Stop Budgeting Everything — Use Money Dials to Spend More on What You Love and Save More

Your money dials are the things you're willing to spend extravagantly on by cutting back mercilessly or ruthlessly on things that you don't care about. Now think of it as adjusting the volume of an old radio, turning up what you love and dialing down what you don't. Is it possible to spend more on the things you really love and enjoy while still saving more? Before you dismiss this as voodoo economics, let me show you how I did it after leaving my salary job as a doctor. It's all based on a brilliant concept called Money Dials. So after leaving my salary job as a doctor 2 years ago, I discovered how to save more by spending more. I know it sounds a bit counterintuitive, but I explain it in the next few minutes, so just stick around. It's not just about how much you earn, but how you handle your money. This is the essence of the concept of the Money Dials, which transformed my finances and how I think about spending. And I think it will do the same for you, and it doesn't require any mathematical, you know, calculations. Alright, I'm gonna let you in. We've got a quick update. We've got some seriously powerful financial insights coming your way regularly, every week, and trust me, you don't want to miss out. But here's the kicker: only 25% of you watching this are certain to get this golden nuggets when we drop them on the podcast.

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Because 75% of you have not subscribed yet. So if you're in the 25% club, thank you. You're the real MVP and we appreciate you. But to the 75% who are watching regularly but not subscribing, let's change that quickly. Or tell me in the comments, why haven't you subscribed? Come on, let's do it quickly. Hit the subscribe button to make sure you don't miss out on the content. That way you're doing yourself And you do me a favor because then it lets YouTube know that we're doing something right. All right, so join the club and never miss another episode filled with financial wisdom, tips, and fun. Hit the subscribe button. Let's make sure you're always in the know. All right, let's jump right back into the video. Thank you. Welcome back to Moneywise Doctor Podcast, where we help doctors avoid costly financial mistakes and make better money decisions. If you're new here, I'm Dr. Andy Egwim, ex-RNHLGP. Entrepreneur, investor, and the founder of moneywise-doctor.com. So let's jump right in. Now, after I bid farewell to the safety net of my salary job, I faced a dilemma: how to keep my expenses in check without sacrificing my lifestyle. I wanted to enjoy the things I loved while ensuring financial stability and still sort of carrying on my various side hustles to bring in some income. Now, I found The solution to this, when I recalled an old book I've read in the past written by Ramit Sethi called The Money Dials. So basically the name of the book actually is I Will Teach You to Be Rich. And in that book he talked about something called the money dials. And it's something I've come across in the past but didn't think much of it. But in this time, around the circumstances, I remembered it. This is how Ramit Sethi explains it. So money dials is an easy way to diagnose what you claim is important versus what is actually important. Important. In a nutshell, your money dials are the things you're willing to spend extravagantly on by cutting back mercilessly or ruthlessly on things that you don't care about. Now think of it as adjusting the volume of an old radio, turning up what you love and dialing down what you don't. For younger listeners, I think of radio as a podcast that is way less cooler and has more ads. And for the older folks, you remember all those old radios in the '90s and maybe 80s, depending on where you were born, that you could actually turn the knob up or down. Let me illustrate this. Keep that picture in mind. For example, I love nuts. I'm nuts for nuts. Groundnuts, cashew nuts, all sorts of nuts, hazelnuts, almond nuts, whatever. I buy lots of it. I buy quite a bit of it. And that's one of my money dials. And for some other people, it's books. For some people, it's designers. Some people, it's art. Some people, it's wine. Whatever it is, you know what your money dial is, what you're ready to spend a lot on. For me, another one is books. I don't mind spending quite a bit on audiobooks, physical books. I buy hundreds of books every, every year, and some of them I buy to read all of them. Some of them I'm still keeping. Um, but I'm not willing to spend that much to go to Coachella or Glastonbury or any other musical festival, even though I love the music. So you can see that's clearly not my money dial. The same way for some people, their money dial might be a designer bag. For some people, staying, you know, fit is important. So they will go to great lengths. They'll get the best gym membership, coaches, nutrition, You know, while another person is dining out or investing in hobbies like painting, gardening, online courses, gadgets, you know, it's basically understanding what is it that you really truly enjoy and not doing it because everyone is doing it. So by identifying your money dials and aligning your spending accordingly, you can prioritize what matters while still living within your means.

So before you make any investment decision, this starts here. Start by understanding exactly where you currently stand. Most doctors have never had a proper financial health check, not because they're not interested, but because nobody had ever, you know, designed a tool that helps to make sense for the specific complexity of doctor's financial life. So I made one. It's called the MedScan Financial Health Score. So it takes about 3 minutes. It helps you to look at your overall financial position across 7 key areas, including tax efficiency, pension, investing, debt management, and financial protection. It gives you a clear score, a breakdown of exactly where you are, where the gaps are, and it's completely free. Takes 3 minutes.

So if you head over to moneywise.com/medscan, or you can check the link in the description to get it. Now here are 3 easy steps I applied to Money Dial's concept. One, you scan your expenses, review where you're overspending or where you can cut back. What are the activities you're spending on that you don't really care about? They're really quite important to find those ones. Then number 2, dial down all those expenses that you've identified you don't really use. It can be something as crazy as TV license or even a subscription. Cut them out. Now dial up, you can dial up and spend more on those areas where you really enjoy. Just imagine you can get the best chocolate or the best nuts in the world. It doesn't cost that much. But just in case it's not yet clear, let's dive in with a few more practical examples. Number 1 is subscription services. Do you really need all the monthly subscription services you have to multiple streaming platforms?

Really?

Do you really watch Amazon Prime and Netflix and all of that? How about your gym membership? How— when last did you go? January 1? All right. Number 2 is dining out. So If you enjoy it and if it's your money dial, okay, that's great. If not, maybe you should cook more at home or look for cheaper alternatives. Or if it's your money dial, then eat out at the best restaurant. Number 3, impulsive purchases. So those spontaneous purchases, they can add up quickly. So think about what have I buy. Look at your credit card, it will tell you more about yourself. Think about cutting those things down. Number 4, convenient spending. So opting for convenience often comes with a price tag, whether it's ordering takeout instead of cooking or paying extra for expedited shipping, it can actually cost you quite a bit. Except when convenience is your money dial. In my case, I'm quite happy to spend quite a bit just to get that convenience. So be conscious about it. Number 5, brand loyalty. So if you're loyal to certain brands, you like to buy some designer stuff, might cost you a bit more, or even just cookware in the kitchen. If you don't mind the brand, you can buy something that is really good. But again, if Cookware is your money dial, dial it up. So for doctors, healthcare professionals, or even just, um, if you're not a healthcare professional, you're listening to this thing, you have to figure out sort of like where is the money dial, particularly now with rising inflation without any correspondent rise in wages to keep up with it. It's really more important to be more cautious about your finances and figure out how to to make sure that you're making the best of your money. And remember, it's not about depriving yourself of things you really like. It's about making more intentional choices about how you spend your money. So where are your own money dials? Do you think this concept could work for you? Have you already tried it? Tell me in the comments. And if you enjoyed this episode, be sure to check out my video on individual savings account. And if you're a doctor or healthcare professional and want Receive my weekly emails. It's packed with valuable financial insights and content that can help you stay ahead in your financial game. Head over to moneywisedoctor.com/subscribe to subscribe to our free weekly newsletter so you can get it every week to help you make smarter financial decisions. Alright then, till the next video, bye-bye.