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In this video, I will share the method that I used to save nearly $12,000 in the past 6 months.
To save money effectively, it's essential to have a thorough plan.
This is MY personal experience.
The variation in income and financial responsibilities among people will impact one's ability to save a given percentage of their income.
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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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The MOST EFFECTIVE money-saving strategy for myself was to set up automatic withdrawals from my primary bank account to various savings and investment accounts at a set rate of 30% of my total income. I found it best to schedule automatic withdrawals for the day income is posted to my primary bank account. I then proceed to live off of 70% of my income and disregard the 30% which was deposited into savings and investment accounts.
Great video! Having those primary and secondary goals is so important. Most people only have one. Either someone only plans far in the future and neglects to set short term goals or someone only makes short term goals and doesn’t think long term. And also congrats saving that much is a huge accomplishment! It is inspiring to see someone else my age who is smart with their money!
I set daily, weekly, monthly, yearly, and lifetime goals. Maybe I’m going overboard but it works for me!
*how to save money: become a minimalist. not only will this definitely reduce your expenses, but it will help you grow as a person and feel happier*
Much respect to that lifestyle!
thanx
Every Millionaire I meet and hang with tells me this same thing. Them they tell me to have my number.
Lissett C. Good Luck ! 🙂
Agreed! I love my minimalist journey! Make you appreciate life and surround yourself with things that you love, not just things.
Its nice to know that a millennial is helping other millennials. Great job!
Thanks! I try my best to provide value.
Even rich people have money issues but people below the work force will not as people below are learning while people who makes it fast aren’t and spends their resources in the wrong way.
He’s gen z
I got my pay check at the end of February, I took home $4,000. I immediately saved $3,000 and put it in a separate bank account. I’m a very frugal person and I’m conservative. I have no debt and live at home with parents.
Focus + Discipline = Victory !
Tank The Pitbull What kind of work do you do?
zach123987 Electrical engineering is my profession.
Tank The Pitbull well that’s why lol.
So basically as an adult you are sponging off your parents.
This definitely did change my life! Automatic is the way to go for saving, investing, even paying debts. I’m putting over $6k a year for retirement just on this simple idea. 😁
Great savings tips….I recently did a savings challenge and was able to save $1300 a month by cutting down monthly household bills. Keep up the good work!
Nice! Love to hear it
I saved 11 000$ in 3 months just watching videos like this! So helpful content. I cut back everything and was able to save that much. Invested all that and passive income is growing
That is awesome. Glad to hear that. Saving is the easiest way to get to 100 k net worth which is something I just made a video on
In what did you invest any tips
@Bryan Gaytan Before you invest, it comes down to cutting down expenses significantly. Need to live very minimalist then just follow Dave Ramsay’s baby steps just to get started! It’s not about what to invest on, it’s lot more about cutting down expenses by more than half and discipline that over time.
I need to save that in 3 months also
What did you invest in
I’m stuck between “I need to save money” and “You only live once.” –Anonymous
Happy day people
Yeah you live only once. So make good choises and think about your future too
Yep
Lmao me 2
Hahahaha
For some people It’s easy to start something but hard for them to stick to it if they don’t see immediate results. In order to save in the long term you have to develop new habits and mindset to save/ invest; moreover, be disciplined not to return to old financial habits. Don’t get discouraged..just be consistent with it!
A great tip for food… reconsider the cost of the restaurants where your eating out. Ive stopped eating out on the weekends, instead I buy groceries and cook at home. Its been an overall more pleasant experience. I would get upset when I would go out pay high costs at restaurants and then got lousy service. Instead i cook on the weekends stay home eat in with my family and its great. I don’t deprive myself from going out… instead I go out to the movies with my kids and or for ice cream or a coffee instead… has worked very well for me
this, just cook at home hell you can eat really good for a fraction of restaurants cost. I get 4-5 ribeyes for $45 and a bag of chicken breast that’ll easily last me all week and you’re eating good.
Great tips Nate – what helped me tremendously was learning to distinguish my expenses between needs vs wants, with prioritizing needs first above all else
Yeah, very important point. I try to include this in all money-saving and budgeting videos I make.
1. Decide how much you need to save
2. Create a budget income and outflow
3. Creat secondary goals short term
4. Essential needs food, shelter, clothing, health, and transportation
5. Things you have to pay because it’s “essential” to your wife.
@J Hutt get rid of number 5 and I’ll be rich
@J Hutt – I’m the wife and also the saver in my relationship. I don’t need extra things, but my husband loves his hobbies. And that’s also part of enjoying life, so I support him while being the voice of reason.
@K Scott My wife does save quite a lot, more than I actually.
When I buy groceries, what I need costs 1/4 of what she wants. I wouldn’t really care to have weekend in hotel somewhere, or eat out pretty much ever, when I could just sit at home playing guitar and eat minced meat and potatoes, but it’s important to her. I don’t want to be a cheapskate, so I pay my part.
Of course double income does make living far cheaper in person, so I wasn’t really that serious about it.
@J Hutt – I eat like a toddler and never care about going out either. When I was in grade school, I took my own lunch which was the same thing every day for 4+ years. Food is really important to my husband, though. He cooks. He bakes. He loves all the finer things about food. So, I get it.
When I left foster care, I wasnt sure how I was gonna save enough money for rent. I’m lucky to have a roommate, and it saved me a lot of money splitting all of the utilities between us. Also, simply cooking at home and using less electricity really saved me big bucks. I encourage everyone in a similar boat here to take an opportunity like this to save, because you’ll never know when something comes up.
I find that finding a balance between work and play is vital to budgeting as well. If all your going is working and saving – then you will feel like a cog in a machine. Making a monthly budget for fun things I found makes budgeting fun because you also reward yourself for doing so!
The habit of saving is a great tool that has helped me build substantial passive income through investing and on my way to build wealth. All I can say is that nothing beats expertise in finance.
Of course, I did lose some money sometime this year when I started out investing myself. But with help, it’s been a swell experience. I just wish I had this knowledge before delving into the market.
Hey Eleanor. I’m in a dark place with my finance and I need help. How did you do it
@Willy Cheng Levi exceeded my expectations just two months into working with him as my fiduciary overseeing my investments. You can get across to him
Leviclemans(a)Gmai
Lcom…even with the commissions i’m still raking earnings.
@Lizzy McPherson It wasn’t difficult to get through to him. You’re kind.
Money saving tips:
Stop spending money.
Stop borrowing money.
Stay out of bars / nightclubs.
Stop trying to impress your friends.
Truth.
Stop stop stay stopped
True
Honestly these 4 make all the difference
“From my perspective, this highlights the importance of having a competitive advantage as investors. Merely mirroring the market strategies of others is insufficient in achieving optimal results. I am currently grappling with the decision to invest in the current market, as it presents both uncertainty and opportunity. Could you share your insights on this matter?
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
I have learned from past experience that basing market judgements and decisions solely on rumors and hearsay can lead to detrimental results. In 2020, I fell victim to such a situation and was left holding worthless positions in the market. To overcome this, I sought the assistance of a professional advisor and made significant changes to my portfolio. Over the past two years, I have worked with this advisor and have seen a growth of 750k in my portfolio, demonstrating that profitable opportunities can be found in both bullish and bearish market conditions, it is a matter of strategic investment approach
I’ve been thinking of going that route, been holding on to a bunch of stocks that keeps tanking and I don’t know if to keep holding or just dump them, think you inv-coach could guide me with portfolio-restructuring
The adviser I’m in touch with is Nolan Velden Brent, he works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me his strategy works hence my result. he provides entry and exit point for the securities I focus on.
Thank you for sharing; I just Googled his name and his website came up right away. It looks interesting so far. I’m going to book a call with him and let you know how it goes
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money.
Investing in the stock market has HISTORICALLY provided higher returns than other forms of investment. According to Morningstar, the average annual return for the S&P 500 index, which measures the performance of 500 large-cap stocks, was approximately 10% from 1926 to 2020.
We must consider safer investments with promising returns in order to plan for the future. If you approach investing with a five-year perspective and simply DCA whenever you receive a check. Under the direction of my investment advisor, “HEATHER ANN CHRISTENSEN”, whose expertise in portfolio diversification is unsurpassed and client-focused, my portfolio has gained almost $643k since January 2022.
@Zahair O’Brian There is this podcast i was listening to and it said something venturing within your tolerance and risk capacity, see you mention it again got to me. How can i reach this Financial Advisor you are working with?
@kim young Just look her name up on a browser, she’s quite popular so it shouldn’t be a hassle finding her
🏦 Earn up to 4.00% APY: https://sofi.com/nateobrien