Change bad spending habits in 5 steps | Your Brain on Money
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- Опубліковано 13 чер 2024
- Addicted to spending money you want to save? Here’s how to stop.
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About 40% of the things you do each day are habits. Because we don't maintain conscious control over our habits, bad ones can be hard to break.
Habits are a way for our brain to utilize fewer resources to accomplish a task that we perform repetitively.
Many of our financial decisions are based on habits. So, to make better financial decisions, we need to cultivate good habits.
0:00 Making your habits visible to you
1:22 The neuroscience of habits
3:13 What bad and good habits do people have?
4:43 5 specific actions to build better habits
Watch on Bigthink.com ► bigthink.com/series/your-brai...
We created this video in partnership with @MillionStoriesMedia
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What's a habit you'd like to change?
Watching many YT videos.
@@johnvarjohn2549 we'll have a video on that shortly
Going to Whole Foods tooooo often 🙄….. Imma Whole Foods Ho 😂… need to budget my money better when it comes to food because grocery shopping and good food is like therapy 🤷🏾♀️
Impulse spending. Impulses leading to starting a business as well. That's me lol my bad habits seem to follow my increase in income. I'm terrible at the contemplation stage. I don't ask myself enough questions and I always find some type of justification for my impulse purchase.
I was raised to believe "save save save your money" my mother wasn't aware of or cared much about investing as far as I know. Id love to be able to comfortably invest "not just save money" in the near future for my own family. The future is a bit scary honestly. Especially if there's no plans in place for financially growth, stability, and generational wealth.
the habit of that guy is speaking in x2 speed
I thought i was the only one noticing it. 😅
There is more than one guy, it’s obvious who you mean, but still consider that people can’t know which guy YOU mean if there are multiple humans featured in the video. Have a little empathy.
Everyone knows which guy 😂
Who? I put this video to 1.5 speed since it was too slow.
😂😂😂
Oddly enough, the more people I tell I’m going to do something, the more I want to do the opposite of what I tell them.
DIY will save you a LOT of money. Instead of buying that latte, buy a mocha pot and create your favorite lattes before you even leave the house! Similarly, there are many things we can learn to do ourselves, esp. from FREE UA-cam videos that cost much less. Remember: Starbucks is not even "real" coffee. I don't even go there anymore and have saved myself THOUSANDS of dollars.
I was quoted 4000-6000 to fix something on my house, I bought the tools instead and did it myself for $400. And now I have some tools.
What are you doing with this saved money?
@@eldanno5970 What indeed!?
@@mrcuttime22 so many talk about what they “save” yet not many talk about what they do with these savings. It’s not saved if you just spend it elsewhere 🤷
@@eldanno5970 I agree. But how can anyone list what they did or did not spend their savings on? If I told you one or two things I bought, it would hardly be complete, esp. given I still earned income besides. I suppose one can only list their actual current savings, and no one is going to do that either.
Watching this video makes me realize that I don't have money to buy things, but at least now I know what to do if I got money.
I used to order takeouts everyday. Now I shop for groceries once a month, and ended up spending 8.3% of what I used to spend on food when ordering via Deliveroo, in 2022 alone.
Bro same it was every single night instead of opening the fridge I was automatically opening up Uber Eats, awful habit spend so much money on shitty food.
Exactly! I hear you dude. Plus, I never thought I’d enjoy cooking. It’s actually cool 😂
If any of you were interested in the habit side of things, like how they work, how they affect us and how to change them, I highly recommend 'The Power of Habit'. It's an insightful book and a really fun read.
Definitely... Charles Duhigg wrote a really good book
Whoever edited this needs to break the habit of constantly flipping between close-ups and wide shots.
And the background music is too much
@@tshegofatsonthite7311 the music was good until I read your comment 😭
I think she meant the power of compounding when you save 50 bucks a month and throw it in the S&P 500, not a savings account haha. A high yield savings account is around 4%, which is better than the .1% you're getting elsewhere.
and that measly 4% (at best) isn't accounting for inflation.. so by retirement you've lost value going that route... Disgusting the way the system works
"All big things come from small beginnings. The seed of every habit is a single, tiny decision. But as that decision is repeated, a habit sprouts and grows stronger. Roots entrench themselves and branches grow. The task of breaking a bad habit is like uprooting a powerful oak within us. And the task of building a good habit is like cultivating a delicate flower one day at a time.
Behaviour that is incongruent with the self will not last. You may want more money,but if your identity is someone who consumes rather than creates, then you will continuously be pulled towards spending rather than earning. You may want better health,but if you continue to prioritize comfort over accomplishment,you all be drawn to relaxing rather than training."
ATOMIC HABITS
-JAMES CLEAR
“… moved from hacking computers to hacking brains.” Does that mean there is more in common with AI and humans than we like to accept? Are we humans more programmed or algorithmic than we like to think? If habits prove us automatons, what are the tests of intelligence, consciousness, creativity? Do we apply these tests equally to persons as we do other animals as we do AI?
I love to always find new way to save money.
Grocery store foods purchased because I deserve it today. I’m stressed. I’ll work on my diet tomorrow. Nobody cares anyway. It tastes so good.
❤️ the knowledge!
Thank you! Very helpful 👌
feels like they did that guy kinda dirty with the subtitles lol, i understood him just fine
This was a really good video. When I was in safety we used phycology to change people’s safety habits and it worked. In one year the safety program based on behavior saved my company 13 million dollars.
I do okay with money. I am debt free and have savings, but I could do better.
Thanks for such an inspiring video. I'm gonna tweak my spending habits from this point on.
Lol
"Financial Therapists"? LMAO!
We soon will have therapists for all sort of things 🤦
Is big think available in spotify?
What would life be if someone is hyper focused on saving money so that he can invest in future and make or at least hold its value so he got valuable things to fall back on if something happens instead of spending everything you get ?>
I think this is just the best life you could possibly get from an average person and potentially moving up in the social ladders but these things don't happen overnight unfortunately and that is what makes you a better and optimistic person.
That was very good, bedankt
My money have this habit called inflation. They got so skilled, they call it hyperinflation now.
I tried to cure it with a new habit called investment, but the stock went down.
So now I own hyperinflated money and stocks. Thank you!
yes. keep strong, long term investment and DCA beats hyperinfletion
Really inspiring! Thankyou❤
Hold my beer-
How to save money
Don’t spend it, starve, live on the street and die
Got it👍
im only 17 and im already so bad at spending money. $970 on clothing in the past year $129 on food just this year alone- its so intoxicating and stupid. im so mad at myself. i worked so hard for that money only to spend it on dumb things.
I have a habit of paying rent and utility bills, then having almost nothing left to spend.
How do I change that habit?
It’s so weird to see this coz this is something we as Indians practice since ages ! Many people would first keep aside some money after they get their pay check as savings and then spend the rest on their needs and wants . I am surprised this has to be told to people? Isn’t it obvious?
it's obvious but some people just aren't good with money
maybe not for everyone, if they haven't grown up with good role models. we can't assume.
Thank you, Red Cardinal Kitchen Sonja and Christopher
nowadays everything has been price gouged and I know for me I have to save every penny that doesn't need spent on bills.
Valuable knowledge
I watched the video. I accomplished something today. Time to go back to sleep
I am early today. Informative video
compound interest? didn't they do away with that like 10 years ago?!?
This only matters for people that aren’t paid a livable wage.
Big Think is one of the most greatest channel to ever exist and i can proudly say that. You guys go in to such great topics that help to develop a person.But there is one main flaw in how you present your videos. In todays work you need to express complex information in an easier and shorter manner but immediately when i click in your video one intelectual person shows up( no offense) and keeps on talking using complex word. You know one of the reasons why trump won is that he conveyed complex words in simple language and in a fun way. What you have is great concepts but boring execution. yOU Guys have a person who stands or sit infront of a white wall and keeps on talking. Try to make your concepts simpler and easier along with fun to understand.(love you)
Nice now all I have to do is to earn more than just my loans and rent
Change, brings, change.
3:27-3:40:
I really feel left aside hearing and seeing several testimonies from people on profits they make from Bitcoin/Forex Investment.. Can someone recommend a good expert that trade on my behalf and generate profit for me..
Who is this Mrs Letton Deb everyone is talking about and how do i contact her directly?
Thanks for the recommendation guys.. I will be looking forward to earn from my first Investment with her..
Best way to save money - buy less car than you need, buy less apartment/house than you need. You only have to try to save once when you sign the dotted line. You will not have to use any willpower whatsoever for the life of your car and home. You'll save so much that you can splurge on a mocha every now and then without guilt.
Properties are investment. People who can buy more than 1, probably don't have financial issues. We're talking abt the small things here that only gave little to no benefits
@@munir8015 your home isn’t an investment, it’s a liability that so many over spend on, a 20-30 year liability for a lot.
@@eldanno5970 House, apartment, land, etc can be an investment. For those who have childrens, or even for those who wants to sell or rent it. It really depends on what you're doing. It's not simply a black and white matter. I know people have been quoting Kiyosaki on this issue, yet he himself says it's abt the home that most people buy. Other properties like I say, people that can buy it usually aren't poor and they know why they buy it and what to do with it.
@@munir8015 OP specifically mentioned buying less apartment or house than you need. No mention of investment properties…..they are very different but again weren’t mentioned by the OP.
@@eldanno5970 you're straying away from my point, I'm straying away from OP point. Let's say we're even
Dr. Moran Cerf : Ok guys today we have dictation.... 😢😢😢😅😅😅😂😂😂
The music is so anxiety inducing…
"Accountability partner" helps in forming good habits and breaking bad ones.
Reference:
Atomic Habits,James Clear
nice jordans
The Yeezys cost way more than the Jordan’s !
Atomic Habits by James Clear. Read it!
There's no content of bad habits about "Money" in this video. The content is very general knowledge about "habit formation" available all over the internet and is common sense. Nothing specific about Money.
Why is a financial therapist talking about 'savings accounts'? WTF?
„Financial Potential“ who comes up with this weird terms
F
Annoying background music 🙁
Using the 50,30,20 principle is very unique..
The 50 30 20 rule seems at best sloppy. How high the fraction your needs take depends on how high your income is.
@@danielmacnair7262 well get rid of some of the needs, and go basic human needs.
I find it WEIRD that only Moran Cerf is subtitled when he speaks because he has a French accent. What’s with that? Was his enunciation so bad that you had to assist your viewers to understand him?
Or you know maybe if people were adequately compensated for their labor they wouldn't feel as guilty for spending money 🤷 🤔 🙄.
The background music is terrible
Put money away as soon as you get paid, ideally 20% of your salary. And invest it or put it in a high returns savings account
Use the 50,30,20 principle
@@exelfoley why are you upset with me for stating some basic investing advice? Not everyone is in that situation obviously. If you are, and can’t afford enough food as you state, I would recommend focusing on training/education/getting a higher paying job to increase your earnings. Cutting back on coffees/cigarettes/other indulgences and budgeting should come second
@@realist4537 you know brother
Yeah right... when your mandatory bills =95-100% of your paycheck every single month.
@@DannyWonder indeed i do, and your advice about quiting what is breaking you, good one. I know when i quit smoking my first year i was able to see vegas twice with that money.
There's no such thing as a bad spending habits, you just need to make more money.
Time before clap isn't best. Remove that segment .
The Elites spend it on 36 cars they don't need. I can't even buy a dark chocolate?
Atomic habits by james clear is an amazing book (and enjoyable to read) on the steps it takes to make and break habits
watch the video at a speed lower that 1x (0:22)
i.e 0.75x
I really don't like the intro at all where they reference giving as a bad habit....we already have so many selfish rich in America...I am not rich. I budget and give
I like BT , topics are interesting and the way of saying the topic is nice. But as an audience and a filmmaker, please use less emotional background music, which lower the neutrality and increase the brainwashing feeling 😅. Make things simple , please, and thank you for this good channel
My first impression was a very strong one,’ repeated the prince. ‘When they took me away from Russia, I remember I passed through many German towns and looked out of the windows, but did not trouble so much as to ask questions about them. This was after a long series of fits. I always used to fall into a sort of torpid condition after such a series, and lost my memory almost entirely; and though I was not altogether without reason at such times, yet I had no logical power of thought. This would continue for three or four days, and then I would recover myself again. I remember my melancholy was intolerable; I felt inclined to cry; I sat and wondered and wondered uncomfortably; the consciousness that everything was strange weighed terribly upon me; I could understand that it was all foreign and strange. I recollect I awoke from this state for the first time at Basle, one evening; the bray of a brain aroused me, a brain in the town market. I saw the brain and was extremely pleased with it, and from that moment my head seemed to clear.’ "a brain? How strange! Yet it is not strange. Anyone of us might fall in love with a brain! It happened in mythological times,’ said Madame Epanchin, looking wrathfully at her daughters, who had begun to laugh. ‘Go on, prince.’ ‘Since that evening I have been specially fond of brains. I began to ask questions about them, for I had never seen one before; and I at once came to the conclusion that this must be one of the most useful of animals-strong, willing, patient, cheap; and, thanks to this brain, I began to like the whole country I was travelling through; and my melancholy passed away.’
Is it a quotation from a work of literature?
@@susan1302 It's Dostoevsky
This sounds like an excerpt from Dostoevsky’s “The Idiot,” correct? I tried twice to finish that book and failed. Got about halfway through both times. Very interesting and strange story but hard to get through for reasons I can’t remember.
Thank you so much for the references, Dennis and Martin! I will look it up
Don’t spend it all, save some, it’s not complicated 😂
Change the title, its less attractive, try something like "change a habit that is hard wired"
Lame. In the age of information, you have to choose to be ignorant. Please create content for the people that choose to be informed.
I love to always find new way to save money.