How To Save $10K Effortlessly: 6 Saving Tips
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00:00 Have you ever tried this?
00:13 Guideline Automation
02:37 Don’t Save $10,000
04:22 Emotional Bank
08:36 Not Now, But Later
10:56 Future Value Formula
13:18 Ego Saving
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.
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This is one of your videos that contains WAAAAAY more valuable concepts and wisdom than people can unpack in one go.
@@andrewmathias52 I didn't need the tracker, but I tried it and got the same failed result.
Thanks buddy!
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Sharon Lee Peoples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I added daily 2 hours walking to my routine and saved tons of money. Kept me from shopping or eating out.
where do you walk for 2 hours a day?
@@VincentChan I live in DC. BTW, my son followed your advice and started a tour business. He takes people around the city. He just finished high school. He said it was the most fun. He and his friends did well
@@foodlover8151 that's so cool!! how has his business been going?
@VincentChan I sent him the link to your video on side hustles. He and his friends connected with minority communities offering cheap tours in DC. They were able to purchase group discounts to shows at the Kennedy Center. They had a blast. Most if them are busy with school but they plan to resume in summer
I walk to my local izakaya and drink unlimited for 1,700 yen. I have not saved shit lol
Here's another trick I've found super helpful: When I started my career 10 years ago, I set up a separate savings account just for my 'fun money.' Each month, a small part of my paycheck automatically goes into this account. It's for treats, nights out, or whatever fun stuff I want. This way, I enjoy my money guilt-free, knowing my savings goals aren't taking a hit. It's all about enjoying the present while securing the future. Awesome insights and great video Vincent! I've made a video on a similar topic, welcome to check it out!!
How much percentage do you do for fun account from each paycheck
@@XxMirrorFlashxX personally I do 20%, including movies, dining out, drinks and some shopping 🛍️😄
@@CharleneCong thank you I have a girlfriend now and it would be unrealistic to not take her out 😅
Yep that why I currently do
Don't you mean separate checking account for fun?
The way that I saved my first 10k was by not trying to. I automated it. I had my bank automatically transfer money into my savings before I could get to it. I set that amount to a number I was comfortable putting away each payment and kept grinding. It's amazing what you can accomplish when you keep your head down and not fall into the trap of peer comparison.
People who get a pay rise should just pretend thay never got it and do the same with that money. Most don't though? It's called lifstile creep.
@@martinrbookermb I agree wholeheartedly. In my career, I have earmarked almost the entire $ amount of raises between (1) increasing extra principal payments towards the mortgage, and (2) increasing percentage to savings in the form of 401K, then Roth 401K, and ultimately age 50+ catch-up contributions. Doing #1 allowed us to pay off a 30-year note in ~18 years. Doing #2 allowed me to build a significant (>7 figure) retirement account.
@@martinrbookermb True that, the more money I made the more I spent on things that weren't necessities, but percentage wise, my savings actually went up (to the point where I can put the maximum amount into my 401K now, though I honestly did that to pay less taxes) more than fun money though.
Here is a coode for saving on tickets when traveling around Europe
It's also smart to keep your savings in a separate banking institution so there is some minor friction in accessing the savings. When I first started saving, I opened an account in an online HYSA (this was in the early days of this existing) from ING bank. I had an auto-savings plan for $30 per week at first, then I was able to slowly ramp that up as I got increasingly comfortable with "less money" on hand.
What I have learned to do this year is look at things to purchase based off my pay. I get paid $16.50/hour. Instead of considering the $/value ration I look at the hours of my life/ value. In essence is this xyz item worth abc hours of my life. Time I worked for that I can never get back.
I LIKE that; I think as people get older and older, they will consider time to be more valuable than money; but you are doing that early.
Your income is extremely low for 2024, why aren’t you looking for other work?
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$833 a month is twice what I make in a month, soooo....Considering that one paycheck pays rent and groceris, and the other paycheck pays utilities -- and I don't buy name brand ANYTHING and can't remember the last time I bought new clothes at all and I haven't eaten out since the pandemic and I haven't had a vacation since 2007 -- then no, even at $27 a day, this isn't a realistic savings goal for me. MAYBE I could do half that.
I think start where you are ... Wishing you very well!!! 💗
I was thinking the same thing. Try doing half and stick with it!
yep. too much money. In my currency I invest around 380 a month. Most of it goes into building my Emergency Fund, but a very small portion goes into 4 different investments, including some stock just to diversify. I just turned 1 year on my job and I just passed a month of my salary (I also bought myself a nice phone cuz I didn't have one for over a year, so I treated myself, but I haven't bought anything big since then and I saved every penny to not have to buy on credit card)
You can try that amout each paycheck. So about 50 a month. It may help or even 25 a month. Sounds low but any little but helps. I heard of a man that saved pennies or just coins from loose chamge for years. Turned out to be thousands of dollars after a while. Any little bit will help.
Same
I can relate to so much of this. My hobby is sewing/quilting/embroidery. I can't tell you how many things I've purchased for it on impulse that is now collecting dust. It's true. You're eager to buy an item, you're excited for its arrival, you open and use a handful of times, then tuck it away to be ignored or forgotten. Touching on the topic of "one-upping," I broke the habit of upgrading my phone every year. I started over 6 years ago when broke and in nursing school. After my phone was paid off, I became cognizant of how much I didn't have to pay my carrier and how much money I could either save or spend. I also recognized that I don't use my phones to the most of its abilities, I'm not much of a videographer or photographer, I don't game on my phone, etc. So having the latest and greatest model isn't beneficial to me. In fact, it's wasteful. With that said, my new habit is to hold out for several years before upgrading and try to get the most out of your $1000+ purchase. Another savings tip is to purchase refurbished if at all possible. You'll have to be selective about that. Some things are better off purchased new. But not all things.
I can't imagine spending over let alone 500$ for a phone... Imo 1000 is absolutely overkill unless you really have a passion aaand need for the phones specific features
@pinkforguys right. I'll be the first to say I can be showy sometimes. But I truly stopped the annual upgrades because it was wasteful. I will still get a TOL or mid grade phone, but it isn't until my current has become seriously outdated. The phone I have now has had 3 generations come after it, and I still haven't taken the leap into the latest. However, there are some things I won't skimp on. My car, my sewing/embroidery machines, and it has to be Q-tip brand swabs. Lol 🙃 no other swab compares. Lol
@@pinkforguys In the States there is no competition for 🍎 Apple. It's about 1000$. I don't think they use Android. I would never buy a phone this pricey.
I buy a 10 oz bar of silver every week at my local coin shop. About $250, and that's the only way I have been able to save. I can't handle money, but I love stacking silver and gold. I'm at over 500 oz's of silver and 10 oz's of gold. That's about $46,000 and it only took me 4 years. I've been stacking since COVID, anyone that has trouble saving should try this. I'm going out and buying something that is an asset and adds to my net worth and I get to physically own it and watch my stack grow. It's very satisfying and there is a great community behind it.
When I was young I always dreamed of having a stack of gold and silver coins. As an adult I have precious metals ETFs but it’s so boring. How do you handle safety and storage?
Hahaha that's great dude, what's your home address????
Ok Duck Tales 😜😂❤️
@@fmoreira2727I have different storage units and a bunch stashed in there in random places, some at home. Different caches are key 👍 as long as no one knows it’s there and you’re discreet you’re fine. Safety deposit boxes can be closed by the bank / post office at any time. Put a bunch of your extra stuff / seasonal clothing in a storage unit w some metals. Most are insured as well and many have 24 hr access. I’ve also saved quite a bit of literal coin this way 👍
My friends old school parents did that. They saved over $80k in gold. My friend has been telling them to get a lockbox at the bank but the parents didn't want to spend the money. They got robbed of all the gold and more this year.
$27 is how Bernie earned so much money for his presidential campaign fund in 2016. I kept bugging my wife about investing into my 401K but she always argued that my income was so low that we couldn't afford to put anything into savings. When she died, I set my payroll check so that a portion would into my 401K to match what the company would match, plus an extra 10%, with the idea that by living by myself would cost less than it did for the two of us. Then I completely forgot about it. I left the company about five years later. About two years after that, the company sent me a letter asking me what I wanted them to do with this apparently abandoned 401K fund. "I have a 401K?" All I could remember was my wife's arguments against putting any money into it. There was more than $22,000!! I had it roll onto an IRA.
when the company matches, how can you afford saying NO to that money? Congratulations on starting up that 401K 🥳
I worked in public sector. Our department has 457k match. I kept my take home at 5th year level by increasing contribution annually. I have coworkers using your wife’s argument when we pushed them to open a 457k account. 25 years later I retired early while those without 457k are still working to get a higher pension. My retirement pension is 75% of my highest take home pay plus a sizable 457k as old age inflation fallback.
@@33Jenesiswhats the difference between a 401k and a 457k? ive never heard of 457k until now
@@dremewhite5209 457k is public sector’s 401k.
@@dremewhite5209 457K is basically a government version of 401K. It works exactly the same. The benefit is that you can have both a 401K and 457K (with separate contribution caps, but only if the government entity offers both, in other words, if the cap was 20K, you could put 20K into both, for a total of 40K). And in modern accounts, it would be referred to as a 457b now. I actually now have 2 at my work place, and since I'm a super miser, I put the max cap in both. That being said, it forced me to budget like crazy.
What a great list of achievable savings steps! Thank you for sharing.
I managed to meet my savings goal of $5,000 last year. This year, my goal is to match that amount and have $10,000 saved be the end of the year. I’m already making headway towards it and I really appreciated some of the tips you provided.
How did you do it?
@@brandonburns5365stop buying useless stuff 🤙🏽
I like the not now buy later list!
Your advice is spot on Vincent! Thank you.
Yeah, I discovered that after realizing that I was spending $10 a day on bottled water, multiplied x 365 days a year = $3650 spent on water alone! I could have gone on three trips to cuba a year! I researched awesome water filters and found one called Clearly Filtered, from L.A. which was a bit pricy initially but was worth it's weight in gold! I save over $3K+ a year on water. Was pretty proud of that move.
woah how were you spending $10 a day on bottled water? Were you buying 10 individual bottles?
Water bottles in gas stations, rest areas, and truck stops are very overpriced, often $4-$5 for a liter. As a truck driver, I can easily see spending that much. I'm at the mercy of what the truck stop wants to charge because those are the only places along my route that I can park a vehicle of my size. The lifestyle of the typical truck driver can also lead to diabetes which also makes one thirsty all the time. I have started bringing a jug of water from home and it has indeed saved a lot of money
I annualize ever expense so that way it hurts more, my phone bills isn't $300 it's $300 * 12
@@VincentChan Was buying bottled water for a family of five who didn't believe in drinking tap, so it got pretty costly on the daily.
Have you tried getting those big gallons of water from Costco and switch to filling up water bottles daily? Our household has been doing it for 3+ years and we've saved a lot, like a lot of money. @@Edward-ni8yi
This is so randome I know and I don't know if I've mentioned it before. In regards to the video itself not the content I absolutely love how this guy makes his own stock videos he uses all the time. Subscribing to a service and using randome clips is pretty jarring and often they don't have the same lighting, camera settings, people and do not flow well when most people use them. It is also part of the premise for the whole channel in that we try to look good but save money so making your own reusable stock videos with yourself in them is such a good fit for this channel. I love this channel for the info, but the way the videos are made and the personality that shows through really solidify this channel and keep me comming back.
What a thoughtful compliment. I noticed it though and appreciated how it isn’t jarring the way stock content is.
Great video 👌 I also love Morgan's work 👏
I saved 80k on 1000-1500 a month jobs 😅
How long did it take you? 😳
@@LittleKikuyu about 6-7 year. Caveat, I was living in Thailand and now Poland.
Love this video greatest financial advice I’ve seen on yt😎
Great clip, thank you for sharing
Great video! Thank you, well explained! 😊
do you have any videos about those high yield accounts, as mentioned at 2:16
Great video! You presented the information in a very digestible way. Also, you have a great voice to listen to!
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First you have to be paid a liveable wage and have affordable housing and other living expenses.
This is a really good video.
Your parents being your why had me choked up. I love my parents like you do yours. Great information by the way, immediate like and subscribed. Blessings to you and your parents.
I think this is a very good step-by-step guide. 👍
this was honestly really insightful!!
Thank goodness I started investing at 30. 🥳 👍I would still be fine if I started at 40, though. 😊 keeping expenses low is key.
great ep
This is great and all but when you only make 30k/year, even implementing these or similar tips is not gonna make it to 10k anytime soon.
Have to start where you can. Start with$1 a day, or whatever spare change you can afford daily. I started with saving $1 a day two years ago. Charged my mindset as we , the longer I did it. Then started investing some of those savings. I’m by no means rich but am to the point I can literally save about $16 a day. And have my savings in a high yield savings account, and those investments I spoke of before. Doesn’t hurt to try, because we miss every shot we don’t take !
Hi! I just came across your content and hooked with the very 1st video (this). Cannot stop cracking up with Mr. Magic Lamp... I need to talk to you!😄
Great video thank you !!
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This really motivated me. I will start saving from now on. All the best from Denmark.
If major US banks may be closing or collapsing in 2024 as some have predicted (due to de-dollarization by BRICs et al) - do you have any advice? Are small banks or credit unions safer? Thanks for all your information sharing. :)
Spread it around, diversify.
NGL deciding to eat very healthy where I avoid processed foods entirely has saved me tons of money. Deleting Amazon and KZhead apps from my homepage also helped too.
yes!! I stopped eating fast food and it makes me feel a lot better and i save a lot more too
@@VincentChan I actually gave up fast food eons ago because it would make me sick that's just a portion of that. What in saying goes even further than that, I'm referring to all processed foods including junk food like potato/tortilla chips, TV dinners, Cold cuts, and processed desserts like Oreos. Basically I just don't go in the aisles at all at the grocery store, however that doesn't mean I don't have snacks just instead it's more of like a heated pita with garlic hummus or yogurt.
that's very healthy. read the book ultra processed people and you know you made the best decision for your health
In order to save 800 something bucks a month you need to make that first . In central-Eastern Europe where I’m from that is the average national monthly salary 😢
Also it is way cheaper to live in our counties than in America. So that is also a +
Im from Texas and that’s way too much for our family too.
Great video!
the link to your tracker is not working properly, was really looking forward to snagging it
What do you see when you click the link?
Nothing has ever made me 'get it" like this video! Thank you, new sub ❤
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You gotta talk about the compounding effects of time in the market as well. Its so much better than annualized 10% linear return
what bank do you personally use ??
I love the inclusion of the social, emotional, and physiological components to this video! Thanks for the quality of the video!
Who really has a extra $850 to save a month that works one job, rents a 1 bed room apartment and has a car while also paying utilities and bills
I do. Thankfully my housing expenses are low (2 bdrm). My car is paid off. My salary is healthy. I’m taking full advantage of it while I can.
🙋♂️
I'm a nurse and picking up 1 extra night shift with incentive = around $1000 per shift. Makes it easy to have extra cash flow without getting a side hustle or another job
A lot of people depending on where you live, especially if you don't have any children. Unless you have an expensive car, an expensive living situation, or just don't make very much money.
some people do, some people don't. and if you don't, then this example breakdown with a $67,000 salary isn't for you. but the breakdown could still work with your salary. if $10,000 isn't achievable with your specific salary, you gotta set a goal that works for you. i have a very small income atm and am currently saving this way but only an end goal of $5500.
Thanks i am saving for a laptop but i spent my money on day 3 i am restarting the laptop i wanted is only about 60 dollars in my country but i only get like 40 cents in my country which is only 20php per day
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Your ZZ plant is a chonk! Nice vid!
I heard that before you buy something think: If no one will ever know about the purchase you are about to make would you still want it.
I think the motivation for spending is more often so other people know about it, just look at typical monthly payments for new cars alone lmao
Great advice!
@@inspirice9844 I don't understand this mindset, absolutely everything I buy is for myself unless it's a gift for a friend... I feel like that mindset is more prevalent in the US than elsewhere...
I feel like this is kinda worthless for most ppl. Most ppl spend money for themselves
And that's why I never buy luxury goods. I don't like displaying how poor I am (poor people who want to look rich by "branded clothes", true rich people wear/buy ultra expensive un-branded clothes/items so that only those in the know, know).
BRO WHAT IS YOUR CAMERA SETUP? 😮💨
I don’t know about that ego thing. Most of what I buy, I don’t tell anyone about.
Great video. It's really about your mindset about money. Create a minimum wage savings video b/c some can't apply these concepts in this video b/c you used a salary of 67k and a goal of 10k and immediately shut down.😮 When you earn minimum wage, just ubered to work, walked into the office with a Starbuck drink, and purchased lunch for the day, and then tell everyone you don't make enough money while waiting for your Uber to take you back home. Then get a part-time job, then adjust your spending based on the part-time income, and then realize you need another part-time job and your financial situation has not positively changed because you failed to plan and strategize with your money/spending. 😢 Now you have your F/T and two P/T jobs and spend money eating out because you don't have time to cook. And the cycle continues and you live paycheck to paycheck and wait annually for your tax return refund to have fun spending it.
I've done this in one year on 27k and was not focusing on any of these points. Granted I'm in a lower income threshold area. I can only imagine what focusing my mind can do especially with my flexible income
This is probably the best finance video I've watched. As someone with bipolar disorder and ADHD, always looking for that dopamine hit and impulse spending, these tips were actually useful to me. Bringing up the psychology spending/saving and "keeping up appearances" was soooo helpful. Thanks for the video!! Gonna share with my husband.
I've found it useful to create another Bill called Maddings Utility. This is a made up company name but you have their cost be $150 per month, if you can afford to put that in the debit pile each month. If you can afford more, then definitely up this amount. 100% of this money goes automatically into investment account that you do not have access too, as you must pay this utitlity bill. Just put it in there, non-bipolar person invests it and holds. Just buy stock - ETFs or REITS and then hold for the long haul. With mental health issues and dopamine buying problems, I've found this the most helpful. It is the only way I was able to save a couple thousand. There is no way on SSDI, I'm saving nearly $30 per day! I cut out the latte factor, cut out eating out, buying anything extra, no mad money, no netflix, no hulu or cable, etc. and stopped spending money to the Nth degree and money is still very tight. Cost goes up, but my income does not keep up with the cost of over priced food allergy safe foods. I had to go back to food shelf in order to save any dime. Which is why it is worth it to look at passive income sources and try to get off of Silly Stupid Damaged Intellects payments.
This is great. This also terribly makes me miss New York money. Having lived in other states in the country the past ten years, these numbers are much lower at least in the work I do. New York money is nice even considering cost of living is higher too 😅
Very nice video
Interesting!!! Thank you for the information and keep it up!!! The PS5 I can get is not now, but later. Plus, I have older consoles that are still worth to play.
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It honestly boils down to the why - especially when you realize theres no safety net. It becomes second nature after a while.
Guideline Automation: pretty much what i do on a smaller scale Don’t Save $10,000: i kinda failed here lol (set a goal for double that). still, this shouldnt take me too long until i can slow this rate in favor of other things. Emotional Bank: feel this. had been broke my entire life and my first intro to any significant amount of money were student loans. Not Now, But Later: this one, i have limited success on. if nothing else, i mostly have the things i care about and generally just averse on things that arent necessities. Future Value Formula: doing this one slowly while working on point 2. once i hit 10k, ill be flipping what i save (higher amount) and what i invest (lower amount) or at least thats what i hope to do. Ego Saving: cant help this one too much, its usually trying new foods and usually not the stuff good for me either in addition to what i normally get. love videos like this, everyone has similarities, but theres always differences somewhere and something to learn or reinforce.
Excellent mindset dude, thank you
I'm 🆕 to your Channel. Great CONTENT, keep up the AWESONE work! 👏 👏 👏
I'm thinking of setting up repeating transfers from my checking to my investment account that keep getting more and more severe (larger and larger amounts each period) until the point where in say, 3 years, I have to actually wire out of my investment account to pay bills. This way I'll be weening myself off of my paycheck, and getting used to 'living off my investment account proceeds'. Thoughts?
Thank you, great video❤
Thank you, so glad I found this channel again. 💐 Your insights are invaluable
Very good. Investing for income really changed my perspective on how to use money. I have no significant interest bearing debt except my van, and the interest is at a level that is less than what I can make if I invest the money now, or even just hold it in a high interest account rather than pay cash for the van. I make every effort to collect interest/div, not pay them. Took me a lifetime to figure it out, this money thing. I'm happy to see that young people are getting on the boat sooner than I did. Had NO CLUE about planning for the future and getting old (now 67). Thanks for your educational work! Will check out more of your videos.
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@vincentchan I like your idea of cost per wear. I was wondering what brand of shirt you are wearing in this video? I have gotten some shirts from a warehouse distributor but was wondering how many wears you get out of your shirts? I like the color and quality of the look you have.
it's from uniqlo :)
I love the “now now but later” list
Love this video, currently a finance and economics student!
When I paid off my car, I started transferring the same amount as my car payment into my savings account every month. Now my pretty old car needs to be replaced and I have that $ saved for a down payment. Now if I can just figure out how to get a new car equal to my old car payment?
That's great! I suggest buying a used reliable car... We are looking at a Lexus ES, low mileage for $13k. I suggest buying a working used car with the down payment you saved up.
Exactly!!!
Look for a used but good car around 4-6 years old . They are at the end of the massive depreciation curve and should last for 6-10 more years.
How to not click ''Buy''? Good job Chan💫
I like the advice, but agree with other commenters that a base line of making 67k is unrealistic for over half of all Americans, based on average incomes. But, I like the second half of your video a lot. That is much better. Finding why to save money is huge, and is a way better message.
I’m late to the party and started that Auto deposit from checkings into a HYSA this last year. Once my 1099-INT was mailed to me from my HYSA, I was surprised how much it grew. Had to pay taxes on it but it worth it lol
Thank you for great information
Randomly stumbled upon your video - great tips, explanations and supporting graphics. You've earned a new Sub!
I vowed to save more this year do I cut out shopping. Last Sunday I spent $3300 to book an Alaska cruise. Today I paid close to $3k on tax owed. My homeowners insurance is due at $1500. My car insurance is also due at $1500. In a 2 week span I have close to $10k expense. Next month I am paying $12k for a new roof.
I had a month like that. I still remember it. 😂 April 2017. Taxes were due, quarterly tax estimates were due and I bought a new vehicle. I spent $20k in a month. Thankfully, I had prepared for all of these expenses but still.
Sadly, I don't make near $67k, so how can this apply to me?
when he got in the mazda 3 (same trim as mine) i subscribed lmao
You have to calculate for inflation. How can you miss this?
Simple math… do I buy a gym membership or dance app or do I use free KZhead app to exercise. If I think a gym membership is best the question becomes will I religiously go to the gym (past behaviour is a great indicator of future behaviour). I’m at an age where I no longer want more stuff so I’m getting rid of stuff instead (mostly stuff I never use; hence past behaviour theory). Do I need the clothes or can I use something I already have? You can automatically send money to savings accounts but if you can’t question your purchases you’ll end up spending those savings on a whim. Am I buying new ??? because what I have is no longer usable or just to have new things?
I think it is funny that the youtube targeted advertisements before this video played was the ikon pass and a clothing brand of shirts I like and do need more shirts. for the ikon pass I did the math of how much I actually spend on snowboarding to see if this "deal" was good for my savings goals. So I would get my money's worth after 6 days snowboarding in 2023 I spent an easy $250 per day after adding in hotel, gas or flight cost, food, extra gear costs, and the cost of the pass averaged out. so I decided to not buy the pass and instead getting the military ticket rate for the one trip I have planned with friends. also I am buying shirts but I found the warehouse distributor that companies buys shirts from and then bought directly from the warehouse for $8 instead of $30 a shirt. My current shirts have holes in the underarm area and they last me at least 100 wears. $8/100=0.08 cents per wear and I have 8 shirts at the cost of 2 expensive shirts. So now I can reduce my wardrobe and have the 4 color options multiple times.
I saved 14K last year even with constant car issues. Midwest penny pinching makes most purchases even $4 for a years worth of salt hurts 11:59 the clever I bought was $5 a year ago. It is $10 today. Some utility things you can maintain are worth buying at a price you know is a deal
With our paychecks We automatically pay 25% into 401k, $50 to the ongoing emergency fund, 1/12 of $8000 ROTH for each person as well as every bill because all bills are automated. We can spend what is left in the account. Having everything automated prevents decision fatigue. We have debit cards so we can only spend what we have. We live minimally and really just spend money on food and experiences. If every person in their 20’s would do this they would have a better life. At college my roommates and I learned to make our own cocktails, everyone would split the cost of the components. We would decide on different cocktails each week. We would rent movies and make our own popcorn. Spending time with your friends outside of venues and attractions makes better memories and relationships.
but I kinda like the feeling of saving money and penny-pinching. If I am saving money but in the background, it doesn't encourage me to save more nor do I get any satisfaction. The more I feel like I am saving(right in front of me), the more I want to save
I like saving money in the same way some people like spending it. It's a great hobby lol 😂
This is great and all but for someone who works a part time job (that pays pretty well) what about for the average people who make maybe 50k a year or even the part timers that may make possibly between 20k-33k a year?
Thank you for your video
Great videos dude! subbed and flying through a bunch of your videos. Love how you talk about life like a game, very relatable for a lot of people
thank you so much appreciate the support :)
Thanks!
Definitely some helpful tips. I think using YNAB has helped me manage these just by using the software regularly, but I've definitely realized over the last couple months that I've gotten a bit lazy with some spending habits, and this is definitely the reminder I need to level up my savings balance.
I really love your channel. You have a very good way to explain things and the reasoning behind them.
Get more financial assistance/advise on credit cards 💳 and other financial service.
I honestly live below my means and actively save money for a home and retirement... But at what point am I just living a super restricted life where I'm only just paying essential bills? How do I save more for my future when I need the money today? I'm feeling a bit defeated I may not have the same opportunities to live and start my life like my parents and grandparents had before.
Investments are a start
We do: $100 x week to a high yield savings account. The rest we can spend… it hopefully we don’t go farther than $200 a week.
Guys buying that coffe and going to the bar ain’t going to make u 10k it’s an income problem more then a spending problem, make. more. Money.
The way this dude ties videos together to fall into his channel is genius! Having a hard time scrolling past😂😂
I get around 20K AUD a year so buying a new light bulb put me into debt. Do you have any tips for saving below the poverty line? I have saved $85AUD in the last year and a half which has been really hard to do when i take 5 medications and also keep needing food. I have cut out snacks above $2/day and all subscriptions, I don't have a car and only eat 2 meals a day now. I wish the cost of living crisis wasn't so fricken harsh on ppl with disabilities bc I have anaemia from iron deficiency now and can't afford meat let alone supplements. I have learned that every single cent you have counts, if I only have 3c at the end of the fortnight I save it. It actually adds up quite a bit when you do it for a while
Prepper Princess helped me live on almost nothing. Some things might work in Australia
It's about self discipline on the highest level, buying things you need instead of want, writing monthly budgets, looking at the bigger picture instead of instant gratification, feel good about yourself, how much money do you spend to try and fix your feelings?
In my opinion, buying a stable treasury related ETF like SHV or TFLO is a better idea than a savings account. Then once you have enough of it you can borrow on margin against it if you have to.
On sale items
Not now but later...is the reason my Amazon wish list is soooooo huge and I seriously need to trim it down. Haha! Sigh...I have serious A.D.D. issues.
hahaha when was the last time you trimmed your wish list? i bet there's things in there that you've forgotten about for months :)
3.58 Perhaps you should use $38.46 per day as most people tend to have a 5 day work week. This would amount to about 1.38 hours worth of income per day for me. OR, just over 2 hours per day in net pay..... I would be 'saving' or 'investing' a little more than 25% of my take home pay in order to hit the $10k / year.
You had me at pineapple pizza…
I saved $10,000 last year. This year I have saved an additional $7,000. So my goal is $20,000 and debt free. So $3,000 to go then I am working on $5,000 worth of credit cards debt. Which for now the balance is at 0% until next year 2025. Then I plan to start on another $10,000 for a total of $30,000. The more money I have the better I feel. And the less debt I have the better I feel.