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How to save money on day to day expenses: How I save 70% of my income 

Sanjee Sen
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Yes I save 70% of my take home pay (Income) while working a full-time corporate job in Australia. I'll share with you some tips I follow that has helped me achieve this. Not all the tips may be relevant to you but they might be a great place to start.
Timestamps:
0:00 Introduction
0:20 Track your expenses
1:56 Delay your purchases
5:25 Buy annual subscriptions
6:13 Buy the lowest "unit price"
7:57 Ask your friends what they spend
8:52 Pay yourself and bills first
9:58 No magic to saving money
10:50 Like comment subscribe
Tip 1: Track your expenses
You can't improve what you don't measure. So the first thing you need to do is spend a day, week or month tracking your expenses so you understand where your money is currently going. There is no need to feel guilty about anything. Just get the numbers down for now. It's important you understand where to start.
Tip 2: Delay your purchases
I simply delay my purchases depending on how large the purchase is. If I'm looking to spend more than $500 on something, I usually give it a month before I go ahead and purchase it. In this time I usually end up researching more into the product or service. I also figure out whether this is really something I want in my life. How will it add value, how will it improve what I already have, or what is it replacing?
Tip 3: Buy annual subscriptions
Simply put if you can get the product or service "cheaper" buy committing to a longer period - why wouldn't you? Being able to pay month to month should be considered against the savings achieved through committing to a full year in advance of payment.
Tip 4: Buy the lowest unit price
I always try and buy the lowest unit priced item when I buy food and other groceries. You can save more than 50% in some food items if you simply by the cheaper priced item when it comes to food. There are often cheaper food substitutes that you can select that taste just as good but save you quite a few $$$.
Tip 5: Ask your friends what they pay
I'll often ask my friends how much they pay for their phone/mobile bill, internet, electricity etc. I find it's a great way of knowing if I'm paying too much or actually have a great deal for my various expenses.
Tip 6: Pay yourself first
The first thing I do when I get paid is set aside money for bills and transfer money into my savings account. It's incredibly important that I do this as soon as I get paid because then I feel like I'm in control of my finances and I'm really setting myself up for my longterm financial goals. If I don't do this then it feels like I'm giving myself the "leftover" savings and money I have after I wasted it on things I don't really need in life. I also feel more comfortable spending on things when I know I've already set aside money for savings and bills.
Tip 7: There is no magic to saving
There is simply no magical formula to saving more money. You either have to earn more or spend less. The decision is completely yours but don't get fooled by gimmicks or fancy apps. It simply comes down to the 2 levers of income and expenses. If you can change those levers you can change your savings rate.
Thanks for reading and I hope you will subscribe for future content. I think you'll really enjoy it. Sanjee Sen.
Other videos you might be interested in:
My video on Trading on CommSec: • CommSec Trading Tutori...
My video on ETFs in Australia (Vanguard, BetaShares, iShares, StateStreet): • ETFs in Australia: 4 E...
My Playlists:
Personal Finance: • Personal Finance
Investing: • Investing
Disclaimer:
The information provided in this video is general in nature only and does not constitute personal financial advice. You should also consider seeking the advice of an investment advisor who holds an Australian financial services (AFS) licence or is a representative of an AFS licensee. Be sure to work with someone who understands your investment objectives and tolerance for risk. Your investment advisor should understand these products, be able to explain whether or how they fit with your objectives, and be willing to monitor your investment alongside you.

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24 июл 2024

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Комментарии : 35   
@ilarioMi
@ilarioMi 2 года назад
Knowing your budget, living a more frugal life might be even more important than earning more money! Great videos by the way!
@megotto
@megotto 8 месяцев назад
Big fan of the channel. Beautiful clear communication about an often difficult to explain topic, financial literacy.
@sunnny11on
@sunnny11on 2 года назад
Just came across your channel today! Nice work mate :)
@ReeceCaruso
@ReeceCaruso 4 года назад
Great suggestions! This is such an important topic to be discussing. I really enjoyed the video!
@SanjeeSen
@SanjeeSen 4 года назад
Thanks for watching Reece, glad you enjoyed it!
@kathymatri5908
@kathymatri5908 3 года назад
New subscriber her Sanjee. I have been looking for some investing and FI stuff in an Australian context and now I have found it. Will work through all your videos.
@moneybee
@moneybee 4 года назад
Sanjee, really nice breakdown of how you rock your savings rate! Great tips, I just subscribed, keep it up!
@SanjeeSen
@SanjeeSen 4 года назад
Thanks Moneybee! Glad to have you onboard.
@tal2471983
@tal2471983 3 года назад
Great video Sanjee, thank you for sharing.
@SanjeeSen
@SanjeeSen 3 года назад
Thanks Tito. Glad you found it useful!
@TheJonnymick
@TheJonnymick 3 года назад
One of the best tips I ever read , pay yourself first.
@SanjeeSen
@SanjeeSen 3 года назад
Absolutely Mikey! Great one!
@mitkhamar1593
@mitkhamar1593 2 года назад
Good content. Much needed reminder. Thanks
@SanjeeSen
@SanjeeSen 2 года назад
Thanks Mit!
@RoadtoFIRE
@RoadtoFIRE 4 года назад
This is a great savings rate! I love the tips.
@SanjeeSen
@SanjeeSen 4 года назад
Thanks so much. Yeah I think there is still more to improve though.
@huntercarneystandup
@huntercarneystandup 3 года назад
This is some solid stuff! I really like your channel. I hope you blow up one day!
@SanjeeSen
@SanjeeSen 3 года назад
Thanks for watching!
@huntercarneystandup
@huntercarneystandup 3 года назад
Sanjee Sen you’re welcome!
@ilarums
@ilarums 2 года назад
You should track your expenses for at least a year or more to get an accurate view of the expenses
@user-gg8ew5fx4p
@user-gg8ew5fx4p 11 месяцев назад
Great
@josephb2259
@josephb2259 3 года назад
Cheers
@fififinance7469
@fififinance7469 3 года назад
Slow and steady wins the race.... Small steps towards success which is what savings are.💪
@SanjeeSen
@SanjeeSen 3 года назад
So true! Thanks for stopping by Fifi :)
@fififinance7469
@fififinance7469 3 года назад
@@SanjeeSen My pleasure - I save a similar amount of my income. Have increased my income through real estate and house hacking and just invest 100% which helps pump the average saving rate. Also monitor and measure cost religiously using a budget app. My pleasure, nice to find your channel. I have a personal finance channel, would be great to get your feedback, and connect if you like it :)
@NickKendall
@NickKendall 4 года назад
Great video as usual! Love the handwritten notes! Done on your iPad?
@SanjeeSen
@SanjeeSen 4 года назад
Yep the iPad - just trying something different.
@tertia0011
@tertia0011 2 года назад
In Australia: don't buy pizza (or any takeout for that matter) & pay GST. Buy ingredients & make your own pizza - only you will pay GST on energy LOL. Know how much tax you are really paying.
@DeepakKumar-cd8ny
@DeepakKumar-cd8ny 3 года назад
I pay $5 a month for my phone. Check out the DODO not data, sim only plan guys.
@monicasweer7253
@monicasweer7253 3 года назад
Curious.. how much do you spend on your mobile service per month?
@SanjeeSen
@SanjeeSen 3 года назад
Hi Monica, it's about $12.50 for the mobile. How does that sit? I'm hoping it's on the lower end :)
@Ridestare
@Ridestare 3 года назад
Buy Garofalo pasta and enjoy Life.
@tertia0011
@tertia0011 2 года назад
It's never 'JUST' pasta - all Italians will give dislike to this video. Sorry, but dislike is necessary. Live with others & share: buying in bulk is often cheaper & overhead can be shared. Family gets many discounts over single. Don't get sick. Getting sick is costly. So many sick people live in cities & use public transport. Don't hang out with people who like spending your money. Dogs & cats? Why you do need cats & dogs? So unnecessary.
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