How I Saved $10,000 with a [Minimum Wage] Job

Here's how I saved $10,000 on a minimum wage job ($8/hour).

Chapters

0:00 My Story
1:31 Part 1: Knowing Your Race
3:13 Part 2: Create a Plan
5:32 Part 3: My $10,000 Saving Strategies

When I was in my early 20s I worked at a minimum wage job making $8/hour and with that job I did 3 significant things:

1. Graduated College Debt Free
2. Traveled to 35 countries
3. Saved my first $10,000

I believe that anything is possible if you set your mind to it and have a plan. In this video I talk about how I saved $10,000 on my minimum wage job through 3 parts:

1. Knowing Your Race
2. Creating a Plan
3. My $10,000 Saving Strategies

Part 1: Knowing Your Race

Life is like running a marathon; however, we don't all start at the same point: some start behind while others start ahead. The first step to saving is knowing your life circumstances. There is no "one size fits all" strategy with saving because we all come from different life circumstances. You have to be realistic with saving money because if you put unrealistic expectations on yourself, you won't follow through with your goals.

You also have to know that it doesn't matter what your life circumstances are, you can still save $10,000, it might just take you a bit longer to do...but you'll eventually get there!

In addition to knowing your life circumstances, you have to "establish your why." Why do you want to save $10,000 (or just save). It is much easier to save money when you have a reason to. Maybe you want more security in your life, maybe you want to buy something, regardless of what it is you need to have a "why."

Part 2: Create a Plan

Saving is a lot easier than people think. The problem that most people have is that they don't create a plan and think that they can just blindly put money in a savings account; however, you have to create a plan in order for your savings to grow. My strategy has always worked for me and consists of 3 simple steps:

Step 1: Establish a Weekly Savings Amount

Look at your expenses and ask yourself, "How much can I save a week?" Saving on a weekly basis helps me understand goals better. Even if you are only saving $10 or $20 a week, your account will steadily grow at your own pace.

Step 2: Separate Your Money

For me, it's important to separate my money in a checking account for spending and a savings account for saving. That way I know what money is for spending and what is for saving. The checking account will fluctuate, but the savings account should only increase.

Step 3: Consistency and Patience

Most people have trouble saving money because it is extremely boring. If you're making minimum wage, it will be a very slow process, but if you are consistent and patient you will eventually get there!

Part 3: My $10,000 Saving Strategies

Here are 10 strategies I use to cut my spending, keep expenses low, and save money.

1. It's 10,000 $1 decisions, not 1 $10,000 decision

Most people want to make 1 decision to save $10,000, but the reality is that it is actually a bunch of small decisions to save money every day.

2. Take Advantage of Your Resources

We all have some resources whether it's family, friends, or coworkers. My biggest resource was living at home and it saved me about $50,000 in expenses.

3. Know the Intangible Currencies

4. Cut All Unnecessary Spending

All you really need in life is food, water, and shelter, everything else is optional. Know the difference between a want and a need and cut out the wants from your life.

5. Save All Bonuses

When I got money like tax returns of birthday money, I would pretend like I never got this money and saved it. Bonus money is great opportunity to catch up or increase your savings quicker.

6. Use Holidays to Your Advantage

Holidays like Christmas are a great time to ask for things you actually need instead of getting a bunch of junk. When you get clothes or household items, you can save a lot of money instead of buying it yourself.

7. Choose a Good Bank

Avoid fees from banks and choose a bank that doesn't charge you anything. Even if a bank is charging you $3/month in maintenance fees, that is money that you could be saving.

8. Learn How to Get Enjoyment Out of Free Things

The best things in life are free. Instead of spending $100 on an experience, take a walk in nature because it is free.

9. Fix Things Yourself

There is a YouTube video for everything. When I was making minimum wage I learned how to fix things myself and saved a lot of money in the process...also gained a new skill!

10. Focus on the Pennies, Not the Dollars

If you take care of the pennies, the dollars will take care of you. Don't underestimate the power of saving 50 cents on an item. If you are saving pennies in every avenue of your life, you will end up saving hundreds of dollars a year.

[missdesireindependance]

I save $4000 working part-time making minimum wage and brought my first car. It can be done.

[loveandjoy]

You are not wrong. My 16 year old daughter has saved $6, 000 from her 3 day a week part time job. When she started driving we gave her our 10 year old paid for beater Honda, the insurance is like $100 a month so we don't make her pay it so she can keep saving. She went to prom with a $10 thrifted dress. Her best friend got a job too, she's using her money to pay for her 2020 Kia Seltos, plus insurance and she recently bought a $400 prom dress. My jaw dropped. My daughter has learned the money lessons I taught her. She's frugal and practical and I don't worry about her financial future.

[rizeuse]

When you live at home you can save any amount...its easy...When you have to pay rent thats a different story

[elliebean]

Im using this to help myself become an adult, I'm only 18 and grew up with poverty. My dad makes low income, so I want to help him struggle less. I showed him this video, and I hope it helps, thank you

[choosetoshine]

I decided to detox the on-going noise from the many "money experts" on YouTube. Your channel is so refreshing! Blessings. ❤️

[beckybeaver]

I just discovered your channel last night after taking a break from YouTube and I am so grateful I did. I see a lot of youtubers out there telling you to go out and buy from their sponsors and such so to find a youtuber who is frugal and passing on their knowledge of how to save is a blessing 🙌

[adriansherlockdamondark.]

I agree. A low paid job you can do consistently for a long period is better than any quick experience which pays big. Slow and steady wins the race.

[JR-_-]

Well said. Thanks for the great video.

[lindabonomi]

This channel is so unique...nobody presents these ideas in the simple, straightforward way that you do.I just love it.

[carolinesampson]

Goodness, you are a wonderful human. You speak with such an enchanting wisdom. I am a new subscriber, 6 minutes into the first video I’ve watched. Thank you for sharing your story. The lessons are invaluable.

[ninamady]

Thank you for all your tips .well appreciated 👍...i will be sitting down to take the time to take the steps you suggested!! Thanks again!!

[claudiazam-rod]

I would like to thank you! So much for your YouTube videos I love to learn from them ! Awesome smart videos

[yukkimooky]

Brilliant! You are such an inspiration!

[samcampbell]

What you are saying is so valuable. America needs your advice! Killer job !

[Naomyomy]

This is the best and most relatable financial advice I've found on youtube. Thank you!

[LJHobbies]

So inspiring. Being frugal is awesome.

[marinfamily]

Great and inspiring video! Thanks for the tips. Nos vemos chico 👋🏼

[gonzalesgonzaga]

I keep on watching all your videos. It helps me alot as an immigrant here in Canada! Gracias!

[amy]

Wow I love this video and it’s a good resource. I listened to it twice - thank you

[jklynb]

You’re very fortunate. When I was younger, I was thrown out of the house at 16. Never had enough food let alone anything else. No one to actually be of any real help. Had to walk everywhere and struggled my entire life. At 61, I’m tired of feeling deprived. Life doesn’t last forever so I’m late to this party. 🤣