How To ENJOY Saving Money
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?
0:00 – Introduction
1:19 – The 2 ways to approach enjoying saving money
1:54 – Having a vision is so important
4:42 – Compete against yourself to make saving more fun
6:04 – Automating the savings process
9:55 – Making more money
11:00 – Making your life awesome
13:30 – It’s not easy to create a good life
saving 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. I’ve automated my bills and stuff to come out of a certain account. And then I’ve automated it so that like I almost pay myself money into a spending account. And that’s what I’m allowed to spend. So I’ve automated to the process where all of the bills get paid, all of the money gets saved. And then I’ve just got my card over here with my spending money on it. And that’s all I need to focus on. And so automating everything just means it’s happening. I don’t have to think about it. And so when you don’t have to think about it, what then are you going to focus on and and this is a really important step because it’s automating is important. And you get it done, but it’s what you do after you’ve automated it, that’s probably even more important. And after you’ve automated it, there’s two things I think to focus on. one is making more money and that is going out there working ways to earn extra cash whether that be to do a little side hustle whether it be doing things like the $1,000 project working overtime at your job getting a high paying career whatever it may be earning extra money and focusing on that because you’re saving is happening over here i don’t know i don’t have to think about you you’re just happening my deposit is getting saved my debts getting paid off i can put my focus and put my energy into earning more money because obviously if you earn more money it becomes easier to save so my focus is their savings is happening my focus is there on earning more money and so i think that’s really important that’s going to accelerate the process for you help you be able to invest faster achieve financial freedom faster also help to cover you for when the unexpected things come up in life so if your car breaks down and you got to pay for it you have to pull from your savings because you’re working out ways to earn extra money and chunks of cash there so i think that’s really important but then also focusing on making your life awesome so your savings are automated that’s happening rather than spending our life focusing on our savings and focusing on or spending less money today and how am i going to do that that’s a part of it but it’s focusing on okay my savings are happening anyway trust the process trust the automation i trust in that i know exactly when i’m going to have my deposit i trust in that now i’m going to focus on enjoying my life now that might be watching videos like this or listening to podcasts like this it might be doing educational content to learn how to invest in property and how to set up your strategy stuff like that it’s really cool to grow in your self development but then it’s also about i’m just gonna live the best life i’m going to live my best life possible and look we all have our bad days okay i’m not perfect by any stretch of the imagination i have the ups and downs but it’s about okay i’m gonna live consciously now so today i am working on to earn more money and making videos like this i’ll be writing content but i’m also going to go for a run in the national park and go for a swim in the freezing cold water down there which i’m super excited about so i’ve got this really cool thing that i’m doing today and when i have my kids i have them half the time we’re doing homeschooling at the moment because kids aren’t at school so i focus on doing that doing my best at that and having fun of that but then i’m also teaching them how to surf they all got wet suits they’ve got foamy surfboard so we’re learning how to surf and really enjoying that and so i’ve got these things in my life that i’m really enjoying and i’m focusing on that so rather than focusing on saving and paying off debt i know that’s happening anyway and i’m trying to earn more money by doing that to paid off faster but i’m focusing on just having the best time with my kids having a great time with my friends having great relationships in my life hanging out with my family getting coffee with my mom you know chatting with my dad and all that sort of stuff just kind of living life and enjoying life so the same thing is happening it’s automated and then your focus shifts to making more money into actually enjoying your life and enjoying the process and seeing what comes out of that so you might self discovery comes out of that and seeing what new income opportunities come out of that i absolutely love it and so it’s not easy to do it’s not easy to focus on creating a great life it’s so much easier to go to work come home watch netflix chill out and start the day all over again it’s hard to be conscious and in the moment it’s hard to be like okay i’m not going to watch tv tonight i’m going to learn about property or i’m going to do some fitness or lately i’ve been like okay i’m not gonna
do nothing in the mornings or sleep in i’m gonna get up early and go for us so yesterday morning i was up surfing early it was freezing but such a good day to start that was such a good way to start the day and putting these things in your life that create memories rather than just going through the day to day monotony until you save your deposit bought a property achieve financial freedom 20 years down the line but 20 years have passed you buying you haven’t done anything interesting focus on making life also now automate those savings and make your life awesome now and i know that chloe is one of those super motivated people so i’m sure that you’re out there doing that anyway and you know it’s great to connect with some of the viewers on here and to see your stories on instagram to see what you’re getting out to to get inspired by you and inspired by your life as well so if you want to connect with me follow me on instagram again at ryan mclean mclean Got ma si, l, A and E. You’ll see me over that it’s not property related. It’s all like just my personal account, if you want to connect with me there, or you can follow at onproperty on Instagram for more property related content. But yeah, so that is how I do it. Hopefully that helps you in the process of enjoying saving, and enjoying delaying the gratification. I guess when you automate everything, it doesn’t feel like you’re delaying gratification. Because Because it’s automated. You never get to touch that money anyway, it’s not even a choice that you make anymore. You made that choice once, and it just happens automatically. So it’s not a choice that you have to make. I’m not necessarily delaying gratification, because that money that I would have had to spend on other things that I like, it’s not my money. Thank you. It is the savings accounts money, it is the debt reductions money, it is the house deposit, my it’s not, it’s not in the line, the way I see it, it’s not line. It’s just automated, it does its thing so I don’t feel I can delay my gratification. Because the money that I give myself to work with and live my life, well, then that’s up to me to live my best life with that, and to increase my income through that process. So yeah, that’s how I enjoy saving. That’s how I enjoy paying off debt. That’s how I enjoy delaying gratification. And hopefully, you can take some of that advice, apply it to your life, and enjoy the process. as well. Go ahead and check out the video I did on exactly how I budget and how I automate everything. If you want to learn more about that. And also check out the video on the two year strategy. If you need a strategy to go from where you are to financial freedom, then that’s a really good video to watch him. You know, it’s really exciting to talk about that sort of stuff. So go ahead and check out one of those two. Otherwise until next time, stay positive