How To ENJOY Saving Money

https://www.youtube.com/watch?v=2G1Va7vM0kI Saving money can be really difficult and boring and having delay the gratification can be tough. How can you actually enjoy that saving process and not be deterred or disillusioned by it? Book a Free Property Strategy Session Follow me on instagram Follow On Property on Instagram 0:00 - Introduction1:19 - The 2 ways to approach enjoying saving money1:54 - Having a vision is so important4:42 - Compete against yourself to make saving more fun6:04 - Automating the savings process9:55 - Making more money11:00 - Making your life awesome13:30 - It's not easy to create a good life Recommended Videos: The 2 Year Strategy How I Manage My Bank Accounts and Budget Transcription: Ryan 0:00saving money can be really difficult and really boring and just to be able to delay the gratification can be so tough for so many people and it's why so few people actually get to the point of saving a deposit and investing in property is that it's hard to delay that gratification for so long when you've got money in your bank account and you've got enough money to pay cash to buy the range rover that you've always wanted but you're saving that for a property how can you actually enjoy that saving process and not be you know deterred or not be disillusioned by it and so i want to thank chloe for this idea for this episode so i mean her just friends on instagram she she found me and we've just been chatting a little bit and i was like i don't know what to record about she's like well what about this so thanks for watching and if you you want to be friends to me on instagram just follow me at ryan mclean reflectinsight ma c li na you can request to follow me over there that's just more my personal space but yeah she was like how do we actually enjoy delaying the gratification how do we enjoy the savings process and to be honest it's quite difficult and i think having a different perspective can be really helpful so there's two ways that we can approach this and both i think are really important the first is like how do we actually enjoy the saving process how do we set up the goals to do that but then i think the most more important thing is actually just getting on with your life so automating your savings and getting on with your life so let's talk about first like setting those goals and enjoying that and then we'll talk about the automation side which i think is probably even more important and so when it comes to saving and setting those goals i think first and foremost having a vision of your life and having a vision of what you want is really important so you want to have the goal of say i want to save $50,000 or i want to say $100,000 for a property that's a good goal to have and a good milestone but i think you need to look even further beyond that and you need to see in detail and you need to feel it in yourself the life that you're going to have once you've achieved this and this is part of why a strategy is so important if you know that if i take these steps it's going to lead to this outcome or this vision that i have for my life then it's so much easier to take those steps because you can see it clearly in your mind and i guess that's one of my superpowers in business is that i can see the end and i know the steps i need to take and so i can take them and other people think why are you doing that you're not getting to where you want to go you're not earning a lot of money now but i know that taking these steps now leads towards a vision i have and so i can take them even without seeing immediate results because i'm focused on that vision and so having a clear strategy is really important in that i talked about the two year strategy on this channel with ben everingham where in two years you purchased two properties build two granny flats and you basically set up your foundation for financial freedom those properties that go and pay themselves off and achieve financial freedom in your future that you've basically done so i'll link up to the two year strategy down below if you want to learn more about that you can also get on the phone to someone and actually talk through this and talk through where are you at where do you want to be and what is the strategy that can help get you there so if you go to onproperty com au forward slash strategy you can learn about our free strategy sessions you can book in a time there that suits you get on the phone to someone talk about that and get a clear strategy so i think it's really important to have that vision of where you want and have a strategy that really obviously lines up with that vision so for me that goal is financial freedom and not having to worry about money for me my strategy is step one is to build up my business and that has its own steps but then it will be investing in property and building granny flats and so i have a very clear step by step process there so i've got the vision then i'd have the like strategy then i'd have the goal of how much to save but what's motivating me to say is that vision so i think having that is really important with your goal and how much you want to save having a timeline for that i think is really important as well and then i personally love competition so i create ways to compete against myself so in my business i've got multiple different websites that even though it's just me they compete against each other so it's kind of like playing chess with yourself really but they compete against each other to see okay which website which part of my business is going to be most successful And then I work hard to try and beat myself in those ways, but competing against yourself is really cool. So if you've got your time stamp of I want to save x by x, or x by y, I want to save a certain amount by a certain time, then actually competing against yourself to try and save it faster, can be really cool. So when you when you, you find ways to do it, so when you skip that coffee, you put that $5 into the account to get you there a bit closer, you do something like the $1,000 project, which kind of Campbell recommends, where you work out ways to earn extra chunks of money by selling things or doing extra work, but in chunks of 1000. And then you use that money to save and to accelerate you're saving. So you have your savings plan, you're putting aside money from your regular income, but then you're doing these extra things to try and speed up the process, and to compete against yourself. And sometimes you'll fall behind and need to adjust that goal. But that's fine. So I think those sort of things will help you stay motivated towards saving the goal. But I think what helps me stay motivated towards saving towards paying off debt is about to fall over. What really helps keep me motivated is actually completely automating that process, and then not focusing on it, but actually focusing on enjoying my life. So what do I mean by this? Well, there's a principle called pay yourself first, which is an extremely important principle, if you want to get good at saving, then that is like the thing you need to learn. And that is, when your income comes in, whether it be weekly, fortnightly monthly, whatever it is, however frequently it is, you know how you pay your rent, or you pay your mortgage on a regular basis, in the same sort of way, you pay yourself on a regular basis. So when the money comes in, the first portion of that money goes to you, it goes to your savings account, or it goes to paying off debt for you. And so whether that be 10% 20%, whatever it is of your income, it comes in, that goes to you, that's called paying yourself first, you've then got a pot of money leftover, that's what's left to pay your rent, to pay your mortgage, to pay your bills, your electricity, to pay for coffee, and going out and eating and all of that sort of stuff. But you've paid yourself first, just like you would have to pay for your accommodation. And so automating that process, where money comes in and then goes out to pay yourself first is really important. And so the way that I've personally done that is through my bank accounts, when I get paid, then I actually, when I used to work for a company, and I would get a certain amount of money each month, payday would be on a certain date may be the 21st of the month. So on the 21st of the month, I get paid. And then I'd set up an automated transaction in my bank account that on the 22nd of the month, X dollars would move from my account into an online saver, it's really easy to set that off, it's just a recurring transaction that occurred monthly, you get paid weekly, you can do it weekly. Now that my business is like my incomes for my business, it's more sporadic. I have to do more manually. But it's when money comes in revenue comes into the business, a set percentage of money goes to certain savings accounts. And so no matter how much I earn, it's like I have to move that percentage of money out. And then I have to live off the rest of the money or pay business expenses off the rest. So you completely automating it. So completely automating it is ideally to get paid on the same day or the same day to just set up an automatic transaction in your bank account that on the following day. X amount of money goes into your savings account that's automated, you don't have to think about it, you set it out once and you don't have to think about it ever again. I've even taken my budget a step further. And I'll link up down below to how I manage my budget. But basically, I on the day that I get paid. The next day, money then moves into a separate account, which I call my online, I call my spending account or living expenses account. And that's attached to a card. And so that gives me a certain amount of money each week. And that's what I had to live off. So I've automated saving and paying off debt.