HOW I SAVED $10,000 IN 7 MONTHS! Budgeting, Money Saving Tips + Managing Your Finances in Your 20's

hi what's your biggest budgeting tip that you have uh have one live with your parents yeah live with your parents decrease your expenses but live with your parents as long as you can that's a huge one what's up guys welcome back to my channel it is tanisha if you guys are new here welcome i would love if you guys would hit that subscribe button down below and join our little family here so today we're going to talk about something that is super important to me and i think that is an important topic to talk about overall and that is money budgeting and saving all has to do with keeping your finances in order at the beginning of the year i set a savings goal to hit 10 000 and as of last week thank god hit that goal six months early i wanted to share all of my tips and tricks with you guys on how to budget how to save money and how to get your coins and your bank account in order like i said in the beginning of the year i set a goal to save ten thousand dollars in 2020. they did that in seven months you guys seven months like that is insane so i really wanted to share all my tips with you guys on how you can hit your savings goals for the year and make sure you have a good little cushion to put your mind at ease or maybe save for a rainy day the first thing that i did was track my expenses the way that you track your expenses is making a budget i know you don't like to use the word budget it makes you feel like you don't have money it makes you feel like you can't have fun and you can't do things but the way that i look at budgets is helps me make sure that i'm spending money where i want to be spending it i am a girl that loves fashion you guys know that i love fashion i love makeup i love skincare and or i started tracking my expenses i would just spend my money any which way i wanted to i didn't really have a budget i didn't really have like an allocated amount of money that i said am i gonna spend this much on this category it didn't exist it was like a free-for-all i was spending what i wanted when i wanted on whatever i wanted and that had to change quickly when you start actually tracking your expenses by making a budget you're able to see where your money is going and when you shop a lot like i used to do you really don't realize how many of those little purchases can really add up spending ten dollars here getting a coffee with a friend here going for a drink on friday night things add up so quickly at the end of the month you won't even know where your money went if you're tracking your expenses and really making sure you're sticking to a set amount of money you are going to have so much more money and you're gonna realize whoa what the hell was i spending my money on another thing that comes with tracking your expenses is realizing that you may need to either decrease your expenses and spend less or you need to increase your income and make more not willing to change your lifestyle or not shop as much you're gonna need to make more money that's just plain and simple you're gonna need to have more money coming in so that you're able to save for things that you really want if you are willing to change your lifestyle definitely try to decrease your expenses don't spend on unnecessary things like going to the nail salon every two weeks i bought a gel nail kit from amazon and although i have not done my nails once during quarantine been a game changer because i don't have to go to the nail salon a new fresh gel nail set every two weeks i can do it myself and it saves you so much money there's a lot of different like beauty maintenance services that we really just don't need getting your eyebrows done getting a wax doing your nails all of those services really add up and when you become like almost high maintenance in that sense where you always need to upkeep either eyelash extensions or getting your eyebrows done those things add up and that just makes an extra bill for yourself that is not absolutely necessary stick with the absolutely necessary pay your bills make sure your gas is on make sure your lights are on and then if you have extra money and you really feel like okay i want this one service done stick to one service you can't have it all baby girl especially when we're not making that much money let's not act like we have a six figure income when we're not making six figures let's spend below our means and that's the only way that you're going to have excess income to actually save towards things that are meaningful and you really want out of life so let's say you're not willing to change your lifestyle and you're not willing to forgo the nail salon trips that is like an absolute must for you get a side hustle and this is something that has really helped me i have nannied all throughout college when i was in college and i still did it actually up until probably the quarantine started i would still nanny once a week and just make a little bit of side income that will pay for your nail salon trip and that way you don't have to use your steady nine to five paycheck on a service like getting your nails done or getting your eyelashes done find whatever it is that you can do on the side whether you're really good at art or can nanny do tie-dye i did tie-dye a couple months ago when it was getting popular and i made like 200 bucks from just posting it on instagram and selling it to a bunch of my friends make a little bit more money and you can either use it on services that you're not willing to let go or you can use it as extra income to save and put towards something that you actually want okay next tip that i have is make sure you find someone to hold you accountable i know it can be really hard when you're first starting off your budget first three months that i started i was completely off i was overspending and like certain categories i just like was not sticking to the budget don't give up like that is gonna happen it's okay if you are overspending a little bit it's gonna be hard to mentally get used to having a budget because you haven't had one i really found that being open and having tyler hold me accountable was huge growing up my mom always taught me to be super independent as i grew up and as i grew into an adult i found it really hard to be open about things like money and personal things like that i always wanted to have that like pride and independence and say no i can do it on my own being open to tyler and letting him know about my money situation and having him hold me accountable was like huge for me it was a huge step but it was i think one of the biggest things that helped me out because he was there to check me in instances where i was like is this dress cute like should i get it and he's like having someone there that is kind of like that outward voice in your head i know we all have that voice in our head that is like we don't listen we buy it anyways having an actual real voice that is like speaking to you and helping you stick to your goals is going to be huge we can't all do everything by ourselves that is something that i have been learning as growing and becoming more of a woman and an adult we can't do it all we want to do it all and we want to be a superwoman and a boss yes we can be those things but superheroes also need help they have a sidekick they have someone that is in their corner helping them out make sure that you're open with whether it's your parents your boyfriend a friend anyone that can just really hold you accountable and make sure you're sticking to your goals you're gonna feel really empowered that you're sticking to your guns and that you also have someone that is in your corner cheering you on third thing that i would tell you guys is to make smart gold now i know we've heard about this in our classes at work and i have like a little graphic that i'm just gonna reference but if you've never heard of a smart goal basically what it is is an acronym to make sure that your goals are structured in a way to get you the best possible result the best way s stands for specific you want your goal to actually be specific in this topic of saving money we don't want to just say i want to save money let's make that specific and say i want to save money or a car or i want to save money to have money in the bank for an emergency whatever it is make it specific and make it pinpoint that goal don't just like have it out here pinpoint next letter is m want to make that goal measurable so how are you going to measure success in this instance i am going to say 25 every week for the next five months to reach my goal of 10 000 that's measurable so every week i can check in did i save that twenty-five dollars if i didn't then okay i need to step it up i need to change something if i did great i'm doing good i am like on it next letter is a and it can stand for attainable achievable and all of those are totally fine but this is basically just set up to make sure that your goal is actually something that you can hit don't want to say that we're gonna save a thousand bucks a month because let's be real most of us don't have a thousand dollars extra lying around to save starting off small is really gonna not overwhelm you also if you start with ten dollars that's something completely fine and that's a doable number we can skip the coffee one week we can skip the drink ten dollars we can totally put that away a thousand dollars that may be hard you may not be able to like make red that's a lot of money so this is just to make sure that you can actually reach that goal and it is realistic for you and that brings us to the next letter which is ours realistic is this goal actually realistic and i save ten thousand dollars in a year totally if i really put my mind to it i can really do it now if i say i want to save ten thousand dollars in a week or a month i don't even make that much money so that's not a realistic goal just be honest with yourself really assess your situation i know everyone's money situation especially right now is totally different my situation may be completely different than yours whatever situation you're in i completely understand that we're not all the same but really assess your own situation and make sure that it's realistic for you if you can save a dollar each week do that dollar if you can save 100 200 do whatever that you realistically can do and stick to that the most important thing is stick to the goal the last letter in this is t so timely making sure that you are putting a time frame on this goal and you're holding yourself accountable we don't want to say i'm gonna save ten thousand dollars in five years you're not gonna hold yourself accountable you're not gonna say maybe this whole year because you know okay i have four more years left put some pressure almost on that goal to make sure that not hard in the sense that you can't do it but it's a little bit of a challenge a year ten thousand dollars that's a lot of money but you know what i can do it if i really stick my mind to it next tip that i have for you guys is set an intention for your goal i know in my circumstance specifically i really wanted to say for two things i wanted to have an emergency fund set up and then i also wanted to save for a car obviously with the midst of everything that's going on right now in the world i really wanted to set myself up to have a little bit of a cushion and just be comfortable with my bank account look like god forbid anything happened to my job or anything just in general i wanted to have almost like a security net security blanket of a good cushion of money that i could fall back on if i needed i have a 2002 dodge neon car is super old i've had it forever and i just know that i'm gonna need a new car soon so i really wanted to start saving for that these are two specific goals that i'm saving for and i knew that i wanted to you know put my all to really having something specific that you're saving for whether it's a car whether it's an emergency fund whether it's a house a new apartment because you want to move out vacation something like that no it's going to be coming up soon and that puts time pressure on it having an intention for your savings you're so much more likely to save if you're just mindlessly saving it's a little bit harder because you don't really have like a clear vision on what that money is going towards you have a vacation or a car or a house you're more motivated to actually do it so the next and biggest tip that i have for you guys is automatic withdrawals i know this is like a basic tip but it is huge like huge i have talked about this app before it's not sponsored by the way i give a lot of credit to this app for really like jump starting my savings it's called capital if you haven't heard of it basically connected to your debit card and you set up little rules like say one dollar a week for a year and each week it goes up so first week is one dollar second week is two dollars and so on and i did that for a whole year i set little rules weather is above 70 degrees save a dollar if i go to trader joe's say five dollars setup rules where you round up your purchases so if i spend 16.50 on a top at forever 21 it'll save 50 cents was completely mindless that's the greatest thing about automatic transfers is they're mindless you don't have to think about it they automatically happen they're really going to have your back when it comes to saving without having to think about it set up automatic withdrawals from your bank account whenever you get paid paying yourself first which is the biggest thing you always want to pay yourself first always paying all these bills to everyone else you want to make sure you have your back and automatically always just stashing away a few dollars or however much you can save just to make sure you're good and you're covered next biggest thing that really helped me reach this ten thousand dollars is seeing a lot of the lump sum payments that i have when i say lump sum i mean your bonus check your tax returns stimulus checks if you guys were lucky enough to get one i know the situation is like different for everyone those are the biggest things that really like help me put big chunks of money away every year my company most companies do a bonus check around like christmas time so i really used that entire bonus check and i literally went transfer and literally dumped it in my savings account there's something about saving money that is like so really exciting when you start to see it grow and grow and grow that kind of builds the momentum when you have a lump sum and you dump it in they're going to build that momentum of you wanting to save more and you're going to be okay with denying your friends of going out you're going to be okay with not having that like it's just going to like change your mindset almost and make you really happy and really excited to put more money in that savings you have a tax return or if you have a stimulus check and you're able to forego that money and not have to use it for a bills obviously pay your bills if you have to but if you're able to take that money and just put it into a savings and be the biggest like almost ego booster for you and really help pump up your savings and help you reach your money goals so much faster last thing that i would tell you guys is to celebrate your small victories and reward yourself i know saving can be a lot of work it takes so much mental discipline a lot of time and effort and tracking to really make sure that you're making and reaching your goal but you also have to make sure to enjoy what you're saving and really reward yourself you save a thousand dollars or you save x amount of money that's more than you've ever said go out for dinner buy that top buy that pair of shoes buy those earrings don't go crazy and don't go overboard but really set a goal and say okay if i save a thousand dollars i am gonna go out to dinner or i am gonna buy that top that i've been wanting forever just reward yourself revel in the fact that you even saved that much and you're even on this journey i know we all bust our asses so it's really just important to enjoy what you work hard for yes we want to save it for the future and for specific reasons but we also need to enjoy it life is short and we need to enjoy our hard work just plain and simple all right so those are all of the tips that i have it comes to saving money and how i personally save ten thousand dollars in seven months was a lot of hard work that i wouldn't have been able to do it by myself really took a lot of discipline to make sure that i cut my shopping addiction at specific goals and only rewarded myself when i hit those goals i know you guys can do it too whatever you're saving for just keep going keep at it stay driven and focused on your goal so i hope you guys enjoyed this video make sure you guys are subscribed if you're not already if you want more content for me i make everything under the sun fashion beauty skincare lifestyle recipes everything so i would love if you guys would subscribe and stick around that's it for this one i will see you guys in the next video [Music] you

Channel: Tanicha Rose

Views: 232,749

Keywords: tanicha rose, tanicha, how to save 10000, how to save $10000, budgeting, personal finance, how to save money in college, how to save money, how to create a budget, personal finances, how to pay debt, saving money, money saving tips, how to save a lot of money, how to save money with low income, how to save and invest, how to save money for a car, how to cut down expenses, money management tips, how to manage your money, how to save with no money, tips, credit card debt, qapital

Id: 1pu1z1nXK-s

Length: 15min 35sec (935 seconds)

Published: Tue Jun 23 2020