How To Save 10000 In 2023: The Ultimate Guide

How To Save 10000 In 2023: The Ultimate Guide
#SAVE10K,#SAVE10KIN2023,#DEBTFREEJOURNEY

HI FRIENDS,
My name is Delia. I live in Arizona.🌵 .I started budgeting in 2021. It has worked so well, i was able to save money. I want to share with you all how i did it, come join me on my budgeting journey and becoming debt free.

Join fetch- get paid to scan your receipts heres my code
QCMG25
get 3,000 coins i get 2,000

☆ Follow Along ☆
00:00 Intro
00:40

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🌟SHOP MY BUDGET SYSTEM:
Clear Bill Organizer:
Clear Glitter Budget Binder
Scotch Thermal Laminator:
*BROTHER P-TOUCH LABEL MAKER
*MOTERM WALLET A7
markers used:

**TO KNOW | IF YOU’RE NEW TO THIS SYSTEM**
•The envelope budgeting system divides your income into different spending categories—bills, groceries, gas, and so on. Once you've decided how much you should spend on each category, you'll take that amount in cash and place it into an envelope.
•Sinking Funds- are savings categories that have a specific purpose and can have a timeline or not. These categories are not a monthly expense but an expense that will come up. Example: Christmas is an expense most of us know is coming at the end of the year, so put aside money every month and by December you will have a fully funded sinking fund without the headache or “surprise expense”.

✩ Disclaimer: I am not a financial or business advisor. All advise and experiences on this channel are my experiences and are shared purely for entertainment purposes. ✩

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[carolynj]

Just discovered bullet Journaling and was thinking to use it for budgeting. but when it comes to numbers and money I need to be clear and quick. I think im going to keep my budget templates and utilize the bullet Journaling for pleasure and not for my finances. Just to keep it fun and keep me locked into the hobby ❤

[glendaadams]

You sound like your feeling better. Yippee. Great video

[MsGechi]

Saving $10k is my plan for 2023 by doing a No Spend. Best wishes

[terryhenderson]

I think I will subscribe ... So many people on a debt free journey don't seem to stuff extra dollars squeezed from the budget into debt balance paydown. Meanwhile, they pay upto a LOT in actual dollars towards interest.

As you go through the expense reduction portion of your debt paydown journey, don't forget to consider what I call "investment purchases". To begin with these are well thought out and purposeful items; the purpose being to enable you to save money and ideally quickly. One such purchase that comes to mind are LED lightbulb replacementnover incandescent light bulbs but also over CFL light bulbs IF the light bulbs you've found actually use less wattage than the CFLs you own and have installed (some take an inordinate amount of wattage LEDs or not). Start by replacing those that get left on the most for the most amount of savings impact and, like budgeting, do it a bit at a time even ifnits only one bulb or bulb pack per month. Another are power strips/ surge protectors after researching what is called "ghost energy". For you, it could be food storage containers or even just plain baggies and re-purposed bread bags to you can take lunch, work break snacks, or in the car food to stave off vending machines, eating out, and fast food lanes. For many it can even be a $30-$50 thermos investment which you fill and take every day (drink left overs at home that night or for breakfast; turn some into iced coffee drinks if you prefer.) over coffee stand or Starbucks purchases; for some, they will break even in 1 to 2 months on the cost of the thermos. You get the idea. This is not an excuse to pull out the credit card, spend often on an assortment of "stuff", and so on.

[terryhenderson]

So, how is January treating you? How are the budgeting and debt pay-offs coming along?

[terryhenderson]

First add no debt. Second get caught up. Third get bills paid on time. Fourth pay down the principle on debt.

As you go through your savings challenge journey, please don't forget the that power of reducing interest payments has on both the immediate budget but also future budgets until the interest bearing balances have been paid off. If you are paying 25% interest, every $1 sitting in a envelope for a year effectively costs you $.25. The buying power of each $100 in an envelope is reduced by $25; you effectively throw $25 of every $100 out the window; $250 of every $1000 down the drain. In terms of dollars, it gets a little worse at 35% interest because you're tossing away $350 of every $1000.

Yes, you should gather enough money to cover your annual vehicle insurrance, some stuffed to cover a reasonable (not too low, not too high, amd hopefully the correct guesstimate) number of medical bills so you feel comfortable seeking medical services when they are warranted as well as the preventative maintenance, and preventative maintenance money for major assets so that a repair doesn't send you to pull out a credit card, etc... But realize, this money is costing you a minimum of $250 to $350 per year per $1000 depending upon your debt structure.

However, it is likely to cost you even more than the $250 to $350 per year per $1000. A LOT of debt is figured on some sort of daily balance owed equations; each is often a little different. The short and sweet of it is that each and every day earlier you pay down on the balance, the fewer dollars you will pay on interest. And depending upon the loan its self (credit cards are short term loans by definition) is structured (the equations used to assign minimum payments but also how interest is assigned and more) the savings in terms of interest payments can be significant. For example there is one loan out there that $4 of every minimum payment of $25 goes to principle where as $21 goes to interest; another with a $60 minimum only puts $7 to principle with $53 going to interest; each and every month on each of them respectively.

As you go through your savings challenges and cash envelopes, do consider the cost of having cash hanging out in an envelope or a savings account versus paying down balances as the money is set a side. While you won't have the satisfaction and positive reinforcement of tangibly counting up the cash in your hand each week or every other week, consider coloring in your tracker(s) as the money is gathered then getting it applied to balance paydown as soon as possible (asap). It also means that you won't have a lump sum nor know what it feels like to have $1000, $2000, or $5000 to $10000 in your hand at once. I recommend using some spread sheet software or use a tracker which will show the interest savings created by extra balance paydown over minimum payments. For all intents and purposes, the interest savings over the term of a loan is passive income.

[msbossvlog]

Where do you get the envelopes ? I am fro Toronto Canada greetings. I need to get rid of my visa.

[crystalmariegee]

Thank you for the encouragement because that is basically my income is $900 every check, bi-weekly

[austinsnow]

👍👍👍👍👍!! You should look into using a service such as Promo SM!!