Why are Indians spending more than ever before? | Money Psychology

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  • Опубліковано 25 чер 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

КОМЕНТАРІ • 362

  • @shreyankpatel2591
    @shreyankpatel2591 4 місяці тому +353

    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.''

  • @kaisermayhem8919
    @kaisermayhem8919 4 місяці тому +109

    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.

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому +17

      Interesting! Tracking your expenses in any form helps a lot!

    • @user-re7qh4uc5o
      @user-re7qh4uc5o 4 місяці тому +4

      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).

    • @user-re7qh4uc5o
      @user-re7qh4uc5o 4 місяці тому +1

      Sweep out (pay yourself first) in the first 5-10 days of the month is a strategy that I decided to follow going forward.

    • @mohdanassheikh2096
      @mohdanassheikh2096 4 місяці тому

      Excellent 👌

    • @mohdanassheikh2096
      @mohdanassheikh2096 4 місяці тому

      ​@@user-re7qh4uc5ogreat 👍 thanks for sharing

  • @ashobiz
    @ashobiz 4 місяці тому +24

    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.

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому +4

      The 1st step to solving a problem is to acknowledge it - You're on the right track man!

  • @sujitji495
    @sujitji495 4 місяці тому +76

    Warren Buffett Quote: “If you buy things you do not need, soon you will have to sell things you need.”

  • @SumanthLingappa
    @SumanthLingappa 4 місяці тому +11

    Save first, then spend.
    The best advice I have received at the beginning of my career.

  • @Zero1byZerodha
    @Zero1byZerodha  4 місяці тому +7

    Have you noticed your spending go up after using UPI?

  • @tonyabraham975
    @tonyabraham975 4 місяці тому +2

    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

  • @bachhumanish1480
    @bachhumanish1480 4 місяці тому +33

    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.

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому +5

      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!

    • @mohdanassheikh2096
      @mohdanassheikh2096 4 місяці тому

      Absolutely 👍

    • @user-vc5ji6ij5u
      @user-vc5ji6ij5u 4 місяці тому

      there's SIP for every investing instrument you see

  • @roshankaarthicrk3132
    @roshankaarthicrk3132 4 місяці тому +13

    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!

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому +1

      Thanks a lot! We'll keep bringing you good stuff, subscribe Karna :)

  • @amitmane777
    @amitmane777 4 місяці тому +3

    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.

    • @parimalpatankar5739
      @parimalpatankar5739 4 місяці тому

      Im happy to find that there are others like me as well. Who very rarely use UPI. And use cash mostly, to avoid overspending.

  • @ashu0895
    @ashu0895 4 місяці тому

    This should be in School Syllabus and not when we have money in hand. Very useful, great work!!

  • @bishalkumarshaw1
    @bishalkumarshaw1 3 місяці тому

    I can proudly say I am following all these checklist

  • @r.apuroop4034
    @r.apuroop4034 4 місяці тому

    This series is creating REAL FINANCIAL AWARENESS! Kudos to the Team😁😁😁!✅

  • @sourabhkulkarni3008
    @sourabhkulkarni3008 4 місяці тому +12

    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 😛

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому

      Ahhh a good old checklist! We'll send this suggestion to our team for sure:)

  • @shubhamlalbage1277
    @shubhamlalbage1277 4 місяці тому +3

    This series is really helpful for someone like me who belongs to lower middle class family. Thanks for creating such a good content❤

  • @devanshkothari303
    @devanshkothari303 4 місяці тому +3

    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 💯

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому

      Thanks a lot! Your comments mean a lot to us!

  • @ravikumar55555
    @ravikumar55555 3 місяці тому +2

    Very useful series to current generation...

  • @rajlohith3648
    @rajlohith3648 19 днів тому +2

    The more money you have in your hand, the more you'll spend it.

  • @saksham1603
    @saksham1603 4 місяці тому

    I think this is the channel that is educating me in a way I never knew I needed. Keep it going till infinity

  • @shubhtiyal
    @shubhtiyal Місяць тому

    This channel is a goldmine!!

  • @srihari_views
    @srihari_views 4 місяці тому

    Just love your content. Especially with you both on screen. Keep up the pace guys!!

  • @aalook360
    @aalook360 3 місяці тому

    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

  • @vitaminprotein1242
    @vitaminprotein1242 4 місяці тому

    Aapke video ka hmesha besabri se intezar rahta h sir ❤

  • @vijayaragavan440891
    @vijayaragavan440891 Місяць тому

    cant explain much better than this- great video

  • @QuipBong
    @QuipBong 4 місяці тому

    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 ❤

  • @neomanxx
    @neomanxx 4 місяці тому

    The Summary Was The Best....
    I actually find that Investment is also easy because of UPI.... 😃

  • @bhaveshvispute4283
    @bhaveshvispute4283 13 годин тому +1

    The problem and advantage is easy availability of credits bhai nowadays even clothes are available on emi, people see per month emi and not the whole amount needed to buy nowadays.

  • @binusam9437
    @binusam9437 4 місяці тому

    The series is excellent. Thank you for such lovely content.

  • @vivekvs1992
    @vivekvs1992 4 місяці тому +9

    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

    • @sourabhsingh3851
      @sourabhsingh3851 4 місяці тому

      buying stocks are also investment unless you sell them. otherwise its just shopping. Good one!😂

    • @HCA108
      @HCA108 16 днів тому

      same here

  • @rakshithramesh4333
    @rakshithramesh4333 17 годин тому

    Very useful series! Keep up the excellent work team!

  • @santhoshrajendran4697
    @santhoshrajendran4697 4 місяці тому +2

    ofc these are very useful videos, I've always wanted. very glad, you guys stopped too much hindi. Thank you all!

  • @skyinearth
    @skyinearth 4 місяці тому

    Thanks Abhishek for Sharing the same problems as most of us are having and the team for solving them🥰🥰

  • @aviursuri
    @aviursuri 3 місяці тому

    My wallet is definitely feeling this video, Time to reign in those impulse buys! Thanks for the helpful reminder.

  • @sukalyan_naskar
    @sukalyan_naskar 4 місяці тому

    Commenting so that he gets the incentive. Very good series. Like the deinfluencing series also.

  • @thesimpleguy531
    @thesimpleguy531 3 місяці тому

    Veryy goood series... quite helpful

  • @dayal4256
    @dayal4256 4 місяці тому

    Much needed video ..thanks and expecting more videos like this to shower with finance knowledge 🎉

  • @shahalam1989
    @shahalam1989 4 місяці тому

    The series is really good and with practical examples

  • @davidrapheal1454
    @davidrapheal1454 4 дні тому

    Amazing series

  • @MrBkan100
    @MrBkan100 4 місяці тому

    Fantastic wisdom!😀 Hats off guys!!!

  • @jainamshah1049
    @jainamshah1049 4 місяці тому

    Amazing series. Great learning. Thanks a lot 😊

  • @dextor_tv
    @dextor_tv 4 місяці тому +1

    Please keep these contents coming. Also its so good to keep the conversation casual not robotic. ❤

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому +1

      I think we should all take a moment & thank Abhishek for his genuine problems xD

  • @track0123456789
    @track0123456789 4 місяці тому +1

    Amazing content 🎉🎉.. kudos for simplicity.

  • @rajatraut1952
    @rajatraut1952 4 місяці тому +2

    Definitely loving this series. i will try to follow the all check list points in this video.

  • @keerthan657
    @keerthan657 3 місяці тому

    Crazy series, loving it ❤

  • @Harsh_Reveals
    @Harsh_Reveals 3 місяці тому

    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 👍🏻🙏🏻

  • @suryawanshi01
    @suryawanshi01 2 місяці тому

    Awesome video, eye opener

  • @arunmaheshwaram1234
    @arunmaheshwaram1234 4 місяці тому

    I am loving the series. Please continue doing.

  • @dopermine2020
    @dopermine2020 2 місяці тому

    Very good series

  • @user-tm8rd9jj4o
    @user-tm8rd9jj4o 2 місяці тому

    Checklists are really helpful!!.. 😅

  • @simranjalan7703
    @simranjalan7703 3 місяці тому

    It was a really useful video.

  • @zohabvp6109
    @zohabvp6109 4 місяці тому +1

    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 🙌🏽❤️

  • @skarteek2000
    @skarteek2000 4 місяці тому

    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 :)

  • @siddhirane7816
    @siddhirane7816 4 місяці тому

    This is so well put! Amazing work you guys… need more such content!

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому

      Thank you 🙌Stay tuned, we are churning out more amazing videos for you.

  • @TechTamizha1
    @TechTamizha1 3 місяці тому

    Its a great video.

  • @shibarghyasen8331
    @shibarghyasen8331 2 місяці тому

    Excellent

  • @ujjwalkumar5588
    @ujjwalkumar5588 Місяць тому

    Very good series :)

  • @pankajgandotra6309
    @pankajgandotra6309 4 місяці тому +2

    U guys are too good ...ek dum jhakkaas......
    So good, so elegant....just looking like a WOW

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому

      Your comment also looks like a WOW!!!!!

  • @roy04
    @roy04 4 місяці тому

    I like (digital equivalent of) the envelop budgeting paradigm. A decent compromise between convenience and conscious spending.

  • @pankajgandotra6309
    @pankajgandotra6309 4 місяці тому

    Liked n shared.....keep educating us in the most entertaining way

  • @shridhikshaa4207
    @shridhikshaa4207 Місяць тому

    Best content ever

  • @RohanJha89
    @RohanJha89 4 місяці тому

    As usual, nailed it! It's a great series🙌🏼

  • @kishannageshshanbhag9514
    @kishannageshshanbhag9514 2 місяці тому

    Great Video!

  • @shijipaleridivakaran
    @shijipaleridivakaran 4 місяці тому

    It is a perfect series for current generation

  • @anshumanjena1161
    @anshumanjena1161 4 місяці тому +1

    There is exam on 1st March, So only this -
    "❤ × ♾️ " !

  • @AHA.MOMENTS
    @AHA.MOMENTS 3 місяці тому

    Thanks for making this video

  • @user-qq6ws8zu7m
    @user-qq6ws8zu7m 26 днів тому

    This guy is amazing

  • @Arjun8BPCracker
    @Arjun8BPCracker 4 місяці тому

    Loved this series

  • @Praveen_Kumar_R_CBE
    @Praveen_Kumar_R_CBE 4 місяці тому

    Guys.. you have been doing an amazing job..

  • @krunalshah222
    @krunalshah222 4 місяці тому

    Very good series, pls continue!

  • @nishakochar7327
    @nishakochar7327 4 місяці тому

    Really liked the topic, how do you guys come up with such brilliant ideas. Research is mind-blowing 💯

  • @asheshsharma9904
    @asheshsharma9904 4 місяці тому

    Very Very Very Useful Sir !

  • @mayur_je
    @mayur_je 4 місяці тому

    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!!

  • @232181
    @232181 4 місяці тому

    Excellent insights... Hat's off to you guys

  • @swaroopraghunath
    @swaroopraghunath 4 місяці тому

    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 .

  • @romerow8224
    @romerow8224 4 місяці тому

    Please make a video about making a weekly/monthly budget for expenses. Btw you guys are doing an awesome work❤

  • @alok.01
    @alok.01 2 місяці тому

    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

  • @anurag01a
    @anurag01a 4 місяці тому

    The Video editors and the whole team deserves a raise.

    • @Zero1byZerodha
      @Zero1byZerodha  4 місяці тому +2

      We’ve been at it for 5 years now. Your praise IS the raise :)

  • @avishgumber
    @avishgumber 4 місяці тому

    I have seen a lot of videos about saving money but this one is legit and made me think how i spend my money

  • @yourfunnybunny1301
    @yourfunnybunny1301 3 місяці тому

    Useful 🙏

  • @sourabhsingh3851
    @sourabhsingh3851 4 місяці тому

    zabardast series

  • @virus27srivastava
    @virus27srivastava 4 місяці тому

    It was so simple but yet so intelligently put together.

  • @rahulkonda2492
    @rahulkonda2492 4 місяці тому +1

    Absolutely, Love your content! Keep posting ❤

  • @AjayShirol
    @AjayShirol 4 місяці тому

    Very useful series... Keep it going❤

  • @saij910
    @saij910 3 місяці тому

    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?

  • @susmitah9778
    @susmitah9778 4 місяці тому

    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.....

  • @indianarmyisInvincible
    @indianarmyisInvincible 3 місяці тому

    Once I & my close friend were talking about perks of marrying a Doctor & you won't believe it , The same evening an ad of Doctor matrimony app came on my youtube shorts😂. Now i have made this habit of switching off my cellular Data or Wi-fi as soon as i no longer require them. I Don't want any third person to listen our private talks even if it's non living being like a smartphone or Alexa.

  • @shantanuhallur6825
    @shantanuhallur6825 4 місяці тому +1

    Very good series !

  • @abisheksankar645
    @abisheksankar645 4 місяці тому

    good video and helpful series too!

  • @braadpitt4838
    @braadpitt4838 4 місяці тому

    Very good series please keep up

  • @hashxtend
    @hashxtend 4 місяці тому

    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.

  • @4335sanjay
    @4335sanjay 4 місяці тому

    Please 🙏 continue this type education videos and help us our whole humanity to live better life with money management

  • @theshreyansgupta
    @theshreyansgupta 4 місяці тому

    Shoutout to your graphic team, good job.

  • @winstonrobert6330
    @winstonrobert6330 4 місяці тому

    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😅

  • @vashishthnipun6088
    @vashishthnipun6088 4 місяці тому

    one can have three bank accounts.
    1. Monthly Salary (Should not be linked to UPI)
    2. Monthly Spending Account
    3. Emergency Fund Account (Should not be linked to UPI)

  • @aatifraes6714
    @aatifraes6714 3 місяці тому

    'You bought the shoes on a tap' had me laughing. lol

  • @KushalKumarM9101
    @KushalKumarM9101 4 місяці тому +1

    Very good content. Please don't stop making these informative videos

  • @vsacvjacv
    @vsacvjacv 3 місяці тому

    Would love to hear your views on where offline retail is heading to

  • @adamsguy2704
    @adamsguy2704 4 місяці тому

    Excellent series

  • @varshasj7813
    @varshasj7813 4 місяці тому

    Awesome lessons!

  • @apurvachinu
    @apurvachinu 4 місяці тому

    very good series