UPI. And use cash mostly, to avoid overspending.
Hi, all these videos on de-influencing and psychology are very useful and informative. Thanks for giving out all true facts about finance topics. Could you also make a video on how to pick mutual funds? Like what criteria to check and how to evaluate? Maybe a "Checklist" for this is what we need 😛
Ahhh a good old checklist! We'll send this suggestion to our team for sure:)
What an amazing video. This is a genuine problem - UPI does not allow us to feel that we just parted with the money. Credit is even more crazy! Thanks guys 💯
Thanks a lot! Your comments mean a lot to us!
This should be in School Syllabus and not when we have money in hand. Very useful, great work!!
I can proudly say I am following all these checklist
This series is really helpful for someone like me who belongs to lower middle class family. Thanks for creating such a good content❤
I get my salary and within the next 5 days, the sips, manual investments are done. Then any amazon purchases stay in the cart for a month.. Only few consumables get purchased immediately. And when I feel like shopping I hop onto zerodha, and spend some 2-5k on some nice stock.. 2 birds with one upi
buying stocks are also investment unless you sell them. otherwise its just shopping. Good one!😂
Very useful series to current generation...
There is exam on 1st March, So only this -
"❤ × ♾️ " !
The series is very helpful thank you a ton for making such videos please continue this series and make a video on anchoring bias and other spending habits ❤
cant explain much better than this- great video
Just love your content. Especially with you both on screen. Keep up the pace guys!!
Definitely loving this series. i will try to follow the all check list points in this video.
Thanks for showing your love ❤
i never commented of any videos in youtube till now but i have love your content and it is very useful all of your videos i can't comment each of your videos but always looks your content to learn
I think this is the channel that is educating me in a way I never knew I needed. Keep it going till infinity
Hello prateek, I donot agree with you on the fact that purchasing is easy. Normally the total time spend by a person buying stuff online includes reserching, seeing advertisements, comparing 10 different products, thinking wheather I should buy ... If you consider the total time, there are chances that it will be more than what it would take to buy the same product from a small shop. Also it would be great if you can make a video on how supermarkets deceive people by showing offer prices discounts and god knows what.. which confuses customers in finding out the cheapest product and getting the same
Aapke video ka hmesha besabri se intezar rahta h sir ❤
Hey Zero1 team, this series has been really helpful and informative. Thank you for decoding a lot of myths in a fun way ! Keep posting 🙌🏽❤️
Thanks for your love ❤
Awesome video, eye opener
This channel is a goldmine!!
The series is excellent. Thank you for such lovely content.
This series is creating REAL FINANCIAL AWARENESS! Kudos to the Team😁😁😁!✅
Veryy goood series... quite helpful
This is so well put! Amazing work you guys… need more such content!
Thank you 🙌Stay tuned, we are churning out more amazing videos for you.
Excellent
Very good series
The series is really good and with practical examples
Its a great video.
Please keep these contents coming. Also its so good to keep the conversation casual not robotic. ❤
I think we should all take a moment & thank Abhishek for his genuine problems xD
Great Video!
Very good series :)
Crazy series, loving it ❤
Commenting so that he gets the incentive. Very good series. Like the deinfluencing series also.
Amazing series. Great learning. Thanks a lot 😊
ofc these are very useful videos, I've always wanted. very glad, you guys stopped too much hindi. Thank you all!
My wallet is definitely feeling this video, Time to reign in those impulse buys! Thanks for the helpful reminder.
You got this!
Fantastic wisdom!😀 Hats off guys!!!
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investments.
Building a good investment portfolio is more complex so I would recommend New investors to seek Wayne Gorman's support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams...
Wow!! I am surprised that his name is being mentioned here, I stumbled upon some of his clients testimonies on CNBC news last week..
Same here, I've seen a lot of recommendation about Wayne Gorman, is he really that good?
Recommending wayne Gorman to all beginners who wants to be profitable in their investment.
Recommending Wayne Gorman to all beginners who wants to be profitable in crypto
As usual, nailed it! It's a great series🙌🏼
Useful 🙏
Amazing content 🎉🎉.. kudos for simplicity.
Very Very Very Useful Sir !
Much needed video ..thanks and expecting more videos like this to shower with finance knowledge 🎉
Thanks Abhishek for Sharing the same problems as most of us are having and the team for solving them🥰🥰
Very good series !
It was a really useful video.
U guys are too good ...ek dum jhakkaas......
So good, so elegant....just looking like a WOW
Your comment also looks like a WOW!!!!!
Yes I have seen ads on topics that we discuss with others... these phones have access to our entire life.. and I don't have any autopay except house loan EMI :)
zabardast series
What worked for me was checklist item no 2. I have 4 bank accounts which gets auto credited after my salary via standing instruction. Each account is for a specific purpose .
Absolutely, Love your content! Keep posting ❤
Thanks for your love and support ❤
I like (digital equivalent of) the envelop budgeting paradigm. A decent compromise between convenience and conscious spending.
Thanks for making this video
Loved this series
Very very thank you zerodha for this channel.
Also the team you rock you make finance things so easy to understand and guide us . This type of content is very much needed and these things are never taught in schools and colleges.
Great work team 👍🏻🙏🏻
Much needed video for todays youth.
My thought is what if we try to spend only one month completely without digital payment.
Does it detox this issue?
Excellent presentation of the truth behind the scenes of online market and payments.Thank you the whole team for your excellent work and efforts for education like these.....
Thank you 🙌
Have you noticed your spending go up after using UPI?
Yes
Absolutely yes.
Really liked the topic, how do you guys come up with such brilliant ideas. Research is mind-blowing 💯
This guy is amazing
Best content ever
Checklists are really helpful!!.. 😅
Create a new zero balance bank account. Take an audit of your salary and other than mandatory things like rent, electricity, groceries etc, create a plan for leisure like shopping and eat outs etc. Keep percentage out of your salary for this leisure amount say 10% or your in hand. Your mileage may vary though. Transfer this 10% to your new account. Treat it like a salary for your leisure spends. Unlink your salary account from UPI apps. This would help in tracking spends and also keeping a check on your leisure spends. This may or may not work for everyone though.
Excellent series
good video and helpful series too!
Very good series, pls continue!
Awesome lessons!
The Video editors and the whole team deserves a raise.
We’ve been at it for 5 years now. Your praise IS the raise :)
I am loving the series. Please continue doing.
'You bought the shoes on a tap' had me laughing. lol
The Summary Was The Best....
I actually find that Investment is also easy because of UPI.... 😃
Very good series👍
Would love to hear your views on where offline retail is heading to
Really Good episode!
It was so simple but yet so intelligently put together.
Thanks a lot! :)
Very Good Series !!
Liked n shared.....keep educating us in the most entertaining way
Very useful series... Keep it going❤
very good series
Excellent insights... Hat's off to you guys
Please make a video about making a weekly/monthly budget for expenses. Btw you guys are doing an awesome work❤
Very good series.
Thats why I make sure every phone in my home must have 0 ads. I probably haven't seen any ads on my phone maybe since 8 years (I have seen a few but definitely not those which appears after tracking you). Life is great without peskey ads, when i use someone's else's phone I usually get disgusted by the amount of ads they get
Very Good Series 👍
I personally believe one of the main fault during an upi transaction is, not showing the amount balance in the sms after each upi transaction(as it's shown after each transactionvia debitcard). So, ideally once looses track of his account balance and we over spend it thinking we have money😅
I won't say very good series i will say very very thankyou and impactful now it will be on me to apply thankyou sir!!
Very good series please keep up
very usefull
Very useful 😂
It's an amazing series
What's awesome about this video is The way you've articulated the issue so deeply & easily in a way we could relate to 🍻
Thank you 🙌Kudos to the writers!
I watched every episode on the same day!
Very good content. Please don't stop making these informative videos