Why I'm OBSESSED with Saving

13 Reasons Why I Love Saving

Money is a powerful thing and if you manage it correctly, it can change your life for the better. Oftentimes, when speaking about saving money vs spending money, there is the question, "What is the point of saving money, if we are all going to die?"

People ask that question because you cannot take the money with you, so you might as well enjoy it while you can. I think people say this because society tells us that life is better when you spend more money. As if the more you spend and accumulate, the happier you become; however, I argue that the more you save, the happier you become.

In this video I give "13 Reasons Why I Love Saving."

1. We're all going to die

We are all going to die and that is a fact, but I think in order to maximize your time on this planet you have to save money because if you spend all of your money, then you have to work more. However, when you have money, you can have more control over your time and do what you want in life.

2. You can't buy your way into happiness

The problem with trying to buy happiness is that society is constantly evolving. Once you have the latest possessions, the new one comes out and you have to get the next one. It is a never ending cycle of spending money in the search of happiness.

3. The lack of money can make you unhappy

Money won't make you happy, but the lack of money will make you unhappy. We need more to survive and pay bills. If you are unable to meet your basic life needs and are constantly worrying about money, then that can effect your happiness. When you have savings, you avoid the unhappiness that comes from the lack of money.

4. Money can improve your life, but only to a certain point

Constantly spending money isn't going to improve your life, but spending money on certain things will. That means "meeting your basic life needs plus a bit more." For me, I spend 40% of my income and save 60%. I believe that is how much I need to be happy and I save the rest.

5. Sitting money gives you peace of mind

Sitting money is money like my emergency fund and investments that I do not plan on spending for a while. It is a nice feeling knowing that if I lost my job or needed to cover a big life expense, I could cover it financially. When you spend all of your money, you are depriving yourself of the peace of mind that comes from savings.

6. Sitting money makes you less desperate

If you lost your job and had no money in savings, you would have to take the first thing that comes your way. That often means bad bosses, low pay, and no benefits. However, when you have money saved, you can wait it out longer until you find something that is good for you.

7. Sitting money makes you more money

Having money invested in the market can make you more money over time. I invest in index funds, which on average have a yearly return of 10%. Although that is not guaranteed, if you are patient, your investments will start to be a passive income source making you more money.

8. You don't have to be as frugal

Frugality means different things at different phases of life. I have noticed as I get older, my standards get higher. When you have money saved, you do not have to be as frugal and redefine what frugality means to you. I will always be frugal, but having money saved allows me to change my definition of frugality over time.

9. Delayed gratification is better than instant gratification

Delayed gratification is "the ability to wait to get what you want." Many people use money to get instant gratification, but this often fades away very quickly. If you save and delay your gratification, it will be much better than instant gratification.

10. You don't have to base your decisions off of money

When you do not have money in saving, you have to make decisions off of money. However, if you have money saved, then you do not have to base your decision off of money.

11. You're able to take more risks

Money equals options. When you have more money saved, you can use that money to allow you to take more risks in life.

12. Life really is better with less

In my life I have learned that happiness comes from community and experiences, not from stuff. When you have less, you appreciate what you have on a deep level. When you embrace living with less, saving becomes very easy.

13. To live life on your terms

The point of having money saved is to live life on your terms. When you have money saved, it gives you options and you are able to live your life on your terms.

I do not believe that the more you spend, the happier you become. I would prefer to save my money, use it on things I enjoy, and let it allow me to live my best life!

[eljefe]

One great quote I saw online that I now refer to as motivation for saving is: "He who buys what he does not need, will someday need what he cannot buy"

[findinglisa]

Im homeless living in between my SUV that I converted into a camper and hotels for the past 6 months. I do miss having a home, hopefully I find a place soon. Im glad this sacrifice got me out of a big credit card debt, it is all worth it

[FidelCashflow]

Being frugal allows life more stress free also by prolonging the length your money last which in a way equals freedom.

[middlechamber]

#6 hit home for me because I've been there. I've been on jobs that I absolutely hated. Treated horribly by management and colleagues, but I couldn't leave because I needed that job. Once I learned about Emergency Funds and the benefits therein, it was a game changer for me. I recently changed jobs...but it was done with patience and far less (if any at all) panic a desperation. I am living my life on my own terms these days because I have that precious tool that helps me make my decisions as I see them to be necessary...I have options, I have money, I have health...I'm good!!!

[josephbrown]

It’s possible to go too far in either direction. My philosophy is save some, spend some. It’s not about trying to buy happiness with things, but using it on experiences is worth it, and doing it younger is better. Old age decreases your ability to enjoy certain experiences, so save some money for later in life, but don’t put off all experiences indefinitely in the hope that you’ll do it all later.

[lucaspaciello]

Nice video watching the crypto market's ups and downs shows how quickly things can change. In crypto, strategic, informed trading isn't a choice; it's a must. Remember, caution is as crucial as ambition here. This dedication to continuous learning is inspiring...managed to grow a nest egg of around $87k in Bitcoin to a decent $246k... I'm especially grateful to Shea Ardolf tactics and strategies.

[sarahbannon]

Peace of mind is so important, I have an emergency fund and was recently hit with a medical issue out of nowhere, I wouldn’t have had the money to deal with this health issue without my emergency fund, and would have had to go into debt, or borrow from family. I’m so, so glad I’ve managed to put a little bit aside for these sort or unexpected emergencies.

[simonmills]

I used to save 76% living on a boat. After 7 years bought a cheap house, put a roof on it, did some good hits on the stock market and killed the mortgage in 3 years. I've celebrated by now saving 56%. Hard core for 10 years but I'm now rent free. Don't have a lot in savings but heading towards 6 month emergency. 58 now. It dawned on me at 48 that I was heading for a serious loss of dignity. Wouldnt recommend going hardcore. Anyhoo its done now. Really agree with your thoughts, I spent a lot of years sailing and working in between. Saving gives you options. No cash no options. Thanks for your vids. Cheers from NZ

[gjyyrkq]

saving money makes me feel like I have my life under control. It allows me to know that I can choose to purchase something when ever I want to, but that I have good self control to be able to not do it when not required to. Keeps you going for a goal, with a set number to go for. For instance, aiming for your first £10, 000 in your savings account. Then going onwards from that. But there should be a balance too. I don't want to live to work

[rodhoutx]

So true about the phone, cases, accessories, etc! That first decade of smart phones I was getting one every two years (carriers had started pushing 2 year upgrades even before smart phones). I have been on prepaid for years now and keep my phone for years. I also buy my phones unlocked from the manufacturer, so it's kind of fun to jump to different prepaid services to try them out, and no hard credit checks involved for prepaid. The "Sitting Money" resonates with me too. When you're able to finally save enough to cover emergencies, then save enough to cover a few months of expenses, you're able to breathe! When you have 6-months to a year saved, you start to worry less about your job and maybe even become bolder in your job because you have a safety net if you lose it. Delayed Gratification -- that's not something the credit card companies want you to experience! As a kid I remember saving up allowance to be able to finally buy a printer or modem or other gadget. It was so satisfying when you finally had enough and could go to the store and pay the cash for it! Even now I still "save" for a large purchase or delay it for a while to make sure it's something I really want.

[rosemarywilliams]

I have a Lot of nice things, I've lived almost everywhere, I've traveled all over and I have to say that all those things I've done did not make me happy. In the end all I want is a tiny home with a porch to drink my tea knowing I have money saved in case I break a hip or something LOL :) Saying all this at 36 makes me feel like 63. We save so we don't have to depend on so many for freedom to live the way we want.

[ashleyjohnston]

I never had the concept of sitting money and delayed gratification in my money relationship before watching this video. You totally spelled it out for me...I literally had two pretty bracelets in my online shopping cart and now deleted them. That money is going to SIT instead! I'm sure I'll feel good about it later😉. Truly, thank you.

[sirdino]

One quote i read is " I buy my freedom with my frugality " love you channel Austin, keep saving my friends

[reddoggie]

Sacrifice today for a better tomorrow.

I did it my entire working life. Paid off in retirement.

[danicegewiss]

My great aunt was 88 when she passed. She didn't have a life insurance policy, but she hid cash all over the apartment she shared with my sister. There was more than enough to pay for her funeral. Should she have invested it? Maybe, but that wasn't her style. She was about 40 in 1929. She lived through hard times and didn't trust banks. She was born in the late 1800's. I was a teenager when she died. Maybe she misplaced it. I've done this. Yesterday I found cash in our house. There was enough to buy groceries I ran out of cash for. We're buying items from BJ's so we don't have to shop weekly. I really hate shopping. Not shopping every week will free up cash and time. As we pay off debt, we have more options. We're unloading stuff we don't need. It's nice having space in my home and budget.

[romyhistorillo]

Yes! I totally agree with you Austin regarding "owning less will make you appreciate almost everything deeply in life" That is what I am experiencing right now, whenever I appreciate or say thank you sincerely with the people who made something to help me, they were astonished on how I say 'Thank you and how appreciative I am to them and I kind of liking it because I am saying it genuinely.

[TimelordUK]

"When you know life is better with less, saving becomes so easy"
This is SO TRUE!!! It's the simplest thing to learn. I adore you Augustin, I love your little dances at the end of your videos. Take care my friend x

[kellybarrington]

I wrote this:
The Layers of Why
1. I want to be Debt Free
WHY?
2. So my monthly expenses are low and easy to cover
WHY?
3. So I have money to invest
WHY?
4. So my investments will grow
WHY?
5. So I can live off the dividends
WHY?
6. So I don’t HAVE to work anymore if I can’t or don’t want to. I can be free from the “I HAVE TO”
WHY?
7. I want to live with dignity and comfort in my old age. I don’t want to have to work at WalMart to try and make it month to month.
WHY?
8. I want the luxury of CHOICE. I don’t want to be a burden on my children. Old and surviving on welfare just scrapping by. I want to travel and just enjoy a carefree life as much as possible. And to possibly leave $$ to my kids & grandkids when I pass on.


Dignity, Comfort, Choice, Travel, Carefree, Leave an Inheritance, Enjoyment, Freedom

[TheGayStoic]

I think your personal legend as described by Paulo Coehlo in The Alchemist is teaching. You are an incredible teacher. You’re filling a void in the money space that was desperate to be filled, which is to teach in very simple and practical terms how to relate to money. Kudos to you 🙏🏾👊🏾

[oyvind]

“If you buy things you do not need, soon you will have to sell things you need.” Warren Buffet quote