ACCOUNTANT EXPLAINS: 10 ways you should be saving in 2023
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- Опубліковано 15 лип 2024
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⌚️Timestamps:
00:00 - Intro
00:17 - Online bank account
01:00 - Reshuffle energy consumption
01:45 - Measure using these three questions
02:31- Turn off the dripping tap
03:08 - High-interest debt
04:09 - Maintenance before replacement
05:18 - Brands for utilisation
06:04 - Autosave
06:46 - Buy once, Cry once
07:18 - Cut your bills
07:52 - Bonus & Final thoughts
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This content is for education and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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You can try CleanMyMac with a free 7-day trial: nischa.me/cleanmymac
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Hi Nischa - for the people out there who have large amounts (much greater than the protected allowance) of savings tied up in fixed rate accounts 1, 2 years or greater earning 4%+ - how worried should these folks be about an impending finanical/banking crash in the US/UK? Any advice? Thanks...
So we should 'turn off the dripping taps' but also get an annual subscription to CleanMyMac? Can't help but think that if you weren't offered this sponsorship you'd be advocating that we avoid reoccurring payments like this. So much FREE advice online on how to keep your mac HD in tip-top condition!
Nischa, U r beautiful 😍
Wow just 3 months ago you posted a video on how much you make with 40k subs and now you have 438k subs. Please can you make a video how did you achieve this so fast?
@@abderra18 Good luck getting a reply from Nischa! Why don't you split the savings into several accounts keeping them all within the the protected allowance!
For #9, I like the 'buy it nice, or buy it twice' -- far too many times I've bought something cheap only to replace it with the thing I actually wanted in the first place but felt guilty about the price tag.
Truly. People judge me sometimes for how much I spent on things but I’m a budding minimalist and having nicer things is more pleasant and really does stretch the value much more. Of course like she said that doesn’t mean overspending. For example a 10 dollar tee shirt may seem appealing but only last a year or two, whereas a 20 dollar tee could last well over 5 years. But the a 50 dollar tee would probably last about the same as the 20 dollar tee, or have diminishing returns in the extra life it has.
It also applies like I don’t wear cheap shoes to my job because if I damage my feet I will pay far more later in life at the doctor AND it will cause me pain.
You really nailed it. I go for maintenance before replacements. Still using my iPhone 7 till date and my old camera to make content and recently I got the iPhone 13 Pro Max and a new camera, that’s within a space of 6 years. Not spending money unnecessarily. Before I upgrade again is 7 years time that’s if needed. Thanks for this content , over all you nailed it on point as always.
Phone upgrades are literally the worst money wasters. People want to replace their phone every six months to a year. I'll literally hold onto my phone until it breaks lol. I'd prefer to spend my money on anything else!
Agree. I’m still using my iPhone 8 Plus and loathe to change it. Though I have spent money to improve its battery performance but got a discounted price from Apple as its an older phone. When I do need to replace it one day, I will get a refurbished phone either from Apple, Backmarket or Vendi.
Its literally so unnecessary to be upgrading your phone every time apple or android launch their latest phone. I had my iPhone 6s plus until late 2022 and only recently I've switched to the Samsung s22 ultra. It's a big leap and I'm appreciating it more than if I were to switch everytime they launched a new phone.
I was holding onto my 6S+ for as long as I could with its replacement battery from a few years ago but gave in finally last year into a new phone. The gain in battery life is welcome but I miss the Touch ID and headphone port. 😢
Thank you for these videos, they are really informative without any annoying stuff that many other financial advisors have in their videos. I used to have a high-paying job that was making me stress all the time, so basically all the money went into managing that stress (mostly in bad ways in the form of alcohol or unnecessary purchases). I now have a job to which I am overqualified (in all the positive sense) that doesn't stress me out. I did go down to 2/3 of the my previous income, but I am actually enjoying life more. Part of it is optimizing my finances with guides like these.
Had this same exact problem. I used to tutor student of economics at night plus my usual work. While my salary was just much bigger back then in the end I just ended spending all that money on stress relief.
My lifestyle is minimalism and I don't think I'm not happy applying most of your principles in my daily life. It works!
I would also encourage everyone to learn about how taxation works and what can one do to reduce their rate. For most of us taxes are the largest cost that we have.
Great point! Most people don’t realise how much they can get back in tax refunds by saving a small amount each month in a SIPP
You've hit upon Vimes' theory of economic unfairness with point 9. Vimes is a character in Terry Pratchett's Discworld Novels. He said "The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money. Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles. But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while a poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet. This was the Captain Samuel Vimes "Boots" theory of socioeconomic unfairness."
I love the one about defining your lifestyle as it allows you to cut off unnecessary things that cost
Thank you so much for the first tip! I've moved part of my savings to a (reputable) online bank. In doing so, I bumped up the annual interest on my savings from 0,05% to 2,01%!
I agree in most cases a cheaper item is just as good as a luxury brand. With house hold goods it is better to pay more for quality over the long term though. Being smart with our money is important. Thanks for an informative video Nischa 😊
I agree…When I was heading to uni my mum encouraged me to spend £21 on a 3 piece stainless steal steamer, I was mortified 😂 Still using it 14 years later though! 👏
@@HazelAshleenFitness It stood the test of time 😊
The thing is probably to define for oneself what quality is, and how to recognize it. When buying, say, a handbag, ultimate durability might be quality for one woman, while for the other, who is maybe an event organizer for the newly rich, brand name and flashiness is what she needs. So for her resale value is an important point of quality, while the first person will look at whether the bag can be maintained and repaired and doesn't care if the bag has no resale value at all.
Thank you for your videos. They have helped me in getting my finances in order this year.
Great video that provided several practical suggestions/actions that I will follow-up on. And thank you for your free personal finance tracker. Already downloaded & beginning to explore. My favorite part of this video is your emphasis on prioritization over deprivation. So true!
A key part in the saving process! Thanks Travis :)
Thank you! These finance advices are really refreshing and helpful 😊
I love how sensible your tips are. ❤
I have also found something that will help to cut costs is heating. Majority of heat goes thru walls, ceilings etc. Because most of my property sits on a cellar it was very cold no matter how much I have had the heating on in the past. I put down some wood fibre underlay from bandq and I am telling you it cut my bill down. I put it on the stairs, and it has transformed the place. There are foil options available in underlays for floors. This foil can also be put on walls in lofts etc. There are also different tog ratings of carpets too to help keep the place warm. Curtains over the front door and draught excluders.These were major game changers for me and have more than slashed my bill by half.
Great advice Nischa! Thanks for sharing this excellent list on saving money and spending it wisely!
Oh and I was also obsessed with buying clothes but now I have stopped and have simple outfits for work, dog walking and that’s about it! I’m getting a new savings account soon . Thank you!
These videos are definitely helpful and informative of what I need to do to have a healthier relationship with my finances..
Thank you. Your videos are perfect duration, informative, and practical. I really find them valuable.
Love the videos keep up the amazing work your doing to help others 😀
I find that for short term borrowing on let's say 30 days cheaper than credit cards (unless you have interest free purchases) and for personal loans is an arranged overdraft with your bank.
Example from my Lloyds bank:
The first £50 is interest free and if I was overdrawn by a £1000 for the full 30 days I would pay £19.28 interest.
Keep up the amazing work Nischa!! I love# 6- Maintenence before replacement. You can't save money if you're drowning in debt. You nailed this one. Oh, keep up that beautiful smile.
More videos like this, please ❤ amazing, I am watching it every week to keep reminding myself 🎉
Nice video! I never set up automatic payments for anything other than home insurance. I could set up automatic payments for property tax too but I have never felt the need. I set up scheduled bill payments as soon as I receive the bills. In the past, I have bought some cheap furniture and clothes and replaced them but I do not do that anymore. I do however eat out a lot and I need to stop that. In the past couple of years, I have also not used my gym much although I am paying a lot for the membership. I will start going to the gym more so that I get value for my money.
This video has brought me more insight on my finances. Thank you.
Really solid savings advice!! Thanks for the inspiration Nischa.
Thank you so much for the advice, thank you for all your videos, nothing better than listening to your advices with such an amazing voice.
Thank you for everything you share. Your videos are so great and informative. Appreciate you much.
Thankyou for making your videos so easy to absorb !!
I just subscribed only because you are a vibrant person and all your videos make sense .loved them ❤
Measuring finances has been a game-changer for me! Brilliant video as always
Thank so much for money saving tips, i really appreciate these videos, there a great help!!
Absolutely love your videos ! Keep them coming
Great videos thanks for all the valuable info!
Thank you, you've kicked my butt to get my savings organised - I've been too lazy about that for too long. Also in one of your videos you mentioned 'paying yourself first' - well as of today I am and into a higher interest account. Also maximising my ISAs. This time next year I'll be a millionaire......well maybe not quite! 😂
You are good!!! I love you content! I probably watched everyone of your videos in the past year and some over and over again. Keep up the great work!
I definitely go for repair & maintenance first, usually comparing those options to the new version. Sometimes it is difficult though to find the decent, long-lasting quality anymore for furniture, certain appliances, or even linens & towels, etc. I think it worthwhile to save for custom-built, hand-crafted, or professional quality if it's going to have the durability.
Thanks for the compilation of tips & ideas! I'm interested to look at the annual tracker😮
Thank you for this content it is very helpful !
I left Bank of America years ago for Ally. The interest I’ve gotten in the checking account is more than savings ever was with BOA! The savings interest is colossally different. Massive game changer in saving money. Their overdraft and atm fees are also dramatically less than brick and mortar banks. I do keep a boa checking account just for the local bank convenience. I keep it free by have $250 from every paycheck check direct deposited and then I move it to ally immediately.
I enjoyed the entire presentation but the bonus point was really a bonus point for me. Thank you for including it and sharing these financial strategies.
Excellent video!
Thank you very much for your hard work.
This information is so useful, thank you for sharing!! OMG #5 about high interest debt that goes directly for me, now I know it´s better to first pay my debts.
I like the last point its something many financial content creators miss out. As rightly said by you, my lifestyle is financially not demanding yet im living life fully. I spend my hobbies usually doing landscape gardening, farming organic microgreens, writing, cooking and singing. I love and prefer microgreens salad and home cooked foods over junk foods and I enjoy picking fresh veggies from my garden and cooking them instantly. My spendings are usually straining on skincare, grooming and health care, though else my expenses on fooding, transport (I prefer walking), entertainment and housing are minimal (i stay with parents after covid and I do have my own privacy and ample lands or space to carry out my hobbies like landscape gardening)
I’ve watched all your videos now and find them a calming in their practicality. Any chance you can do more than one a week?
Hi thank you for this kind of video !
Great video nischa, amazing advice love
This is really reasonable and not like the other You Tubers. Glad I found this channel!
Good tips there.I work from home so I boil full kettle and then put it into a thermos flask,lasts all day.
Good content. I never knew about switching accounts.. Thanks
Thanks for the insights...you take my breath away
Always with the awesome content! Appreciate the advise, God bless!
New shirt as well no wayyyy 😝
Absolutely loved this video! I wonder if you could recommend any financial podcasts? x
If you had a cash set aside for future real estate investments with the hope that within 12 months or less you would be putting in offers and closing on deals, in your opinion is it better to keep the majority of that money in an HYSA? Or to move it into something like an ETF that has a potentially higher interest rate, but has a higher (but not necessarily high) risk of loss?
Easily one of my favorite finance youtubers
I tell my mom No. 9 all the time 😂. I say “buy it right, buy it once” and she rolls her eyes because she’s the person to have a Amazon package delivered to her door everyday!
These are always the people who get googley eyes when you have something nice and get jealous and call you "spoiled". When in reality they make more money than you do but can't manage it responsibly.
Nischa I love your content. Very professional. Please can you make a video on how to manage/move money into offshore accounts and corresponding tax rules :)
Thank You for the quality content you share on YT, Nischa
Good video. Was going to buy a Tesla model 3 performance for the bragging rights but ended up just buying the Long range as it’s more practical.
You are great. I hope you do more of these videos.
Awesome video! Wish more people would see this !
Would you mind sharing more about your UA-cam setup? Would love to start a channel to create another stream of income but my short term financial goals don’t have wiggle room for a camera, lighting, etc. Your videos are planned so beautifully and I love watching your content - brings so much value and motivation to my every day life! Thank you so much for sharing your wisdom ❤
These are all excellent tips!❤
Thank you lots of information that works thank you
Hi Nischa, what is your opinion on these statements: health is wealth. Gluttony leads to poverty? Prioritizing my overall health has done wonders for my finances.
Thank you so much. Watching from Johannesburg, South Africa
Great video thanks for the tips. I found the whole mobile phone / internet thing expensive. But I found a way I think to cut costs especially if you use it alot. I got a special deal with a provider doing internet, as a result I was able to get away with the Min gigabyte when going for my phone. It was explained that I would use the internet in the house for laptop and phone. The 5gb that I pay for as part of the phone deal covers me when I am outside the house.
Recently subcribed your channel. You are making good things to others...keep doing well. You are very ❤️.
What I do and works well for me is to first go thrifting for something I want to buy: clothes/camping/kitchenware etc. I have found that I can get something of higher quality way cheaper. The only down side is spending time or buying things you dont need at the thrift store. Working on the latter.
Wonderful video, thanks for Tip 11 Nischa!!
Really nice video. I appreciate you slowing down when you speaking in this video as I am not a native English speaker.
If you are 40+ or depending on your plan to withdraw its worth considering pension contributions instead of savings and getting tax relief 20% added on for an annuity
Thank you for the knowledge with dealing money❤
These videos are gold!
Thanks Nischa great advice 😊
Very good advice. I use one bank account for liabilities and then I setup auto transfer to my savings account and personal spending account. Autosave like you said is the best way.
Very informative and helpful video as always, thank you. I want to open up a new high interest savings an account. I had not even considered an app only account. Do you have any recommendations?
thank you for the tracker. wish me luck
I’m just now taking savings serious. Thank you for the tips!!!
Thank you!
For point #1 - what’s a high interest savings account you recommend? And what is considered high for something like this?
Thanks Great info 👍
Lots of great points especially the insurance topic. Most people become very loyal to their insurance company and assume they are providing the best rates year after year. As a CPA myself, I would only add evaluating your tax situation for possible savings on your overall tax bill for the year. I’ve known people to not update their W4 when switching jobs and miss out on an additional $200-$300 a month in take home pay. Great job!
Buying in bulk can save you money. This definitely applies to dishwasher tablets, washing up powder, no perishable foods stuff, toilet rolls, etc.
You'll literally save hundreds a year!
Also tools where you can fix things yourself or make things. My car socket set was less than a hundred pounds. I have saved hundreds in simple / basic car repairs. Why pay someone 5 or 10 pounds to change a car battery, light bulb, etc
Thank you ❤️I just found you ! I subscribed
As usual nice simple advice for the masses! Can you share thoughts on the high interest paying accounts..i am definitely guilty of being complacent by having the same bank accounts for the past 10 years where all Credits cards, savings and current which obviously means i am not getting the best products available in the market.
Another great video!
Very good video very useful thanks
God bless you 🙏
Amazing Information On How To Do Savings and Reduce the Unnecessary expenses Madam.
Wow Nischa! You are georgeous! And I like the Savings tips
You are georgeous!
Great video again 😁 keep them comming
Great advice. 👍 Great channel. 👍
My new favourite channel🖤
Maintenance before replacement. I do that for example if my car needs repair I buy parts online and fix it myself. I do that for anything around the house. There are loads of videos showing you how to repair things. You save a lot over hiring someone
Great video! Please, is it possible to add multiple links to traffic bar? If yes, how do I get it done.
Great advice,
Some of my cost cutting ideas:
1. Lower mobile plan ( Mint is $15/mo)
2. Make coffee at home
3. Cancel subscriptions which you rarely use (I cancelled Hulu as I barely watched anything on it)
4. Waxing at home 😂 Salon only for the more imp stuff (threading)
5. Short term CDs pay more interest. E.g Capital One 5% on 11-month Deposit, Goldman Sachs 5.05% on 10 month deposit
6. Saving $600 rent/mo. by moving to a different apartment in the same neighborhood
7. Using Groupon vouchers for services so don’t pay full price
Thank you
Excellent points! Brands are a wealth killer. As is debt!
Absolutely agree at 6.25 'pay yourself first' (your future self that is) cos that's what savings are
Also water running drip drop is like money being lost I’ve seen it so many times in Feng shui health visits ❤🎉
Super useful video!