The Mindset Mentor - Ep 87 - How To Save More Money

Episode Date: March 9, 2016

We all want more money and we want is to see more money in our bank account. That requires us to learn how to better save our money. In this episode I talk about our financial thermometer and how it will regulate how much you will spend and save, and dictate how much you will have in your bank account. This is a must listen for anyone who needs help saving money! Want to learn more about Mindset Mentor+? For nearly nine years, the Mindset Mentor Podcast has guided you through life's ups and downs. Now, you can dive even deeper with Mindset Mentor Plus. Turn every podcast lesson into real-world results with detailed worksheets, journaling prompts, and a supportive community of like-minded people. Enjoy monthly live Q&A sessions with me, and all this for less than a dollar a day. If you’re committed to real, lasting change, this is for you.Join here 👉 www.mindsetmentor.com My first book that I’ve ever written is now available. It’s called LEVEL UP and It’s a step-by-step guide to go from where you are now, to where you want to be as fast as possible.📚If you want to order yours today, you can just head over to robdial.com/bookHere are some useful links for you… If you want access to a multitude of life advice, self development tips, and exclusive content daily that will help you improve your life, then you can follow me around the web at these links here:Instagram TikTokFacebookYoutube

Before we dive into today's episode, if you would like a free copy of our motivational ebook called Hack Your Goals, the Step-by-Step Guide to Achieving Success, go to mwfmotivation.com and download it. It's already been downloaded over a thousand times, so go ahead and get your copy now. All right, I'll get you the podcast right now. Welcome to the MWF Motivation Podcast, which I am proud to say has been rated the number one podcast in iTunes new and noteworthy in six different categories, including self-help and business, and is a podcast designed to help you grow into the best version of yourself in 10 to 20 minutes. Every Monday, Wednesday, and Friday, we'll take a life topic, break it down, discuss it, and leave you with thoughts to impact your life and mind. My name is Rob Dial, and

the podcast starts now. Welcome to today's episode. I am your host, Rob Dial, and if you have not yet done so, please subscribe to us, however you listen to us. And also like us on Facebook. We are seeing a massive influx of people following us on Facebook because of all of the Daily Motivation stuff. So go out and do it if you haven't. It's facebook.com slash MWF motivation. And if you like this episode, which I'm hoping you will, because we're going to talk about money, all I ask is that you share it with somebody that you think it would impact. So the last three episodes, I have had a huge amount of people, way, way more, like 10x more people reach out and say how much they love the last three episodes.

Those three episodes are actually going to deal with this one. So if you have not listened to the episodes that were before this, which were the Law of Attraction, followed by the Law of Action, followed by How to Attract More Money, you should listen to those before you listen to this one because we're going to be talking about after all of that stuff, after you attract all the money, how do you save more money? Because I hear people reach out and say, you know, I have this money that's coming in, but how do I save it?

You know, I get raises. I don't understand how I should save more money. Do you have any tips on that? And I definitely do. And now that I spoke about all of those things, so now it's a good time to talk about your bank account. So what does your bank account look like? It's going to look different for every single person listening. But I know the majority of people out there, the majority of people in the world have trouble saving money. And I was once in that seat completely. I was

horrible at saving money. I ended up becoming good at making money. But even when I was making over six figures when I was young, it was just ridiculous. I couldn't save any money. I spent all of it somehow. It just, it came in my bank account and then it was gone. And like I said, it's different for everybody what position that you're in. And I've definitely been in the seat of spending all of the money that I make until my mentor taught me something about a financial calculator, or excuse me, a financial thermometer. Your financial thermometer is exactly like a normal thermometer. So let me take you through a normal thermometer. What does a thermometer do when it's attached to your AC and your heater?

Well, what you do is you set it at a specific amount of degrees that you want. Let's say you set your thermometer at 70 degrees. You want it to be at 70 degrees, and that's what you want your house to be at. Well, if it happens to get to 65 degrees, what will happen? It will then click on and the heat will turn on and it will raise the temperature from 65 to 70 degrees. Now, what happens in the opposite? If it gets too hot and it goes to 75 degrees, it will then click on and it will put cold on so that it goes back to 70. Your thermometer is going to make sure that it stays at 70. Your thermometer is going to make sure that it stays at 70. Now your financial calculator, I keep saying calculator, your financial thermometer works exactly the same. Whatever

you are used to and whatever you're comfortable with in your bank account is what you will stay at. So let me say that again. Whatever you're used to and whatever you're comfortable with in your bank account, you will stay at. So let's use this as an example. Let's say you're used to $2,000 being in your bank account. Well, then you might have a big bill come in, something unexpected, and your bank account drops to $1,000. What do you do? You turn cheap. You be as cheap as you possibly can. You stop eating out. You drive around less not to waste gas. You don't go out for a couple of weekends and party with your friends. And you're cheap until your bank account gets back to the $2,000 that you're comfortable with and that you're used to. That's your 70 degrees, if you will. Here's the key thing

to know though. It also works in the reverse. And what I mean by that is just like your thermometer, your AC turning on when the room gets to 75 degrees to get back to 70, when you get a bigger commission check, or when you get an unexpected bonus, or you get your Christmas bonus, or anything that puts more money into your bank account, your thermometer, quote unquote, clicks in and you figure out ways to spend that money that you wouldn't normally. So if your bank account goes to $3,000 and you're used to $2,000, what do you most likely do? Most people in the world, they find ways to spend it and spend the money to get back to $2,000. They figure out ways to spend it. They might go out to eat a little bit more. They might buy themselves a nice gift

because they feel that they deserve it. Another example is taxes. Taxes are coming up. And what do most people do? They plan how to spend their tax return instead of save it. They redecorate the house or they remodel the house or they buy a new TV. Why not take that money and put it in the bank account or invest it? The reason why they spend it is because of their financial thermometer, because of what they're used to seeing their finances look like in their bank account when they go to it. And a lot of people, they get a raise and they end up just spending more money because they get a raise. That is crazy. When you get a raise to just start spending more money, what do they do? They go buy a new car. They decide that they need nicer clothes because

they get paid more. So they might as well look like they get paid more. So they have to go get new clothes and they do all of these things. I'll give you an example. A few years ago, I was making $52,000 a year was my salary. And I'll just flat out be completely honest with you and tell you just so you guys know. And this isn't me bragging in any sort of way. This is just me being honest so you can understand what I'm talking about. I was making $52,000 a year and then I was in sales. That was my salary plus commission on top of it. So I was doing pretty well. And then I ended up getting into a position where I could get a much better job paying much more as well. And my salary jumped to $103,000 plus commission. So it was $103,000 plus commission.

Here's the key thing. I was mature enough because I had gone through spending so much money that I just didn't want to spend money more. I wanted to start saving money. When I got that $51,000 bump, I literally doubled, almost completely doubled how much money I was making. Nothing changed. I didn't spend more money. I didn't buy a nicer place. I didn't buy a car. I still have the exact same car from 2011 that I bought in 2011. It's completely paid off and it works. I don't need a new car. I don't need to try to show off or any of those types of things. So when I got a huge raise, I ended up spending the exact same amount of money,

which then made my bank account much more. So that's the thing that most people don't do though. Most people, what they do is they take it and they say, okay, well, I just got a $10,000 raise. I just got a $20,000 raise. I can go out and buy a new car now. I can go buy the car that I've always wanted. And they figure out ways to spend money because of their financial calculator, because of the financial thermometer. So the first part of making a change is to be aware that you need to make the change and to actually pay attention to this. So do you make more money now than you did when you were in college or just out of college? But you don't have more money saved than when you were in college or when you were just out of college.

The reason why, if you're in that or when you were just out of college. The reason why if you're in that situation is because of your financial thermometer. It's what you think you should have in your bank account. It's what you feel like you deserve that you should have in your bank account. And so maybe you've gotten raises in the past, but it doesn't reflect in your bank account. And the reason why is because it's your financial thermometer. So why can't we save more money? Well, first, you need to listen to last episode to understand why can't you save more money. And the reason why is most likely your relationship with money. And you need to figure out what your relationship with money is.

Most people, they don't feel like they deserve money. They feel like money's dirty, that it's evil. They worry that they're never going to have enough. And they have a negative relationship with money. And they don't feel like they deserve money. They feel like money's dirty, that it's evil. They worry that they're never going to have enough and they have a negative relationship with money and they don't feel like they deserve it. And I mean, really deserve it. Not like the surface level. Oh yeah, I deserve more money, but they really just deep down don't believe that they deserve more money. And that is part of the paradigm, which if you listen to the law of attraction that needs to change. So I know how much I feel that I'm worth and I tell myself how much I feel I'm worth and I demand from the universe that I make as much as I feel I should make.

And in turn, I do make that much. That's just naturally what I believe and I believe in the law of attraction. I believe that the law of action and that's exactly how it should work and that's how it does work. So most people, they need the paradigm shift. They need to be aware of this and they need to change their thoughts, which will then change their paradigm, which will then change the results. They need to look at their bank account and say, this is, instead of saying, okay, I'm at $2,000, then you say, you know what? I'm not satisfied with $2,000. I need it to be $4,. I need four thousand dollars in my bank account because I deserve my bank account to be at four thousand dollars. And what will start to happen is you will start to figure out ways to save money and flip your financial thermometer

to how you can actually save more versus spend it when you get it. And that's the key to it. And then when you get to four thousand dollars, and I did an episode on this before, when you get to four thousand dollars, you say, I need, you get to $4,000, and I did an episode on this before, when you get to $4,000, you say, I need, you know what, this isn't enough. I need 6,000. And you get to 6,000, you say, I need 8,000. And you keep stacking money away this way. This is what I did, and I was like,

10,000's not enough, and then 15,000's not enough, and then 20, and 30, 40, 50. And you have to keep telling yourself that it's not enough. I deserve more. And it's not like I feel like I need more by saying it's not enough, because it sounds. And it's not like I feel like I need more by saying it's not enough because it sounds like it when I put it that way of I need more. It's I deserve more. I deserve to have more in my bank account. And so what I do is figure out ways to make more money

and to save more money. So the first step is to try to switch your paradigm into believing that you deserve more money and to tell yourself when you look at your bank account, you know what? I'm okay with where this is right now, but I deserve to have more and I will make more. And you need to have that paradigm shift in your head. And number two is not the sexy part of this whole talk. Number two, the thing that I would recommend is to make sure that you do a budget. And I've done this with my friends because my friends have said, hey, listen, I need help saving money.

Can you help me? And I've done this. And what you do for a budget is you pull up your bank account and you go through every single transaction that you've made for the last two months at least. Three months is even better. You go through every single transaction and you take an Excel spreadsheet and you put every single category that they would go into. Groceries, your car, your car insurance, your phone, you're eating out,

you're partying, et cetera, et cetera, et cetera, everything. And then you look at it and you say, wow, this is where I spend so much money. I have friends that are just like, I spend so much money on eating out. That's usually what most people do. And they realize I could probably save three to $500 a month if I were to start cooking a eating out. That's usually what most people do. And they realize I could probably save $300 to $500 a month if I were to start cooking a lot more. So you need to do a budget. That's the second step on how to save more money. Do a budget.

Go through every single transaction that you've ever made. And as long as you tell yourself that you deserve more money, you will start to figure out ways to save more money and to switch your financial thermometer and to switch what you believe you are worth. And the second thing is to do is to do a budget. And if you do those two things, it's near impossible for you to not start saving money because you will figure out ways to start saving more money. And once you figure out ways to start saving more, you can also then figure out ways to make more money and then

save that as well. So I hope that helps. I had some people ask, you know, that's really great to know how to attract more money, but I need help saving it. How do I actually save it? So I hope this helped you. These are just steps that I have personally taken in my life to make sure that I make more money and save more money. And I hope that it helps you guys out. If it did, let me know. If you think you know somebody that could benefit from this, please share this with them. And with that, I will leave you the same way that I leave you every single episode. Make it your mission to make somebody else's day better.

I appreciate you, and I hope that you have an amazing day. Well, that's it for today's podcast. If you want the show notes for this episode, they can be found at MWFmotivation.com. Also, if you liked this episode, please spread the love and share it with a friend because it's our mission to help as many people as we can. And to keep in touch, you can follow us on Instagram and Facebook. Both handles are at MWFmotivation with no spaces. Now you know what time it is,

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