How To Save $10,000 FAST

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Here is exactly how you can save $10,000 - Fast - using these simple strategies to begin cutting back, saving more, and investing more - Enjoy! Add me on Instagram: GPStephan | GET MORE INFORMATION HERE: http://grahamstephan.c...​  GET YOUR FREE STOCK WORTH UP TO $1000 WITH OUR SPONSOR PUBLIC - USE CODE GRAHAM: http://www.public.com/...​   NEW BANKROLL COFFEE NOW FOR SALE: http://www.bankrollcof...​  THE NEW PODCAST:

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00:00What's up, you guys? It's Graham here, and let's face it, we're in trouble. It's recently reported

00:04that the average American only saves 5% of their income. The median savings for those under 33

00:10years old is just $3,240, and nearly one in four households has absolutely no emergency savings at

00:16all. However, that could stop today because there are six incredibly easy strategies that you could

00:21begin immediately if you want to save $10,000 fast. And best of all, it costs you absolutely

00:27nothing. Okay, I lied. The cost is actually one like on the video and subscribe if you're feeling

00:33extra generous. It does help out the channel tremendously. So thank you guys so much. And

00:37now let's begin. To start, I found that when it comes to any financial milestone, it helps to break

00:42down exactly how much you want and in what time frame. After all, there's a problem if you tell

00:46yourself, I just want to make $10,000 as fast as humanly possible. In that case, there's no finish

00:51line. The timeline is indefinite. So it helps to have a realistic timeline in terms of when you

00:57could accomplish your goal. In this case, I'll just go ahead and assume that you want to save

01:00$10,000 in a year, which if that's the case, you'll break it down as follows. $833 a month,

01:06$27.40 a day, $1.40 an hour or $2 a minute. Okay, you don't need to go that far,

01:13but you get the

01:13point. Breaking down your goal within a specified timeline gives you actionable steps that you could

01:18begin working towards on a smaller scale. Like let's be real, saving $10,000 seems like a daunting

01:23task. But when you break it down to $27.40, it seems a lot more reasonable. And then from there,

01:30you can move on to step two. Start right now. I know this sounds kind of common sense, but you

01:35would be surprised how many people think of a great financial goal, get very excited about starting,

01:39and then nothing. Maybe you get a text message, forget about it for a day, and then think to yourself,

01:45oh, I'll start off tomorrow. Or perhaps you have too many upcoming expenses and you say,

01:50well, this might work a little better if I actually start next week after the new Street

01:54Fighter PS5 game comes out. Whatever the reason, you're only hurting yourself by not beginning

01:59immediately. And when it comes to this, here's what I found. You have the most momentum when

02:03you're excited about the prospect of something new. And then within about a day, that excitement

02:08begins to wear off, and then you're left with the reality that your entire life has just become

02:13a giant procrastination. However, by starting right now, or basically as soon as the video is over,

02:18you'll at least begin to build up some momentum. And once you get the ball rolling, it'll be a

02:22little bit harder to quit. So in terms of how to start, the first thing that you could do is

02:26budget.

02:27The fact is, if you're going to save an extra $27.40 every single day, you need to know exactly

02:33where your money is going and how much money is going into and out of your account. Without it,

02:37it's kind of like you're throwing a dart blindfolded and hoping you don't poke an eye out. Plus,

02:42it's incredibly simple to do. Not poking an eye out. I meant budgeting. All you need to do is make

02:47an

02:47account with a free money tracking platform like Mint or Rocket Money that aggregates all of your

02:52information into one place. And then from there, you can see exactly where your money is going in

02:56real time. The benefit of doing this is that by tracking where your money is going, you're going to

03:00be able to better pinpoint all the random miscellaneous small expenses that add up over time. Like,

03:06did you know that the average American spends $18,000 a year on non-essential discretionary

03:11purchases? Or chances are you're spending $200 a month on subscriptions, which is $133 more than

03:18expected. When you really get into the weeds of your budget, strange things begin to happen. And

03:22no, I'm not talking about getting retargeted with debt consolidation ads. Instead, it's like looking

03:27into the matrix and seeing everything that you've just never noticed before, except this time it's

03:32all about saving money. All you need to do is track your spending for the next 30 to 60 days

03:36and then

03:36cut back on everything you don't absolutely need to buy. It sounds simple, right? Well, it is really

03:43simple, actually. In terms of what to expect, one survey found that it was the easiest to cut back

03:48on 10 main categories. Eating out, alcohol, credit card interests, clothes, electricity, cigarettes,

03:53heating or AC, unreturned items, convenience, and the lottery. Just think about that. Almost all of

03:59those items are pretty much discretionary that you directly control, like eating at home versus going

04:04out to a restaurant. Don't order alcohol, pay down credit card interest, turn off the lights when

04:09you're not using them. The list goes on. But even if that's not your idea of fun and you want

04:14to be

04:14able to save money without changing really anything about your lifestyle, then there is another option.

04:20All you need to do is look at your most common expenses and then think to yourself, how could I

04:25get the exact same thing for cheaper? Take car insurance, for example. Be honest, when is the last

04:30time you shopped around? With 30 minutes of work, I pretty much guarantee you could find the exact

04:34same coverage for less than you're currently paying. From there, take a look at your internet

04:37and cell phone bill. There are so many different alternatives right now that could save you a ton

04:42of money. Just apply this to everything that you spend money on. And sometimes just calling up and

04:47asking for a discount is all it takes to begin cutting back. It's also incredibly important to

04:51realize that when it comes to this step, saving money is a lot more impactful than earning more.

04:57Let me explain. When you earn a dollar, you're going to have expenses like travel to and from work,

05:02gas, insurance, wear and tear on the car, and taxes, which could often leave you with about 75 cents

05:08left over when everything is said and done. But when you save a dollar, you get to keep that one

05:12dollar

05:13in full immediately. And this is why saving money is so powerful. To put that in context, if you go

05:18out

05:19and spend $50 on a meal, you would have to earn $67 before tax to be able to pay for

05:25it. But if you decide

05:27just not to get that meal at all, then you have $50 left over in your pocket right now for

05:32you to do

05:33whatever you want with. However, I also understand that this isn't for everybody. Some people just

05:37want to live their life and spend some money. So there is another option. And that would be the

05:42concept of paying yourself first. This runs with the philosophy that most people first spend their

05:47money on housing, transportation, food, entertainment, life, and then they save whatever's left over.

05:53But paying yourself first flips this around entirely. With this, you'll automatically pay yourself a

05:58certain amount right off the top, and then you'll get to freely spend whatever's left over. I mean,

06:02let's face it, the average person is not tracking what they make, aren't budgeting, and have no idea

06:07how much they spend. This will have the most immediate impact in terms of how much that person

06:11is able to save. On top of that, from what I've seen, the average American household doesn't

06:16necessarily have an income problem, they have a spending problem. And expenses will always go up

06:20right alongside with your income. So no matter how much money you make, you're always going to be

06:25in the exact same spot, except probably with a slightly nicer iPhone. Like just consider that

06:30almost half of those making above $100,000 a year are living paycheck to paycheck, which is only

06:34slightly lower than those who make between $50,000 and $100,000 a year. That goes to show you that

06:39spending habits are largely the same in proportion to how much money you make. And that's all because

06:44we succumb to what's known as lifestyle inflation. This is simply what happens when you earn more,

06:48spend more, and then need to earn more to be able to spend more. It's a vicious cycle.

06:53So automate your savings, move it before you think about it, and once it's out of sight,

06:57it's out of mind. But in terms of how you could actually save $27.40 a day, assuming you want

07:03to

07:03hit $10,000 in a year, here's a few ideas. First, housing. According to the Consumer Expenditure Survey,

07:10housing takes up the largest portion of the average budget. So if you could find a way to reduce this,

07:15you're set. I know it sounds easier said than done, but perhaps you'd find a way to rent out

07:20a bedroom. Maybe you're able to ask your landlord for a reduction in rent or find a cheaper place

07:25when your lease is up. If you own a home, like I mentioned earlier, you could shop around your

07:29insurance rates. You could adjust the thermostat when you're not using it. Reduce water usage.

07:33You have a ton of ways of lessening your cost. And by implementing just a few of these,

07:38you should be able to save an extra $10 a day. Second, we got transportation. Right now,

07:43the average car payment is $716 a month, which is ridiculous, but it's also a great way to save a

07:49lot of money. Personally, my recommendation is that unless you need a nice car for professional use,

07:54go and buy the most affordable, reliable, good on gas car that you could possibly find and then

07:59drive it until the wheels fall off. Remember, most cars hit their peak depreciation around year six

08:05and seven. So use that to your advantage because then you'll be able to recoup as much value as possible

08:10throughout your ownership. On top of that, check your mileage to make sure you're not paying more

08:14than you need to on your insurance premiums, which could be overpriced to begin with. So just by

08:18scaling back and shopping around, you should be able to save another $5 a day here. Third, we have

08:24taxes. Remember how I said that housing takes up the largest portion of the American budget? Well,

08:29that's true until you account for taxes. It was reported that in the United States,

08:34the average single worker paid 30.5% of their income to taxes in 2022, meaning that one third

08:40of your entire working year is spent earning enough just to pay the IRS. This means that it's

08:46more important than ever to at least have a basic understanding of how the tax system works so that

08:51you could utilize everything at your disposal that's designed to keep you as much money as possible.

08:56From my experience, hiring a good accountant goes a long way to saving you a lot more money. By doing

09:02this, you should be able to save at least another $3 a day. Fourth, food. One study found that the

09:07average person spends $6,600 a year in this category, which works out to be $550 a month,

09:13and about 40% of that is eating out at $220 a month. Now, I'm not just going to sit

09:18here behind

09:19a screen and yell at you for spending money eating out, even though that would save you a lot of

09:24money,

09:24but instead, I'll take the more reasonable approach. If you're dining out or going to a restaurant

09:29or ordering food delivery, don't do that out of laziness. But if your idea is going out with

09:34friends and family once a week or so to an affordable place that you could budget, by all

09:39means, but stop lazy spending. By doing this, even if you're able to save just $3 a day, it begins

09:45adding up, and all of this money is something that you could use to put yourself ahead financially.

09:49Fifth, we also have debt repayment. It's said that the average American has $5,700 of credit card debt

09:55at an average of a 24% interest rate. That is $114 every single month that you're not paying off

10:02your bill in full. So instead, take the approach of doing anything you can to cut back and then

10:06taking that money to pay down any credit cards. Once that debt is paid off, you're going to have

10:10the entire amount left over to then save and invest however you want. But until you're completely out

10:15of debt, paying this down should be your biggest priority. And since we're toweling all of this up for

10:20the average person, that would result in a savings of an extra $4 a day. And finally, sixth, we got

10:26apparel. Look, Americans are spending an average of $133 a month on clothing. And if that sounds like

10:32you, go and take a look at your closet and tell me how many of your clothes you actually end

10:36up

10:36wearing. If I were to guess, you probably wear the same few shirts and pants and shoes 90% of

10:42the time.

10:42Or maybe I'm just discussing myself. But if this sounds accurate, cut down on this or at least reduce it

10:48by half. And by doing that, you'd be able to save an extra $2 a day. So just right there

10:52is your $27

10:53a day in savings by cutting back, reducing your spending and paying yourself first, which adds up

10:59to $10,000 in a year. But there could also be another way. Well, thankfully, there is with a side

11:05hustle. Here is the truth. If you want the fastest way possible to make $10,000 in a year, get

11:12a part-time

11:12job. Honestly, I am surprised how complicated people want to make things. If you're not willing to cut

11:18back and you don't want to resort to eating rice and beans every night, then you have to make more

11:22money. And the fastest way to do that is by working more hours. It doesn't need to be glamorous. It

11:27doesn't have to pay you an exorbitant amount. But if you're willing to help out a local business,

11:32do some work for somebody else, or take on some side work on the evenings or weekends,

11:36check what options are available in your city. Even if you're earning $15 an hour after tax,

11:42that requires that you work less than two hours a day on average for a year to save up $10

11:47,000 in

11:48your pocket without doing anything differently or cutting back at all. Plus, the more you work,

11:53the more skilled you're going to get and the faster you're going to be able to make and save a

11:57lot more

11:58money. Or you could just go and ask your boss for a raise, you know, because of inflation. That works

12:04too. And finally, since this is all money you're going to be saving, make sure you optimize it with a

12:08high-yield savings account, money market account, or CD. Right now, there are so many options that

12:13are currently paying between 4% and 5% interest, which means once you hit your $10,000 target,

12:18that is an extra $500 a year just for diligently saving and following some of the steps that are

12:24outlined here. The entire point of this is that all of these steps start small and then build over

12:29time, as long as you subscribe and hit the like button if you haven't done that already. So thank you

12:33guys so much. As always, feel free to add me on Instagram. And don't forget that you can get a

12:37free

12:38stock worth all the way up to $1,000 with their paid sponsor, public.com, down below in the

12:42description when you make a deposit with the code GRAM. Enjoy. Thank you so much. And until next time.

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