How To Save 50% Of Your Income (Guide To Saving Money Fast)

Here's how to save 50% of your income (after taxes) and how to save your money fast so you can start investing

How to save money fast? There are a few tips and tricks for how you can save your income that finally start to pay you dividends once you start investing. In order to generate passive income, we have to save money so that we can become millionaires.

Last year In 2019 GoBankingRates polled Americans to find out how much they ave in their savings account, and the results are getting worse and worse. 69% of people polled said they have less than $1,000 in savings which means they live paycheck to paycheck.

How can that be when the economy is booming and the stock market, the real estate market are all growing insanely high right now? According to this same survey when asked what the REASON was that people cited not being able to save is because the cost of living is keeping Americans down. Being a financial minimalist myself, I know life CAN be expensive, but it doesn’t HAVE to be expensive, and ultimately, I think that’s one big excuse that we tell ourselves. The REAL reason, is our inability to delay gratification.

I believe the true reason for our decline in savings is because we live in an on demand economy. Buying products and signing up to subscriptions is becoming as easy as a swipe of your finger and it’s done. The easier it is to make bad decisions, the more we’re going to make them. However, ultimately, the decision to be careless with money comes down to us. It’s a choice we all have to make, drive a Tesla but work until you’re old, or ride a bicycle and retire when you’re young.

When it comes to saving money fast, it's more important to focus on the wins by increasing your income. Once you're able to make $40k-$50k per year annual salary, then we can focus on saving. It makes no sense to save money on coffee if you're not making much money.

I like to think of it in 3 general broad categories that we have to budget for. Food, travel, and housing.

When it comes to food, we're very frugal and focus on cooking at home and making cheap meals. This saves us a ton of money.

When it comes to travel, Corrie and I drive a very cheap car that we just recently sold for $600. In order to really save a lot of money, I don't own a car at all and instead I will bicycle wherever I I need to go.

For housing, we keep our costs low by house hacking as renters. We can save a ton of money by renting different parts of the house to each other. This is the single biggest expense you have to manage if you want to start building wealth and saving money fast.

Overall, focus on the big wins and you'll be amazed at how quickly you can save six figures and start investing it. I did it in just 4 short years, and Corrie has managed to save $25,000 in just one year. Anything is possible as long as you start and conquer your need to spend money on material things.

*Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

[AndreiJikh]

Do you have any saving tips for Corrie and I that we didn't mention? 😃

[FinanceOptimum]

*"If you buy things you don't need, you will soon sell things you need"*
Warren Buffett

[AB-bcvi]

Dudes got it all. The channel, the integrity, the money and the woman. Well done bro. You’re doing life !

[RossCampoli]

Thanks to people like Andrei, Graham, and Dave Ramsey, it seems like more people are understanding the necessity of saving more. Great video, Andrei!

[cyclingpanda]

Pro tip: if you stay single from November to February 15th you can save on food and gifts.

[LawGiver]

I had this video in my “Watch Later” playlist to delay gratification!

[lehp]

It's my very first youtube comment ever, but I want to thank you for everything you do for us. You're one of the most genuine person I've seen actually trying to improve the lives of your viewers.

[xdulbladr]

Did corrie work at McDonald’s 7ish years ago? I think I worked with her lmao!

[MaxDiamond]

"No I don't wan't to do Pacific, ok we'll do Atlantic" I laughed way too hard at this 😂 2:41

[InvestwithHenry]

I liked having Corrie in the video. It was a great balance and dialogue!

[TomBedlammusic]

This is great advice. My girlfriend got me into major frugality and its changed my life in the last 6 years. she's been a life saver. We earn around £28, 000 (maybe $37k US?) between us as freelance musicians and a few other things, but we save around 85% of our income and we love our life. Do not spend a single penny on ANYTHING unless it genuinely adds value to your life. We've travelled every year, 6 months of the year all around Europe in our (fully paid off, £5, 000) camper-van because that adds value to our lives. We dont have any subscriptions aside from mobile wifi, we dont pay for a phone, we dont have any debt, we dont dress in fancy clothes, we cook every meal whenever we're at home (I love to cook) People make fun or dismiss the idea as either impossible or an enormous sacrifice but it really isn't at all, I have and do everything I want in life

And finding you tubers like you who support this idea has been great. Really motivates us to keep on top of things

[JayTeeAyy]

Starts talking about her budgeting

*Graham Stephan has entered the chat*

[CodySteckRealEstateVideos]

I think you’re spot on Andrei. Saving a large percentage of your income and delaying that gratification is so important to getting ahead.

[oliverpazdry]

Moved from NYC to Dallas, TX saved so much just off the top from cost of living. Price of rent is cut in half, gas is cheaper, my job pays the same rate, and no state income tax in Texas.

[firelordsozin]

My car is paid off, an ‘05 Nissan. I live rent free, because I’ve chosen to take advantage of my parents kindness. And I eat varied, nutritious, yet inexpensive diet (home made salads). I mentioned this to an older co-worker. She’s 45 I was she straight up laughed at me for it. “Haha you’re car is an ‘05 POS, and how can you respect yourself at home with family”. I have pretty thick skin but for some reason on that specific day it got me. Your videos really help me to keep going and confirm that I’m doing the right things!! Thanks to my lifestyle I have been able to save 82.8% of my income. I really don’t make a lot, and below the average American wage at the moment… But I really been able to maximize it in savings!! I don’t say this to brag but I probably have more cash in my savings account then she’s ever had…

[bazzle_brush]

I love it how in the US, cooking at home is like some novel thing.

[BrendanEvan]

I think saving feels slow and spending feels immediate. That's a lot of "feeling".

[AaronCrowder]

If I could save 50% I would be a God hahah. Andrei, you inspired me to start my own YouTube channel man, and I appreciate that because I'm 19 years old. I go over my growth of my portfolio, my investments apart from the market, etc. If you could provide any feedback/constructive criticism, that would be so helpful. :) Just trying to establish myself in the YouTube industry. :)

[hamiddastgir]

69% of Americans have less than a $1000 in their savings account.


me: nice

[blackbeltfinance]

Pay yourself first!

I recommend The Richest Man in Babylon. My favourite book