How To Save $10K FAST (Money Saving Tips)

69 of american adults have less than a thousand dollars in their savings account so how do we go for nothing to saving up ten thousand dollars inside of one year and i know this probably sounds impossible especially when you're starting at zero but i have done this myself and all it really comes down to is following some simple steps set it as a goal and write it down plaster it on your wall put up a sticky note get a tattoo actually get a temporary tattoo tattoos they're pretty permanent we have all set goals or been inspired or got an idea to do something but we never took the step of actually writing that down so a lot of times we will fail our diets we'll fail our savings goals fulfill just a lot of things in life if you're anything like me and a big reason behind that is we lose motivation and we just get caught up with doing other stuff you are 42 more likely to achieve your goal if you write it down so take a minute and think about why this is important for you it will alleviate stress you won't be living paycheck to paycheck if you get fired it won't put you into debt for a lot of us this can be a life-changing amount of money if you're trying to get out of debt reduce some of the financial stress that you have or start investing and once you know what that why behind your goal is write it down and put it somewhere i literally have a bottle of temporary tattoos that last me like six months and i write down different goals or sayings on my wrist so that i see them every single day right now one of my goals is to hit half a million subscribers by the end of this year and if we can do that i'm gonna be giving away ten thousand dollars uh worth of money and different products that have been really helpful for me and some shirts and stuff like that so if you want to get in on that and and help me achieve my goal then you could subscribe it it really helps also ring the bell but seriously writing down your goals and putting them different places throughout the house so that you are reminded of them each and every day and then listening and reading and watching financial content or inspiring content about whatever your goal is will make it like a million times more likely at least 42 but a lot more than that likely of hitting that goal if you stay motivated the entire time and you don't do the same thing that everybody does with fitness where after a month you just like fall off the bandwagon put your money somewhere where you can't get to it so before we get into exactly where the money's gonna come from we have to decide where the money is gonna go once we have it so that we actually hang on to the money i would personally recommend one of two different spots the first one being a high interest savings account so that you can at least gain one to two percent on your money while it's sitting there for a year for me personally i use an app called yada not a sponsor but that's just where i keep my emergency fund so it's out of the way and i can't get to it and i just pretend that it does not exist so you can set up to have part of your paycheck get transferred directly into another account or you can have a monthly amount taken out of your account or if you're okay with a little more risk and you don't think you're going to absolutely need to take that money out you could invest it into the stock market if you do this i wouldn't recommend just picking stocks because on average most people who pick stocks actually underperform the market and end up losing money as opposed to getting something like an index fund where historically that has earned about 10 over the past 100 years so i would do that and it's also way more simple and less stressful and you don't have to think about it i would recommend using an app like weeble and just keeping it simple again not a sponsor but if you sign up with the link in the description you can get between two and five stocks for free so you're getting at least a little kickstart and it's just it's free money so that's a great way to have your money working for you and really taking advantage of compound interest while you're saving up don't make a budget while some people like budgets i uh i i don't honestly uh they're not a lot of fun if that is something you're into great there's a lot of good ways to do that and they can be super helpful but it's not necessary cheat if you have to but try to have fun with that now if you're anything like where i was when i was getting started you're you might not be making a ton of money or as much as you need so you might need more this is the idea of using a side hustle to earn extra money and keeping all of that money that you earn from the side hustle and putting it into savings i consider myself a bit of a side hustle addict if you never have made a lot of money like me i think it's one of the best ways to earn some extra money and really have that be the thing that catapults you uh into building wealth and getting out of debt for me youtube started as a side hustle and turned into my full-time thing but i've also done like a dozen other side hustles that i had a lot of fun with and most of those while you might only work a couple hours a week can pay you a lot of money for those hours that you do work some of my personal favorite ones are flipping things on craigslist or facebook marketplace honestly with a bit of research this is not that hard to do i've done this with couches tools just a bunch of different stuff and it could be really fun and if you enjoy that kind of wheeling and dealing type of thing it can be really fun and not that hard to do a couple more that i have done or friends have done would be clean houses with just your own cleaning supplies you could easily make 50 to 75 an hour cleaning other people's houses not super fun but that's that's not bad money honestly you can also detail cars and kind of do the same thing very little cost quite a lot of money mow lawns start a social media my wife just started tick tock i know a couple people who started different social medias and just by posting consistently for a few months they were able to monetize and start making between hundreds and thousands of dollars every single month the only thing is you've got to stick with it and if it's something that you really enjoy doing and talking about you can teach somebody online or in person any of those and really make your hobbies and the things that you enjoy doing start to make you money when in doubt frugal out if you've been watching my channel for a while it'll probably be no surprise to you that frugal living has been the number one thing that has completely changed my life and that's because we've all heard that a dollar saved is a dollar earned or it's a penny saved whatever that is not necessarily true if you save one dollar and you do not spend that dollar you then have a dollar but if you earn one dollar you have to pay taxes on that dollar and then you have 70 cents left over so a dollar earned is 70 cents earned so one of the things that can make the biggest impact right away is being frugal and saving money instead of focusing on earning more money well that is super important and super helpful it can be more efficient and have a quicker impact to start saving money roughly 30 more effective and when you break down that goal of 10 000 what you need to save every month is eight hundred and thirty three dollars which still sounds like a lot but when you break that down that's just twenty seven dollars and forty cents a day and when you break that down it might look like this making coffee at home three bucks a day stop buying clothes that you don't absolutely need 150 a month or five dollars a day bringing food and water to work instead of going out to lunch and getting a soda every day 10 cancel one unused subscription 12 bucks a month 40 cents a day go out to dinner a few times less per month 125 dollars in a month four dollars a day then from your side hustle all you need to try to do is earn five bucks a day that's pretty doable and that's it you're at 27.40 and at the end of the year you're gonna have ten thousand dollars all from making like five little decisions that you decided to make every day that the person next to you didn't and letting those compound over a year will completely change your life and if you're looking for a lot more ideas on how to save money or earn more money i actually just wrote an ebook with 50 ways to improve your finances by one percent uh it's completely free links in the description just enter your email and we'll we'll send it to you and yeah that's all there is to it make the little decisions that's it don't forget to subscribe

Channel: Gabe Bult

Views: 549,810

Keywords: how to save money, how to save money fast, money saving tips, how to save 10k, how to save 10000 in a year, how to save 1000, frugal, frugal living, how to save 1k fast, how to save 10k fast, money saving hacks, save money, how to save a lot of money, gabe bult, how to save money with low income, saving 10k in a year, saving money

Id: LkBKhwgNYP8

Length: 8min 3sec (483 seconds)

Published: Mon Apr 18 2022