Here is exactly how you can save $10,000 – Fast – using these simple strategies to begin cutting back, saving more, and investing more – Enjoy! Add me on Instagram: GPStephan | GET MORE INFORMATION HERE:
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HOW TO SAVE $10,000 FAST:
1. Break Down The Timeframe
There’s a problem if you tell yourself: โI just want to save $10,000 as fast as possibleโ – in that case, the deadline is INDEFINITE – so, it helps to have a REALISTIC timeline of when you want to accomplish your goal.
2. Start Right Now
You have the MOST momentum when youโre initially excited about the idea of trying something new; within about a day, that excitement wears off and youโre stuck with the reality that your entire life has been one giant procrastination. So start immediately!
3. Create A Budget
All of you need to do is make a free account with a money-tracking platform where they aggregate all of your accounts and credit cards into one interface. From there, you can see exactly how much money is going in – and OUT – every single day, in real-time.
4. Reduce Spending
You’ll quickly begin to see that there’s a LOT of discretionary income you don’t need to spend, at all. Find out what those items are, and learn new ways to cut back or save the difference.
5. Pay Yourself First
With this, youโll AUTOMATICALLY โpay yourselfโ a certain amount of money, right off the top, and then youโre free to spend whatever is left. Doing this ensures that you’ll always have money left over each month.
6. Here are practical ways you can cut back:
Housing: Perhaps youโd be able to rent out a bedroom. Maybe youโd be able to ask your landlord for a reduction in rent – or, look into moving to a less expensive area when your lease is up. If you own a home, look into shopping around for home insurance, make sure to adjust the thermostat to save money when you donโt need it, reduce water usage, you have a TON of ways to reduce costs here, and – by implementing a few of theseโฆyou should be able to AT LEAST save an extra $10 per day.
Transportation: Most cars hit their โpeak depreciationโ around year 6-7 – so, use that to your advantage, because then youโll be able to recoup as much value as possible throughout your ownership.
Taxes: It’s more important than ever to make sure that you have, at least, a BASIC UNDERSTANDING of how the tax system works so that you can fully utilize every single resource thatโs designed to help you keep more money.
Food: STOP ALL LAZY SPENDING. Donโt order Starbucks when you can just as easily make it at home. Donโt Postmates meals when you have food available in the refrigerator. By doing this, EVEN if youโre able to save just an extra $3 per day – it really begins to add up.
Debt Repayment: Itโs said that the AVERAGE American has $5700 worth of credit card debt at an average of a 24% interest rate – which means, thatโs $114 wasted – each and every month – that you arenโt paying off your bill, in full.
Apparel: Americans are spending, on average, $133 per month on clothing. If thatโs accurate, stop shopping, or cut down your clothing budget by HALF.
7. Get a Side Hustle
If youโre not willing to cut back on your spending, and you donโt want to save pennies while eating beans and rice every night – the fact is, you gotta make more moneyโฆand the fastest way to do that is by working more hours.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan receives cash compensation from Public for sponsored advertising materials. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
Learning how to invest at an early age is the key to building wealth. A Teenagerโs Guide on how to Invest Like Warren Buffett and Charlie Munger is a great resource for new investors.
I use nerd wallet. The other apps didnt help me as much. Granted my bank is still sitting at 0$ right now. Especially because my tenters just hit, and i already payed my car bill. But hasnt hit yet. So now im in a dillpickle of a what do i do situation.
Average working joe doesnโt really need an accountant.
The answer is to spend 10k less
I pay the $10 a month for Rocket Money. It was eye opening the 1st month
is it all paid comments? freaking unreal comment section hmm
That's right. Regardless of what things cost, it all adds up.
"The secret to getting ahead is getting started." Mark Twain
12:01 It's not inflation, it's Corporate Greed.
This video is amazing when it specifies cutting down on food, and clothing. It's true about rice, and beans and broccoli water. Been cutting down on my expeensives to gain my income more. Its working thank you!
I cant believe that it is friday night and Im watching this
delete amazon account๐
I spend about $600 a month just on groceries since I have a gluten and soy allergy. Eating out will put me around $800-$1000 a month. Just about all my food is made at home. ๐
You have to have it to save it. With higher prices that Lee going up, good luck! Just when you think you have it the government will figure out a way to steal it from you.
Riiight
You lost me at $850/month for a year. It doesn't matter how you break it down.
I stopped at "Maybe you're able to ask you're landlord for a reduction in rent…" ๐๐๐๐… I live in Toronto buddy. If you know, you know…
There needs to be more videos like this
Do you have a tail to tell why we must see that car in this video? ๐ ๐
Don't pay any bills and live in your car or tent.
Just hit 18K im so close to that next milestone itโs almost addictive but in the flip side treat yourself all that money in the banks worth nothing if all you do is work ๐ฏ
I don't know who needs to hear this saving for a better investment is a step to financial freedom you're saving a day off work
Mindset is key. Amazing tips.
Nice
Perfect
To my wife listen I think it will help?
Iโve never gotten savings accounts… itโs always paying you less than the rate if inflation..
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller
saving is great and all but when you are making $14 a hour you don't really have a choice unless you live with family and have next to no bills
I donโt drive a motor vehicle.
I saved 13k then I paid off all my credit cards while doing it,, also paid off most my student loans and owe almost nothing today, but I still feel broke because despite great credit again I canโt afford a car or apartment yet and am considered low income at 55k as I live in rich neighborhood with family.
ูุงุถุญ ูู ู ุงู ุงุฑุณููู ูกู ู ู ู ุงูู ุงุฑุณููู ุงูุง ุจูุง ุนูู ูู ุงูุนูู ุงููู ุจููุชุฑุงุช ุงูู ุงูู ุงูู ููุตุฑูู ู ู ุงูู ูุชุจุนูู ุงูู ูุดุฑู ูุชุจุนูู ุงูู ูููุตุฑูู
Got my Wi-Fi lowered by $10/month for two years just by calling and complaining that they had increased the price (which apparently I agreed to by signing the terms of service agreement lol)
Cigarettes and alcohol arent just a bad habit…last year my average daily expense was 32.50 on smokes, beer, and monsters…. its been hard but im down to just $16/day and working to quit then entirely
My takeaway from this is to learn how to cook good rice and beans. What's wrong with eating this everyday???
How short r u?
I am the third category. I pay myself first and then if I spend the rest, I have no guilt and still reach my saving goals! My parents do the same and recommend this strategy to me and it is a simpl set it and forget it. The saved amount is automatically transferred to another account where I invest it
For me, best way for saving money is just to send it to defferent account, not necessary saving account from bank (i find it out hard way, when i use this account few times in one month bank give me additional fee, even if you have some interest rate, it may be not worth it). It dont matter what amount you send, more the better, but truth is – what matters is the habit. You will see how your money grow, and grow faster with each month. This way i make my first money to move to different city and for higher expenses.
Perfect timing
Great going Graham, keep it up proud of you
Im 14 and i already saved 100k. Its easy
Ask the landlord for a reduction in rent? ๐๐๐๐๐ yea right.
Finally made it to 10k at 21
Lifestyle inflation is the real probleme here
How about monthly savings instead of daily?โฆ
Just made me excited
This video was way too long Graham Stephen! Cost me roughly 42ยข
Not an option unless working!