How To Track Your Spending To Waste Less And Keep More Money In Your Bank! | Transcription

Transcription for the video titled "How To Track Your Spending To Waste Less And Keep More Money In Your Bank!".


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Intro (00:00)

This is day-a-a-a-a-a-a-a-a-a-a-a-a-de-a. This is 15 minutes of freedom. I'm your host elite life optimization coach Ryan Naidel, and today is day number six down the road of finance across the four quadrants of life being fitness, faith, family, and then finance. This whole month has been dedicated to being a look back for potential clients for you to get a better understanding. If you just went episode by episode over the past what would be about 28 days. You get a good foundational look at just base level operating systems, minimum standards for how I feel you and I should live life. I say this right now because I know as I progress forward my views are going to change What I believe to be possible is going to expand I will consistently audit and re-evaluate my non-negotiables, but these things that I'm sharing I don't miss I don't turn away from them I've done them them for two-plus years now and can't ever imagine stopping because there are things that make me better. There are things that I have seen make every client I've ever worked with better. They're able to get more done in less time with less stress, stronger emotional processing, and turn into heightened versions of themselves. And isn't that what we all want? Isn't that what you want to be the best version of yourself? To step up and grow? To truly optimize the human experience that you are having right now. This is this is finance base but I must share it because it's on my heart. I truly believe that we are spiritual beings having a human experience, not a human having a spiritual experience. I believe that our beliefs and what we have created here is passed down generationally to either keep us stuck or help us expand and I believe that as we begin to expand we begin to ascend and as we ascend we are able to do more, achieve more, help more, and fear more whole at a soul's level. And that's what these 20 plus days have been about, these 28 days. And on this sixth day of finance, I don't know that I have a pearl of wisdom that's going to impact you in some massive capacity like the last five days. But what I do know is I have something that if you apply it incrementally things will change. Small things. And so much of that to me is now tracking. I want to track discretionary spending. I want to know where the dollars and dollars and cents go of my life and I want to know all the different variables on how I can increase the efficiency of my daily life. All right, so there's a software platform called Mint, M-I-N-T. That's digital. You tied to your bank account, you tie it to your credit cards, and it begins to track your spending habits. Now I know most credit cards at the end of the year will give a look back, or most debit cards. But I need real-time data to make real-time decisions. I can't wait 12 calendar months to decide if I'm spending proportionally too much money on food and entertainment. I need to know that right now. I need to be able to look at a snapshot and see like, man, my vehicle expense is just too high. My insurance is too much, my gas is too much, my payment is too much. This is out of whack, I got to make a change. And even outside of that, right? You download Mint, you plug in all your stuff, you start tracking monitoring, and monitoring you see, you get alerts all the time, like this much of spend here, this much is spent there, you can set predetermined spending limits. You can really do some crazy things with Mint. But there's also a series of apps that allow you to round up daily transactions.

Discussion On Budget Management And Adoption Of Technology

Budget (04:49)

I'm a I'm a debit car guy myself. So I go to the gas station, try to get a actually holding up a little satchel of hydrogen water ends up being four dollars and twelve cents. I'm making up that number I have no idea how much it costs. Let's make it more reasonable. Let's say $3.12. There's an app, and I'm going to have to bend down and pick up my phone to look at it, but there's an app that automatically rounds up the 88 cents into an investment strategy. Right, so all I'm doing is a normal transaction. It's rounding up to the nearest whole dollar. And it's using that to invest. So I'm not even really noticing. I'm thinking of all the different ways you spent money today or yesterday or last week. The three trips of the grocery store, the two tanks of gas. The random odds and ends. There's ten times throughout the week that you spent money. Let's say each one of those you could round up 50 cents. It's not a lot in its totality, a whopping $5. But it's a $5 that you don't really think about, right? It's kind of slides under the radar. It's there but it's not. And over the course of a year, again not a tremendous amount of money money but another 250 or 300 bucks. And these things start to matter as you progress through your life because it's teaching new habits and new beliefs.

Embracing Technology (06:15)

And those habits and beliefs have actual value. I mean imagine what would happen in your life right now. And those habits and beliefs have actual value. I mean imagine what would happen in your life right now. If I said to you, how much should you spend last month on going out to eat, going out to movies, and buying stuff you didn't really need? And you could instantly look at your phone, and you could pull up a number, or you were so diligent with it you had a committed memory. What would that mean for you? How different could that be? It's incredible, right? It's something that would alter the path for not only you, but to everybody else. Right now I like Robin Hood is the app that I use. You can use anything you want. That's for that rounding up to invest. You see these things I don't believe either everybody thinks about I don't believe either everybody thinks about I don't believe you might even know about them and if we just had more knowledge and more acceptance that we don't know everything and we're more generally curious about what could be I believe we would all get ahead. Right, this is going to be a super quick episode today. I don't have something gloriously impactful on the fact of tracking and monitoring your spending habits. We set the budget on day one, and the budget is great, but let's break it down more granarily. Let's know exactly what you spent on gas. Was it just gas or did you buy some stuff inside the gas station itself how often are you going out to Chipotle how much you spending at Chipotle what else could you buy at the grocery store for that money that would fuel your body in a greater capacity than the burrito I don't believe in depriving yourself in order to go forward unless you absolutely have to but I believe in as being intelligent being data driven. No more guessing. Because if you begin to stop guessing, right, and you're looking at facts, you're looking at data, you can make educated decisions that can pivot real time. And when you have to guess, you're out of luck. And we're out of luck, you're out of chances and you're out of chances. You end up where I ended up five years ago, spending more money than you make and getting yourself in a whole mess of trouble.

Invest Money By Downloading Robinhood (08:49)

So between Robin Hood and Mint, those two platforms, right? One to track and monitor you're spending. One to round up to the nearest dollar to invest in different funds, you'll see very quickly just what's possible. We can also, I guess on this episode it makes sense to pivot into, right, all the different ways to acquire new wealth, to make money. Now I am not an expert trader in any capacity. I've played around with this some off and on my life. Now I am not an expert trader in any capacity. . I've played around with this this some off and on my life. I believe a way that you can make money consistently is doing something called 4X trading, foreign exchange currency trading. And I don't care if that's in the cryptocurrency world or that's an actual currency world. What it ends up being is you trade the difference in currency right the US dollar is trading for a dollar twenty two in Great Britain and then all of a sudden spikes up to a dollar thirty one you can sell your dollar right you can make the difference and then you can buy back when it's lower and you keep playing back and forth. And it's not as easy as it sounds, right? This isn't something you just sit there and you can knock out in 30 seconds a day. But it's something that you're listening to this show, you probably have a cell phone. And you begin to do the research and you probably have to buy some software eventually can find someone potentially to mentor you. That person is not me. And it might not be a bunch, right? What would your life be like if you made an extra 50 bucks a day? Just $50 a day? That's your $1,500 a month, an extra $18,000 a year. Think about that, be honest with yourself, what changes in your life, if you had you had an extra $18,000 a year. Think about that, be honest with yourself. What changes in your life if you had an extra $18,000 this year? Maybe it's nothing major. Maybe it's like just enough that you don't have to keep worrying about where the next full tank of gas is coming from. And when you want to go out to eat on a Friday night with your boyfriend, your girlfriend, your wife, your kids, you can decide to not go to Fridays and go to the nice steakhouse once a month. Maybe that's the only reason you do it, but that's such an simple way, not easy. Simple way, not easy. Simple way to generate additional income. I can't imagine why you wouldn't begin to learn trading. You don't have to be licensed to do it. You're just taking your money and buying different currencies at different times and selling them off at different times in a way that makes you cash. And the same thing can be done with cryptocurrency. You know, the whole buy-low, sell high. Really, in my opinion, all this stuff comes down to having to eliminate the thought of greed. You have preset trading parameters and you realize you're never going to go outside of those and more than likely the biggest when you're going to get is the one that you can capture today. You're not going to remember I could have made an extra 45 if you held on to it longer but you will remember that you tried to hold on to it longer and you lost four bucks. That's just how it works. So tracking and monitoring a little bit of an investing, right?

Learning What to Shop For And When To Do So (12:14)

And the last thing I can touch based on on how to get rid of, or how to potentially bring in some additional income into your household. Walk around your house when you get home tonight. Take on its inventory, right? I'm in my office right now. I'm looking around and there is so much stuff that I don't need in this room that I could sell on Craigslist or Facebook Marketplace. It's almost appalling. I have a wooden box in the corner that has no real capacity or purpose. I have a plastic container that doesn't really need anything into it. I have a TV against the wall that Lord knows I don't really need to hang up and I've got an extra chair. If I needed to, maybe the TV is 150 bucks, bargain basement, maybe the plastic bins are another 50 between the two of them, the chair is 75 bucks. But think of you went room by room and just cleaned, just got rid of the stuff that wasn't a necessity.

Integration Of Mindset Perspectives

The Lack Mindset vs The Abundance Mindset And The Wisdom In Staying Simple (13:08)

And let's say you kept some of the frilly item. Let's say you kept some of the additional things, but you got rid of all the stuff that you just never use. Your house would look cleaner. You'd have less stuff to clean up after, and you'd probably have a couple of extra a thousand in your pocket. We'd probably have a couple of extra thousand bucks in your pocket. And you on to things we hoard things like it's a last thing we're ever going to have but the same relationship you have with money that we established yesterday is probably the same relationship you have with things and it's my belief if we hold on to things if we're constrictive in our money and constrictive in our mindset and constrictive with possessions then we can never have more. They don't come as easily. We don't grow and expand and prosper the way that we're actually meant to because we're putting out of the world lack not abundance. And so between tracking and monitoring your spending habits, rounding up to the next dollar, learning a little bit about foreign exchange currency trading, 4X, maybe a little bit about crypto, right? Just day trading it back and forth. Just a little bit. If you do those things and then you clean house and you get rid of all the stuff you don't need and you sell it, you'll have more money, you'll be in a better position. You'll have a new skill set and all those things together What they will do for you is ensure you that every day going forward you'll be able to get shit done You're going to.

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