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
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
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!
Warren Buffett Quote: “If you buy things you do not need, soon you will have to sell things you need.”
Well said
Home or 🚗
Save first, then spend.
The best advice I have received at the beginning of my career.
Have you noticed your spending go up after using UPI?
Yes
Absolutely yes.
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
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
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.
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 creating REAL FINANCIAL AWARENESS! Kudos to the Team😁😁😁!✅
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:)
This series is really helpful for someone like me who belongs to lower middle class family. Thanks for creating such a good content❤
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!
Very useful series to current generation...
The more money you have in your hand, the more you'll spend it.
I think this is the channel that is educating me in a way I never knew I needed. Keep it going till infinity
This channel is a goldmine!!
Just love your content. Especially with you both on screen. Keep up the pace guys!!
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
Aapke video ka hmesha besabri se intezar rahta h sir ❤
cant explain much better than this- great video
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 ❤
The Summary Was The Best....
I actually find that Investment is also easy because of UPI.... 😃
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.
The series is excellent. Thank you for such lovely 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!😂
same here
Very useful series! Keep up the excellent work team!
ofc these are very useful videos, I've always wanted. very glad, you guys stopped too much hindi. Thank you all!
Thanks Abhishek for Sharing the same problems as most of us are having and the team for solving them🥰🥰
My wallet is definitely feeling this video, Time to reign in those impulse buys! Thanks for the helpful reminder.
You got this!
Commenting so that he gets the incentive. Very good series. Like the deinfluencing series also.
Veryy goood series... quite helpful
Much needed video ..thanks and expecting more videos like this to shower with finance knowledge 🎉
The series is really good and with practical examples
Amazing series
Fantastic wisdom!😀 Hats off guys!!!
Amazing series. Great learning. Thanks a lot 😊
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
Amazing content 🎉🎉.. kudos for simplicity.
Definitely loving this series. i will try to follow the all check list points in this video.
Thanks for showing your love ❤
Crazy series, loving it ❤
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 👍🏻🙏🏻
Awesome video, eye opener
I am loving the series. Please continue doing.
Very good series
Checklists are really helpful!!.. 😅
It was a really useful video.
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 ❤
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 :)
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.
Its a great video.
Excellent
Very good series :)
U guys are too good ...ek dum jhakkaas......
So good, so elegant....just looking like a WOW
Your comment also looks like a WOW!!!!!
I like (digital equivalent of) the envelop budgeting paradigm. A decent compromise between convenience and conscious spending.
Liked n shared.....keep educating us in the most entertaining way
Best content ever
As usual, nailed it! It's a great series🙌🏼
Great Video!
It is a perfect series for current generation
There is exam on 1st March, So only this -
"❤ × ♾️ " !
Thanks for making this video
This guy is amazing
Loved this series
Guys.. you have been doing an amazing job..
Very good series, pls continue!
Really liked the topic, how do you guys come up with such brilliant ideas. Research is mind-blowing 💯
Very Very Very Useful Sir !
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!!
Excellent insights... Hat's off to you guys
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 .
Please make a video about making a weekly/monthly budget for expenses. Btw you guys are doing an awesome work❤
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
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 have seen a lot of videos about saving money but this one is legit and made me think how i spend my money
Useful 🙏
zabardast series
It was so simple but yet so intelligently put together.
Thanks a lot! :)
Absolutely, Love your content! Keep posting ❤
Thanks for your love and support ❤
Very useful series... Keep it going❤
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 🙌
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.
Very good series !
good video and helpful series too!
Very good series please keep up
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.
Please 🙏 continue this type education videos and help us our whole humanity to live better life with money management
Shoutout to your graphic team, good job.
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😅
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)
'You bought the shoes on a tap' had me laughing. lol
Very good content. Please don't stop making these informative videos
Would love to hear your views on where offline retail is heading to
Excellent series
Awesome lessons!
very good series