How To Save $10K FAST (Money Saving Tips)

The no BS way to save $10,000, I promise...

Chapters

00:00 The Necessary Skills
00:50 Don't Try To Get Rich Quick
01:47 The Saving Strategy
03:23 Consistency
05:53 Discipline
08:12 Patience
10:42 Sacrifice

Books I'm Reading:

The truth about saving your first $10,000 is that it does not happen quickly. In order to save $10,000, you must have consistency, discipline, patience, and sacrifice. There is no other way around it. In this video, I share my strategy to save money and how to master each one of these skills.

1. The Saving Formula

People over complicate money and think in order to save money, you need a complex, detailed plan; however, saving money is actually very simple. My basic strategy to save money is (1) decide how much money you can see aside each paycheck, (2) separate the money by putting it in a savings account, and (3) continue to do that until you reach $10,000.

2. Mastering Consistency

Many people have trouble being consistent long term to reach a goal because they put unrealistic expectations on themselves. Many people approach goals in extreme ways and when it comes to money many people have trouble saving because they set an unrealistic amount to set aside each month. When wanting to save a large sum of money, many people are over ambitious and end up depriving themselves, which prevents them from being consistent. In order to be consistent with saving to reach $10,000, you must master consistency by being realistic.

3. Mastering Discipline

People often underestimate how much they can save because they live a wasteful life. They lack discipline on their small every day decisions that add up to thousands of dollars. In order to reach $10,000, you must see the importance of watching your small decisions. Each day we make many small decisions and if we focus on making the decisions right, then we can reach $10,000 much quicker. In order to be discipline to reach $10,000, you must master discipline by focusing on every financial decisions you make.

4. Mastering Patience

Get rich quick schemes are so appealing to people because they lack patience in life. And the reason people lack patience in life is because they get so caught up in the big picture. When you focus on the big picture, things seem unattainable; however, the key to having patience in life is by focusing on small wins. Instead of focusing on saving $10,000, if you focus on smaller goals, it will be easier to have patience in your journey. In order to have patience to reach $10,000, you must master patience by focusing on celebrating the small wins.

5. Mastering Sacrifice

The hard truth about saving money is that in order to have a good relationship with your personal finances, it involves sacrificing things in life. Reaching $10,000 involves developing a plan, being frugal, and following through with the plan. You have to do what most people don't want to do to reap the benefits of financial security. A huge part of sacrificing things in life is believing that it will pay off. In order to achieve the goal of $10,000, you must master sacrifice by knowing that your hard will will eventually pay off.

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[ElAgustin]

What's your weakest skill out of the four? Why?

[JD-demq]

I think also distancing yourself from toxic people helps reduce spending money

[DavidDavisDH]

I would say the quickest way to save money is get rid of debt and then use the money that was for debt for saving. Frugal living, investing and minimalism are all my tools to get to my journey. I'm a big fan of Austin, it's nice to watch videos on like minded people!

[maryj]

please continue counting the videos. I love it when you say the number of the video in the outro.

[amycolucci]

I’m a dietitian and I must say I’m actually leaving the field because of lack of consistency from patients it’s so annoying they want a magic stick same thing as saving money get rich quick, and get fit quick

[charlenebrissette]

It took five years for our first 10K and now it takes about two and a half years because we have lowered our expenses.

[jenshark]

I’m on a weight loss journey. It completely aligns with what you are saying. I’m losing weight because I’m making small sustainable changes. It’s not a fast process but I will get there. I’m also in process of challenging myself to save $2500. My 1st goal was $1000, now that I know I can save $1000, I just need to do that 1.5 more times and I’m there.

It’s amazing how health and wealth can be obtained using the same process.

[donnanorris]

Good video as always. I am saving up for a newer car. Decided a used car loan would easily cost 400 a month, so I started a car savings account. This week I hit 2500! Yes, its a 2 year plan. Saving up now to avoid paying interest later. Need to have a goal, realistic plan and stick with it.

[mashort]

Discipline is part of the other three, as well. If you have discipline, you have most of what you need, in my opinion.

[axeltech]

I saved 10k in 5months, despite minimum wage.

[donaldswanson]

I hit $10k in early grade school. I had about $30k by the end of high school. This was 1980's dollars. Money is not my weakness, but keep up the good work on these videos.

[leannlarue]

Great video once again. Some people with no self control. Self discipline, or into instance gratification spend every penny they make trying to buy happiness. Or get rich quick schemes. My sister, daughter especially. Then want hand outs of more money from me. Cut off toxic people who use you.

[kerryhaliburton]

Austin, your videos are well thought through and presented in an easy-to-understand way. I really look forward to them- thank you!

[terriwyatt]

Thank you for being so upfront and honest. I have been working on doing this for a few years and it works.

[jeffrotenheber]

Well said in a world of instant gratification!

[scoop]

Great points, especially the part about consistency is being realistic.

[Moniccamccarty]

I love this! Thank you 🙏 I’m going to totally use this advice ❤God bless you 😇

[DesertMav]

I saved about $10k in about 3 years by setting up a mutual fund. I was paying a solid amount of money per month and then I pulled it out and used it as a down payment for my new car. I had a goal and I made it work. My plan now is to save up money again to keep as an emergency fund and then maybe start a house fund.

[GreenWallet]

Very useful video. I will put the advice into practice. Thank you

[JR-_-]

Great words of wisdom. Thank you so much for sharing.