10 Things I'm Not Buying in 2021 (Tips for Saving Money) | Summary and Q&A

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March 10, 2021
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New Money
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10 Things I'm Not Buying in 2021 (Tips for Saving Money)

TL;DR

In this video, the speaker discusses 10 items they will not be purchasing in 2021 in an effort to save money.

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Key Insights

  • πŸ₯Ί Reducing meat consumption can lead to cost savings.
  • πŸ€‘ Not purchasing a gym membership and exploring alternative fitness options can save money.
  • πŸš™ Switching to an electric vehicle can result in significant savings on fuel costs.
  • πŸ“£ Avoiding unnecessary phone upgrades can prevent unnecessary spending.
  • βœ‹ Smoking is not only detrimental to health but also has a high financial cost.
  • πŸ’‹ Being mindful of sale items and sticking to a predetermined list can prevent impulsive purchases.
  • 🫠 Purchasing books that will actually be read can save money.
  • πŸ—ΊοΈ Driving instead of flying can result in cost savings for travel expenses.
  • 😩 Avoiding purchasing formal wear when it is not necessary can prevent unnecessary spending.

Transcript

Read and summarize the transcript of this video on Glasp Reader (beta).

Questions & Answers

Q: Why is reducing meat consumption a money-saving strategy?

Reducing meat consumption saves money because meat can be expensive, and buying plant-based alternatives or incorporating more vegetarian meals can be more cost-effective.

Q: How can not buying a gym membership save money?

By becoming a Les Mills fitness instructor, the speaker receives payment for exercising and free access to gym facilities, eliminating the need for a paid membership.

Q: How are electric vehicles cheaper to run than fuel-powered vehicles?

Electric vehicles are cheaper to run because electricity is cheaper than fuel, whether through supercharging or home charging. Additionally, electric vehicles require less maintenance, resulting in cost savings.

Q: Why should one avoid buying the latest phone every year?

Upgrading to the latest phone every year is not cost-effective as the incremental improvements in functionality do not justify the high price. It is more financially beneficial to hold onto a phone until it no longer meets one's needs.

Summary & Key Takeaways

  • The speaker will not be buying meat from the supermarket in an effort to reduce meat consumption and save money.

  • They will not be purchasing a gym membership as they already have access to gym facilities through their job as a Les Mills fitness instructor.

  • The speaker recently purchased a Tesla Model 3 and will not be buying fuel, as electric vehicles are cheaper to fill up and require less servicing.

  • They advise against buying the latest phone every year, as the incremental updates do not justify the cost.

  • The speaker highlights the high cost of smoking, urging smokers to consider the financial impact.

  • They suggest avoiding buying sale items that are not on a predetermined list to prevent unnecessary spending.

  • The speaker will only buy books they actually intend to read, rather than purchasing books on a whim.

  • They plan to drive their Tesla instead of flying to save money on flights.

  • The speaker does not feel the need to buy formal wear as they do not attend formal events regularly.

  • They do not buy coffee, as they have never developed a taste for it and believe it is a unnecessary expense.

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