Save Like A Bear

Helping first-time buyers save a bear-sized pile of cash

EMAIL INSIDERS GET the newsletter & bonus ebook: Money Makeover For Your Life & Your Side Hustle

Terms and conditions and privacy policy
  • START HERE
  • BEAR RESOURCES
  • Made For You: Printables and Ebooks
  • LISTEN
  • BLOG
    • MAKE MONEY
    • PROPERTY
    • SPEND BETTER, SAVE BEAR-SIZED
    • FOOD AND FITNESS
  • CONTACT ME

THE ESSENTIAL STEPS TO BUYING YOUR FIRST HOME BUY THE EBOOK NOW

Essential steps to buying your first home buy the ebook now

Stop Trying To Save Money – HTSLAB 051

March 12, 2022 By: Bearcomment

Should we stop trying to save money? Let’s chat some stats from Starling’s #MakeMoneyEqual campaign and research into how women and men are taught differently about money, and how I started investing, and what we think the barriers are that we don’t need to worry about.

Listen to “STOP TRYING TO SAVE MONEY” on Spreaker.

050: What If Chris Hemsworth Shopped At Lidl?

Previous Episode

052: Is This The Best Survey Site?

Subscribe if the link isn’t live yet!

Next Episode

Catch up on all the past episodes & resources

Podcast Index

If you sign up for a free trial or purchase via an affiliate link below, I earn a commission at no extra cost to you that goes towards the running costs of producing all the free content across the blog, podcast, YouTube etc.

Watch/Listen to Stop Trying To Save Money via YouTube

Why should you stop trying to save money?

Transcript: Stop Trying To Save Money

Bear: [00:00:00] Previously on Save Like A Bear

I got really f**king bored of sharing the same savings tips as everyone else about how, if you shop in the world foods aisle, you can find the exact same product cheaper than on another shelf in the same supermarket.

Bear: Hi, Bears. It’s Bear. We need to talk because there is a problem with money content like mine.

And while we talk about it, I’m going to see how many tries it takes to flip a water bottle onto carpet. There will be a point I promise, wish me luck. Or start counting.

The thing is, it’s really easy for me to talk about savings. And luckily that’s because I find it fairly easy to do, but I also think it’s one of those things that for a lot of people can also be really easy to talk about. And there’s a lot of talking and not a lot of doing.

And I just keep going back to it as a topic for all of your benefit, I guess, all two of you.

So I’ve recently done instalments on grocery shopping, and apps will save you a few quid here and there month to month. And the problem with all of this relates to a campaign or Starling Bank’s called Make Money Equal.

So, the campaign came about because [00:01:00] of research done at Brunel university where they analysed over 600 photographs used in articles about money and finance.

And what they found was that men were shown as being in control of money. Whereas in pictures, women were usually like clutching their piggy banks or the writing would be all about sort of scraping pennies together.

So they created some stock photography that bloggers like myself could use instead. That would also take diversity into account

but the stats are pretty worrying, when you look at what the actual percentages were that they found because it’s really like looking in the mirror.

65% of articles defined women as excessive spenders and advised them to limit shopping splurges, save small sums or depend on financial support. 90% of female targeted articles told women to cut back or look for vouchers and bargains.

70% of articles in women’s magazines in particular, encourage women to look for vouchers, discounts, bargains, coupons as the main way to save. 70% of the article’s aimed at [00:02:00] men said that money makes you more of a man.

50% of the articles aimed at men also used fear as a technique against them. So relying on masculine stereotypes and codes of combat, power, competition, some of my favorite things.

And 60% of financial articles recommended investment apps to men. Financial articles in men’s magazines tend to talk to men as if they are already investors and would offer advice on the best technology to use to enhance their investments because of course, they’re already investing. They’re men.

No cash. We die like men.

I’ve said several times before that I’m going to do a bit about investing. And then I would just record more things about saving money, sometimes making money too,

but I, I don’t know if it is a gender thing that is so ingrained that I just keep getting drawn back to chatting about saving money.

I did wait for the washing machine to stop before we recording this. Sorry, if you can hear my central heating in the background instead, but everyone has to do laundry, right? That’s not a gendered thing. Is it?

Investing really has been a journey that I’ve been revisiting lately. So I’m finally [00:03:00] buying shares on a monthly basis. And feel like I’ve got over the hurdles that stopped me starting or meant that I would start and then stop.

I think a lot of the reasons that stop us investing are exactly the same excuses that would stop us saving any money at all. And when you realize that,

that’s when you start thinking, oh, well, I probably should just be investing then.

The first one I think is really simple, not having enough money, but things have changed a lot. So for instance, when I left school, we didn’t have things like Freetrade and these platforms where you can start investing with only a pound,~ I think the barrier to entry was high.~

So when someone says I can’t save any cash, probably all of us have got at least one pound, or we can find a way to get hold of at least one pound to get started.

And if you can start investing with only one pound

then the barrier to entry is so much lower than it once was. Although I think the first share that I ever bought, I was like, okay, let’s go and buy something for a pound. And then I, I ended up spending like 14 pounds, but, you know, whatever.

The second barrier I think is just feeling like you don’t know enough. So obviously there is a bit of a learning curve,[00:04:00] but I think that’s true of almost anything in life. So you have to just do a bit of research for

as much as you’re comfortable with to invest that first one pound;

obviously the bigger, the sum of money you’ll investing, the more research someone’s probably going to want to do.

I think the third thing that might stop you is thinking that it’s time consuming. But I spend very little time on my investments now that I’ve actually got going. So most of the research was just at the start to learn the minimum that I needed in order to feel like it was something I could get going.

And then beyond that, it’s like anything in life. How long is a piece of string? If you’re autistic, is it going to be a special interest for you? If you’re not autistic like me, is it going to be a special interest for you? Or just something that you have a casual interest in enough to maintain your investments without feeling like you have to actually go and work for an investment fund in order to be qualified to manage your own.

I think the fourth concern is that it will cost you money

and that’s because prices go up and down on the stock market. So if any of us as beginners have a limited understanding of the stock market, it’s [00:05:00] this idea that the value of a portfolio can go up, but it can also go down. And one of the things that I didn’t understand when I was younger was like, okay, but how do you.

How do you, how would you actually lose the money in that scenario?

And basically if you’re selling shares when they’re below what you paid for them, you’re losing out.

But the solution that seems very obvious to me, which is ~that don’t shell ~don’t sell things when the value is down.

And there’s a few reasons why people do. One might be that they actually need that money. They don’t have any other cash in their lives, perhaps something else has gone wrong somewhere else. So they didn’t have an emergency fund. So they’re trying to withdraw money at a bad time in the stock market.

I’m not a financial advisor, but you will see a consensus that you want to have some emergency savings so that you’re not trying to withdraw investments to live off

as a last minute resort kind of thing, because you don’t want to be in a position where you’re selling stuff off when the value is down. But the other reason that people sell things is because the value goes down and they’re like, oh, I have to get rid of this thing. And it’s like, [00:06:00] no, you don’t, you could also just leave it.

And historically, if you look at this graph, it shows that the value went back up again. It’s not guaranteed, but I know what I would rather choose over selling something for less than it’s worth.

So that whole thought process and decision process there, I know, would stop some people in their tracks.

And I can’t say exactly what to do in those situations.

But just understanding in the first place, how it is that people lose money in those knee jerk reactions

was really crucial to me getting comfortable with the idea of investing like, oh, that’s how they’re losing money. Oh, well maybe don’t like excessively overtrade and go in there every single day. I’m panicking over something being five P down.

And then the fifth thing that I think stops a lot of us is just the idea that something is too risky, where risk is, you know, that the outcome is going to be different from what we expect.

Inherently in that we assume that when someone says, well, you know, there’s a chance, risk means there’s a chance. The outcome will be different from what you expected. And immediately we think, oh, what you’re saying is something terrible is [00:07:00] going to happen.

But we also cross the road, we get in cars. I don’t drive very often. Does that make me more or less likely to get in an accident? We risk diabetes or a heart attack quite regularly. Every day, I feel. Anyone else like chocolate, plenty of chocolate?

Does your dentist say that you like chocolate too much?

I’m going to leave my money in cash savings accounts, where inflation means that that money will probably buy less things in 20 years time than it would today. And yet we view that as somehow less risky, I think just because when something’s tangible, that’s so powerful. The idea that you can take that out of the account and physically hold that cash in your hands for a lot of us,

that’s such a powerful concept. ~Whereas inflation, ~Inflation’s a bit like investing you kind of, you hear about it, but you, you can’t kind of hold it in your hands in the same way. So it doesn’t feel like a real thing.

Apparently Barclays did some research going back to the 1800s

and where people were investing for around about the 20 pound, 20 pound? 20 year mark [00:08:00] was a, there was a 99% chance that investments would outperform cash.

Having said all that I get, if someone still isn’t ready to invest, if they all still at that stage of like, well, I’ve got to go away and do the preliminary reading or, or YouTube watching or whatever it is. But if you’re still at that research stage, I also think that there are still other things that you can do to invest.

I did an installment, I think it’s called what Spider-Man is really about

and Spider-Man’s about who we are without money and connections. ~I go into more detail about that, but ~Really what I wanted to get across was how many things we can start for free and how it’s possible to invest in yourself.

You are an asset in your own life.

So there’s always that in the meantime.

Invest In A DIY Cash Envelope Design Bundle

Want to start using a cash envelope system to manage your spending and make saving fun?

I’ve turned some of the designs in this YouTube video and more into a printable digital bundle for you to download at home. I’ve done the time-consuming part so that to make your DIY envelopes, you just want to cut and stick (and put some money inside!)

If you’re a chameleon like me, then there’s a range of designs to choose from to suit your personality (and your printer ink levels – let’s be practical now). Choose your own spending categories to write in the blank label space and match whichever design you prefer to your priorities.

Over 15 funky cash envelope printable designs in one bundle to help you manage your spending

Pay what you want cash envelopes

About The Show: How You Can Make More Money

How To Save Like A Bear helps first-time buyers and savers with big goals make the changes they need to succeed by learning what makes someone exceptional. Use these strategies to spend better on essentials, make more money, and think outside the box so that you can improve your future rocket fast.

Don’t forget to subscribe and leave a review about why you find How To Save Like A Bear useful. You can help others discover the podcast and its tips by leaving a review on iTunes.

This image has an empty alt attribute; its file name is podcast-artwork-headphones-version-1-400x400.png
Click here or the image to go to Apple Podcasts.

Select “Ratings and Reviews” and “Write a Review” and share your favourite thing about apprenticeships vs entrepreneurship, or any other episode you’ve enjoyed.

Not on iTunes? Go to your preferred player instead, and feel free to share the podcast with anyone you think would benefit from joining us in learning how to make saving fun.

Email subscribers can submit money and side hustle questions to the podcast… Subscribe in the form at the bottom of this page to get a bonus ebook too.

Share & Follow Save Like A Bear

YouTube

Instagram

TikTok

Twitter

Facebook

If you enjoy the episode, why not take a screenshot and share it out on Instagram or wherever you hang out online? Tag me @savelikeabear so I can see your comments, and perhaps give you a shoutout.

Recommended Tools

If you need a microphone whatever your profession or hobby, I use the Samson Q2U.

If you’re interested in podcasting, I use Spreaker for my hosting. You can get your first month free via this affiliate link. I chose Spreaker because as far as I know they are the only host that lets you monetise from day one the effort you put into your content at no extra cost to the listener. They are very price competitive considering and have an easy peasy interface for uploading, incorporating ads, and integrating your podcast with other platforms so that you can automatically spread the word when a new episode goes live. Give them a go!

For quicker audio and video editing I use Descript (affiliate link).

Descript lets you edit your video and audio by editing the transcript or the timeline, or both.

The mailing list functions thanks to email service provider ConvertKit (affiliate link).

I invested in the annual plan (which nets a discount on paying monthly). This is because when I start a project, I like to commit to seeing my goal through, so paying upfront ensured I wouldn’t quit emailing blog readers after a week!

You can start with a free plan though if you’re really not sure where you’re headed, or you’re technology shy (affiliate link). I find ConvertKit very easy to use though despite setting up automations and sequences and all that fancy jazz.

Many of the images on the blog are thanks to photographer and content extraordinaire Kayla Marie Butler.

Kayla offers a package of  stock photos and marketing resources so that busy entrepreneurs have the power to quickly create content that boosts their traffic, leads and profits:

Ivory Mix VIP Membership

Kayla does offer free stock photos for anyone shy of investing in the future just yet. Or it’s possible to buy individual bundles of her photos from the Ivory Mix Stock Photo Shop. Kayla breaks these into categories, so that it’s easy to just buy stock photography for business and finance brands for example.

Let me know if you want to know what else I use to run the blog besides what’s mentioned on the Bear Resources page, or if you have questions. What do you need help with in your side hustle or business?

If you’re serious about investing in podcasting equipment to sound as professional as possible, this page has recommendations for every budget:

Best Podcasting Tools For Professionals And Beginners

Go forth!

Subscribe to the newsletter & get a BONUS ebook to upgrade your finances

Email insiders get timeless tips and blog updates, and instant access to this free PDF

    Which blog category are you most interested in on Save Like A Bear?
    We respect your privacy. Unsubscribe at any time.

    Amazon Free Trials

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Good evening my fellow bears

    Save like a bear:
    To save an epic amount. Fur not essential.
    I’m Bear. I had to save and earn more to buy my first home, and I can help you do the same.

    P.S. You don't have to be autistic like me
    for this journey.
    Are you ready? LET'S START HERE

    MEET AGAIN ON YOUTUBE?

    • Facebook
    • Instagram
    • Pinterest
    • Twitter
    • YouTube

    2020-shomos-finalist

    2020-shomos-finalist

    BEAR RESOURCES

    Unlike most shiny new things in life, these tools and links should help you keep more of your cash instead of giving it away like a magpie on crack. Subscribe to the mailing list to discover shiny new tools as they're added. How To Get The Free Ebook Email subscribers get weekly money tips and blog updates, but also instant access to the free PDF Money Makeover For Your Life And Your Side Hustle. ... [ Read More ]

    I won’t spam you. Paws can’t open tins. Subscribe to the newsletter & get a bonus ebook

    Terms and conditions and privacy policy

    tip jar

    Thank you tip jar for Save Like A Bear

    Amazon Free Trials

    Archives

    Pay it forward

    Thank you tip jar for Save Like A Bear

    Categories

    Copyright © 2022 · Modern Blogger Pro on Genesis Framework · Privacy Policy & T&Cs

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT