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

TL;DR

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

Key Insights

• 🥺 Reducing meat consumption can lead to cost savings.
• 🤑 Not purchasing a gym membership and exploring alternative fitness options can save money.
• 🚙 Switching to an electric vehicle can result in significant savings on fuel costs.
• 📣 Avoiding unnecessary phone upgrades can prevent unnecessary spending.
• ✋ Smoking is not only detrimental to health but also has a high financial cost.
• 💋 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.
• 🗺️ 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

hey guys welcome back to the channel in this video i'm going to be talking about 10 things i'm specifically not buying in 2021 in an attempt to save a little bit more money now i actually really do enjoy watching uh the videos that other finance youtubers make on how they're going about saving money and what they're cutting out of their budget so i... Read More

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.