How To Save $10K Effortlessly: 6 Saving Tips

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00:00 Have you ever tried this?
00:13 Guideline Automation
02:37 Don’t Save $10,000
04:22 Emotional Bank
08:36 Not Now, But Later
10:56 Future Value Formula
13:18 Ego Saving
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.

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[foodlover]

I added daily 2 hours walking to my routine and saved tons of money. Kept me from shopping or eating out.

[meetalexpark]

The way that I saved my first 10k was by not trying to.

I automated it. I had my bank automatically transfer money into my savings before I could get to it. I set that amount to a number I was comfortable putting away each payment and kept grinding. It's amazing what you can accomplish when you keep your head down and not fall into the trap of peer comparison.

[CharleneCong]

Here's another trick I've found super helpful: When I started my career 10 years ago, I set up a separate savings account just for my 'fun money.' Each month, a small part of my paycheck automatically goes into this account. It's for treats, nights out, or whatever fun stuff I want. This way, I enjoy my money guilt-free, knowing my savings goals aren't taking a hit. It's all about enjoying the present while securing the future. Awesome insights and great video Vincent! I've made a video on a similar topic, welcome to check it out!!

[anthonymunoz]

I only lasted 1 minute and 7 seconds into the video because I’m already not making 67k 😭

[robert]

What I have learned to do this year is look at things to purchase based off my pay. I get paid $16.50/hour. Instead of considering the $/value ration I look at the hours of my life/ value. In essence is this xyz item worth abc hours of my life. Time I worked for that I can never get back.

[ParkDari]

With our paychecks We automatically pay 25% into 401k, $50 to the ongoing emergency fund, 1/12 of $8000 ROTH for each person as well as every bill because all bills are automated. We can spend what is left in the account. Having everything automated prevents decision fatigue. We have debit cards so we can only spend what we have. We live minimally and really just spend money on food and experiences. If every person in their 20’s would do this they would have a better life. At college my roommates and I learned to make our own cocktails, everyone would split the cost of the components. We would decide on different cocktails each week. We would rent movies and make our own popcorn. Spending time with your friends outside of venues and attractions makes better memories and relationships.

[lorensims]

$27 is how Bernie earned so much money for his presidential campaign fund in 2016.
I kept bugging my wife about investing into my 401K but she always argued that my income was so low that we couldn't afford to put anything into savings.
When she died, I set my payroll check so that a portion would into my 401K to match what the company would match, plus an extra 10%, with the idea that by living by myself would cost less than it did for the two of us.

Then I completely forgot about it.

I left the company about five years later. About two years after that, the company sent me a letter asking me what I wanted them to do with this apparently abandoned 401K fund.
"I have a 401K?" All I could remember was my wife's arguments against putting any money into it.
There was more than $22, 000!!
I had it roll onto an IRA.

[nkha]

I can relate to so much of this. My hobby is sewing/quilting/embroidery. I can't tell you how many things I've purchased for it on impulse that is now collecting dust. It's true. You're eager to buy an item, you're excited for its arrival, you open and use a handful of times, then tuck it away to be ignored or forgotten. Touching on the topic of "one-upping, " I broke the habit of upgrading my phone every year. I started over 6 years ago when broke and in nursing school. After my phone was paid off, I became cognizant of how much I didn't have to pay my carrier and how much money I could either save or spend. I also recognized that I don't use my phones to the most of its abilities, I'm not much of a videographer or photographer, I don't game on my phone, etc. So having the latest and greatest model isn't beneficial to me. In fact, it's wasteful. With that said, my new habit is to hold out for several years before upgrading and try to get the most out of your $1000+ purchase. Another savings tip is to purchase refurbished if at all possible. You'll have to be selective about that. Some things are better off purchased new. But not all things.

[kylep]

I buy a 10 oz bar of silver every week at my local coin shop. About $250, and that's the only way I have been able to save. I can't handle money, but I love stacking silver and gold. I'm at over 500 oz's of silver and 10 oz's of gold. That's about $46, 000 and it only took me 4 years. I've been stacking since COVID, anyone that has trouble saving should try this. I'm going out and buying something that is an asset and adds to my net worth and I get to physically own it and watch my stack grow. It's very satisfying and there is a great community behind it.

[Edward-niyi]

Yeah, I discovered that after realizing that I was spending $10 a day on bottled water, multiplied x 365 days a year = $3650 spent on water alone! I could have gone on three trips to cuba a year! I researched awesome water filters and found one called Clearly Filtered, from L.A. which was a bit pricy initially but was worth it's weight in gold! I save over $3K+ a year on water. Was pretty proud of that move.

[Skye_Writer]

$833 a month is twice what I make in a month, soooo....Considering that one paycheck pays rent and groceris, and the other paycheck pays utilities -- and I don't buy name brand ANYTHING and can't remember the last time I bought new clothes at all and I haven't eaten out since the pandemic and I haven't had a vacation since 2007 -- then no, even at $27 a day, this isn't a realistic savings goal for me. MAYBE I could do half that.

[Vicncoffee]

Your parents being your why had me choked up. I love my parents like you do yours. Great information by the way, immediate like and subscribed. Blessings to you and your parents.

[KerryScottCooke]

I saved $10, 000 last year. This year I have saved an additional $7, 000. So my goal is $20, 000 and debt free. So $3, 000 to go then I am working on $5, 000 worth of credit cards debt. Which for now the balance is at 0% until next year 2025. Then I plan to start on another $10, 000 for a total of $30, 000. The more money I have the better I feel. And the less debt I have the better I feel.

[plainjaneproud]

What a great list of achievable savings steps! Thank you for sharing.

[AndrewJM]

do you have any videos about those high yield accounts, as mentioned at 2:16

[Tyiion]

I don’t know about that ego thing. Most of what I buy, I don’t tell anyone about.

[CashBudgetRetiree]

Your advice is spot on Vincent! Thank you.

[TiagoRamosVideos]

Great video 👌 I also love Morgan's work 👏

[JosieDrake]

I managed to meet my savings goal of $5, 000 last year. This year, my goal is to match that amount and have $10, 000 saved be the end of the year. I’m already making headway towards it and I really appreciated some of the tips you provided.

[qualityoflifematters]

Great video! Thank you, well explained! 😊