10k

The video is about how to save $10,000 and emphasizes the importance of being intentional and knowing your purpose for saving. It suggests breaking down the goal into smaller chunks and deciding on a savings plan that works best for you. Budgeting and cutting back on expenses, particularly in housing, transportation, and food, are also recommended strategies. The speaker mentions the benefits of house hacking and suggests using apps and shopping at Aldi to save on groceries. Hey guys, welcome back to the channel. My name is Timothy. On this channel, we talk everything personal finance and on today's video, we'll be talking about how to save $10,000. If you're excited for this video, make sure you give me a thumbs up and make sure you like and subscribe. If you're excited for this video, make sure you like and subscribe to my channel. It's greatly appreciated. Let's dive right in to how you can save $10,000. Saving $10,000 is not an easy thing to do. It's not something that you can just dabble in. It has to be very intentional and you have to be wanting to save the $10,000. To start off, the best way to start on how to save $10,000 is to know your why. Why do you want to save this amount of money? Is it for an emergency fund? Is it because you want to go on vacations with your family? Is it for a home repair? Anything like that or is it for a home repair? Or do you want to save $10,000 first or do you want to just tackle debt? You want to get out of debt. You have a lot of credit card debt. If you have $10,000 in credit card debt and you want to pay that all off so you can continue your financial path and better yourself, it could be for paying off debt. Just know that knowing your purpose and knowing ... One of the biggest things you need to know is your why and just knowing that will help keep you motivated to save $10,000 because this is a journey. This is a lot of people that, for many people, that this won't be a one month, two months thing. We have expenses. We have bills. We have families that need to be taken care of and saving $10,000 is not easy at all. Like I said, it has to be intentional. To save this $10,000, you need to break it down. We're going to break this down into 12 months and we're going to break this down into two years. What you want to do is divide your $10,000 into chunks. What you want to do is divide this $10,000 into chunks. I think the saying is to eat a whale, you have to cut it up or something like that, but you're going to cut this up. You're not just going to look at the whole picture. We're going to break this down to $1,000 chunks, $2,000 chunks, $3,000 chunks, and so on and so forth. When you're breaking down your $10,000, you can decide whether you want to do it in weekly installments and whether you want to save weekly, monthly, or bi-weekly. You can do daily if you want. I recommend you do bi-weekly because that's how a lot of our checks are getting paid because that's how a lot of people are paid, bi-weekly checks. I recommend that you break this down into bi-weekly payments. If you do it, looking at the breakdown, it will be 12 months, that's $833 a month that you have to save, or bi-weekly at $384 a paycheck, or bi-weekly, which is every other week, you pay $2, or bi-weekly, which is $384. Or you can do bi-weekly, which is $384, or weekly at $192, and then daily at $27. You can decide how you want to save, however it works best in your mind because at the end of the day, this is personal finance and it is personal. If daily works for you, saving $27 a day and storing that towards saving works for you and all power to you. For me, it was bi-weekly. It was putting that money aside every paycheck and seeing it grow. If you can't do this in one year, maybe you can do it in two and save $416 a month, which makes it a lot more attainable than the $833 a month for one year. You could save at $416 a month, and then in two years, you'll have $10,000. One thing that you're going to have to do in order to save this $10,000 is budget. You can't just wake up. You're not going to be able to just wake up and say, oh, I'm going to save $10,000 today. I'm just going to put money aside. I'm going to live on this. Some people can, but a lot of people can't, and it's very difficult, so you're going to have to learn how to budget. I do have videos on budgets, and I talk about budgets in almost all of my videos. You can find those in my previous videos or you just look at ... I do talk about budgets in all of my videos, but if you don't know how to create a budget, basically what you're going to do is track your expenses, track your spending, and then put a limit on those spendings. Say you still say your budget is $300 a month on groceries, you're not going to go over that $300 a month, but at the same time, you're going to save a certain amount of money towards your savings. Then we go back to how much do you want to save? Do you want to save it monthly? Do you want to save $833 from a paycheck? Do you want to save $833 for the whole month, or do you want to save $384 a paycheck, or you could just save $500 a paycheck. However you want to do it is personal. Whatever is personal is what works for you. If your income is not super high, you could still do $200 a month. You could still do $100 a month, but just getting towards that goal, you're going to start saving. You're going to have to budget. You're going to have to plan out how you're going to spend your money for the month, or you can look at this. You could just put ... Another way that you could save this money is by putting a certain amount aside and just living off the rest. To say, automatically every month you're going to put aside $500 for savings, and you're going to figure out how to live on the rest of the money, how much money comes in a month, but you're going to put aside $500, and everything else you live off of. Everything else is your housing. That's your transportation. That's your groceries. That's your going out to eat, but you know that every month, $500 is going to this account. Another thing you need to do is cut back on expenses. We are, us Americans, we spend. We spend money, and we spend it fast, and we have all these different cars. We have car payments. We have these nice houses. We spend money on going out to eat, too much money on these things, and you have to cut back on expenses. If you're going to want to save $10,000, and you're already living some kind of extravagant lifestyle, or your lifestyle is already inflated, you're going to have to cut back in order to save the $10,000, especially if you want to save it quickly within a month, especially if you want to save it quickly within a year or two, we're going to have to cut back on expenses. I'm going to tell you some ways that you can cut back on expenses in the big three categories. If you don't know what the big three categories are, it's going to be housing, transportation, and food. For housing, it's recommended, and I like this idea. It's very hard to do. Right now, housing is one of the most expensive. Right now, housing is super expensive, especially in these big cities, but one of the rules that I like is 30% of your income goes towards housing. I talk about net, because that's what's going into your ... I talk about net, because that's what's going into your paycheck. Let's say someone makes ... I like this example of making $3,000 a month. That means that 30% of housing would be $900, so it would be recommended that they don't go over that $900 threshold. Now I know in these expensive cities like Washington, D.C., Boston, or New York, finding an apartment for $900 might be impossible, but it's not. You can find roommates. You can get an apartment and rent that out to a roommate. You can rent that out to Airbnb. There's different ways that you can lower your expenses. One thing that I did was house hack, which is one of the best things for me that helped me really save ... that helped me reach my $10,000 goal and beyond. House hacking is a great way to get to that $10,000 goal and to lower your housing to potentially zero. Another way you can cut back is on transportation. In fact, the average new car payment is $726, and the average used car payment is $1,000. In fact, the average new car payment is $726, and the average used car payment is $1,000. In fact, the average new car payment is $726, and the average used car payment is $533. Imagine if you cut this out of your life, if you sold your car, or just don't get a new car, and you have a car that's paid off, a car that's great on gas. I'm still driving my 2002 Toyota Camry, and I love it. I got liners missing. I got hubcaps. I got liners missing on both sides. I got no hubcaps. It's creaky. It's bouncy, but it gets me to where I'm going, and it's great on gas. Those are ways you can cut down on transportation. You can also use different apps for gas that give you points ... You can use different apps for gas that gives you money back when you spend ... You can also use apps that give you money back on gas when you spend, but just stay out of car loans. Anything that's taken away from your saving goal to $10,000, you want to cut those expenses in half or cut them completely out so you can reach that $10,000 goal quickly. Finally, there are ways you can cut back on food. It says an average of $1,000. I saw through a quick internet search that an average of $1,080 is actually spent on food. This is from a family, but if you are single or you do have a family, there's ways that you can cut back. If you can even cut this grocery bill to $500 to $400 a month, that will help tremendously towards your saving goal. Maybe you can add to the $400. Maybe you can do $1,000 towards that $10,000 every other month by cutting these expenses down. One way you can save on groceries is by going to Aldi. I love Aldi. Aldi is so good if you haven't heard of it. It is a very inexpensive store all over the place. I was in California for about four months, and I would think that Aldi would be expensive, but it costs about the same as to where we live in the Midwest. I was like, shoot, I'll go to Aldi all the time when I get groceries because the deals were great. The eggs, the bread, it was all inexpensive. Also, another way to help cut back on groceries is before you go to the store, you want to make a list of what you need. Another great way to cut back on groceries is by ordering online before you go. Basically, what you do, you pick up your orders. Aldi does do this as well. You can go on the Aldi app or Walmart app, whichever grocery store provider you like, and you can add items to your cart. You can check out and go pick these items up instead of you going inside, walking around, and then you see Oreos, or you see Pop Tarts, and you're like, just adding it in. Or you're with kids, and they point to they want this, and they want that, and you're like, go ahead, throw it in, just throw it in. Instead of doing all that, you can order online and not go into the grocery store, and you're more than likely to save because you're not picking up random items because you're hungry or just items that you see. That is a great way to do it. Try to do a mobile order and pick up. You can also boost your income. This was something that I did. Back in the day, I had two jobs, so I can save for rain, save for trips. You can boost your income. You can negotiate raises. I don't have videos on raises yet, but we will be putting something like that in our future videos, but there are many videos on YouTube where you can negotiate raises. Leave your job and find another high-paying job. Leave your job and find a high-paying job. Those are some things that you can ... That is something that you can do to help raise your income, but I really recommend getting another job or doing some odd jobs. Doing Uber Eats at night when you get home, doing Lyft rides, doing Uber rides will help boost your income and help save towards this $10,000 goal. Let's say you're already saving $300 a month, but now you're doing Uber at night. You can save $200, $300 more towards that goal and get there even quicker. In number six, you're going to save strategically. This comes back to automatically saving your money to high-interest savings accounts. These are accounts like Ally Bank, which I use, which right now in 2023 is at ... Which right now at the time of this recording, it is at about a 4.3% interest rate, which is pretty good. It's way better than a lot of the banks that offer 0.000001% on your money. Since this is a longer goal that you may do in a year or two, you can put that money into CDs, which have higher interest rates, maybe at 4.5% or 5%, just a little bit higher than a high-yield savings account. This money is locked in for six months to a year to even longer, but that money is also collecting interest. That money is also collecting more interest than some high-yield savings accounts and definitely way more than keeping that money in your checking account or under your mattress. You also want to automate your savings. As soon as that money hits your checking account, you want that money automatically transferred to your high-yield savings account. You only want to see it. You can have it automatically transferred from your paycheck, so it doesn't even come into your checking account. This is something that I do. I have automatic savings on, so I have a certain amount that I save that doesn't even go to my checking account. It goes to a whole separate Ally account that I don't even have the card for. I keep the card at home. I don't even bring the card out with me, so I have that automatically saved, which helps me save to my $2,000 goal. It helps me save even more than $2,000 a month. Number seven, you're going to reflect and adjust. You're not going to just keep saving. You're going to keep saving, but you're also going to sit back. You're going to look at your account. You're going to see where money is coming in, where money is going out, if you're getting paid less, if bills are going up. You're going to see if you're getting paid less, if bills are going up. If bills are going down, you want to reflect. You want to adjust that, hey, maybe our car insurance went down, so we're going to add the difference and put that towards our savings. That's something that we did. We ended up lowering our cell phone bill, and we put the difference of $50 to $60 and put that difference into our savings account. Financial situations change. This is a long-term saving goal, a year or two. This is a long-term saving goal, so things are not going to look the same. We're going to reflect and adjust to whatever changes are coming, to whatever changes are happening. We're going to reflect and adjust to whatever changes are coming up. Another way you can reflect is by creating a progress bar. You can buy a little whiteboard from Target or Five Below and hang it up. Hang it up in your room. Hang it up wherever you go all the time, the bathroom. Create a bar graph. Put 5, 10, or you can do 1, 2, 3, 4, 5, all the way to 10,000. Once you get to that certain marker, once you get to that certain amount on your savings account, you're going to fill it in. That's something that we did. We have a thermometer. Every time we got 1,000, we filled it to 1,000 lines. When we got 2,000, we filled up to 2,000 lines. You can just keep going that way, and you can see your progress as you get higher and higher and higher. There's also buckets within Ally Bank. There's different buckets within the savings account where you can assign a specific amount of money towards that bucket. You can say for emergency funds, you're going to put $10,000. You can say for emergency funds, you're going to put $10,000 for the cap. You can see the bar graph move forward as it progresses. You can see that it moves forward towards that $10,000. That can help you just mentally see the progress that you've been working on for this last year or two. Finally, you're going to celebrate your win. Saving $10,000 is not easy, and I'm sure a lot of people don't have it. If you do have $10,000, comment it down below. If you have more than $10,000, how much do you have saved? Put that in the comment section below. How are you saving it? I want to hear back from you guys. I want to hear how much. If you do have $10,000, put that in the comment section below. If you have more than $10,000, put that in the comment section below and how you did it so we can help each other figure out how we can save and become better financially. Celebrate your wins. When you save that first $1,000, go out to eat. This is a year. This is a two-year thing, a six-month thing. For some, it could be a six-month thing, but for a lot, it might be a year or two. Celebrate your wins. Take your foot off the gas pedal a little bit, but not all the time. Once you save that $1,000, go get yourself a treat. Go get yourself an ice cream when you save that $2,000, when you save that $5,000. The $5,000, that's a big goal. When I saved my first $5,000, I was like, man, this is nice. This is nice. I feel a little bit more relaxed. I feel like something could happen and I have the money here to use it. I don't want anything to happen, but if something were to happen, I have the money right here and I can kind of throw it towards these expenses when they come up. Celebrate your 8K. Once you reach that 10K, celebrate. Go out for a nice dinner. Go spend $100. Go spend $50 or $100 on a dinner. You spent a whole year, a whole two years, saving up this $10,000. Saving up $10,000 is a lot of money and you have so much more to accomplish. You have so much to think about. Go out to eat with your family. Take your family out for a dinner. Explain to them what you've been doing. Explain to your kids what you've been doing, how hard it's been. Explain how hard it's been. Let them resonate with your journey and inspire them to do the same. Save your first 10K. It takes a weight off your shoulder because you have this extra money in your account. $10,000 can cover a lot of expenses. If these expenses come up, you don't have to look at the credit card debt. You can just pull from this $10,000 and pay the expenses. When you do pull from this $10,000, build it back up. Build it back up and build it even more. Go to 20. Go to 30. Use these same steps. Use these same rules. Use these same methods. Use these same tips that I described to save towards your first 20K. To save towards your first 30 and beyond. Just remember, with dedication and smart money management, saving $10,000 can be done. Just remember, with dedication and smart money management, saving $10,000 can be done. Just remember, with dedication and smart money management, saving $10,000 can be achievable by anyone. You have to want it. You have to focus on it. You can't just wake up and do it. Use these tips to build your first 10K, and I promise you won't regret it. Keep pushing forward. Stay resilient. Keep pushing forward. Stay resilient and watch your savings grow. I'll see you guys in the next one. Don't forget to like and subscribe to this video for more content like this. Keep pushing forward. Stay resilient, and your $10,000 goal will be there before you know it. I hope you guys enjoyed this video. Don't forget to leave a like, comment. Don't forget to like and comment on this. Don't forget to like and subscribe to my channel, and comment how much you have saved and what you're doing. Don't forget to like and subscribe to my channel, and leave a comment. Don't forget to like and subscribe to my channel. Don't forget to like and subscribe to my channel, and leave a comment in the comment section below on how you're going to save your first 10K. I'll see you guys in the next one. Don't let nobody find you. Swear.