How I Saved $80K in Two Years [Saving Tips]

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10 Steps to How I Saved $80,000

In the past two years, I have been able to save $80,000 without receiving inheritance, without a six figure income, and without investing in a risky investment. I saved $80,000 by saving one single dollar at a time.

In this video, I discuss how I saved $80,000 in two short years.

1. Decide you want to own your life

You can either use money to buy tangible things like a house or sports car, or you can use money to buy intangible things like freedom and options. I believe that saving becomes more meaningful when you decide you want the intangible things in life. I decided to save money because I am after the intangible rewards of money.

2. Learn how to manage $100 first

It doesn't matter how much money you have if you do not know how to manage the money. I think that it is a curse to get a bunch of money at once without knowing how to manage it because then it becomes very overwhelming and it is very likely that you will blow the money. Learn how to manage small amounts of money before you manage large amounts of money. Saving is a process and you will respect and manage money better when you start small.

3. Keep your living expenses low

It is much easier to not spend $1 than to make $1. I think the easiest way to make money is by not spending it. If you set out to save money and take the time to find better deals that can lower you life expenses, then you will be able to save more money. The deals are out there, but you have to take the time to look for them.

4. Create a healthy balance of life

You will not be consistent with saving money if you do not create a healthy balance of life. We live in a world of extremes where you either save all of your money or spend all of your money, but extremes are not sustainable. Creating a healthy balance of life where you balance saving and spending is a surefire way to keep you net worth growing consistently.

5. Live an intentional life

Many people live their lives unintentionally, which leads them to waste a lot of money. Living intentionally involves going against society, which can be difficult. It involves you to budget, track your expenses, and make decisions every day to question society. You cannot, however, afford to live life unintentionally because that consumes all of your money.

6. Set aside a specific amount of money

Once you lower your life expenses and start having extra money, you need to determine a specific amount of money to set aside each month to save, put in a savings or investment account, and be patient and consistent. Money is very simple. In order to increase your net worth all you have to do is be consistent and patient.

7. Get your money to start working for you

Once you begin having some extra money, you need to find ways to start getting your money to work for you. Investing in index funds is the simplest way to begin growing your money. There are many other ways to grow your money through investing over time, but your money will not be growing if it is just sitting in a savings account.

8. Become your own bank

It is much better to ask yourself for money instead of asking other people. When you have money and want to make a big purchase, you should be your own bank and use your own money instead of borrowing it from other people. When you become your own bank, you make better financial decisions because it is your own money.

9. Don't let money change you

Just because you have more money doesn't mean that you should start to spend more money. There is nothing wrong with increasing your spending, but just remember that the more you spend, the quicker your money is going to go. Despite how much money you have, you should still make conscious choices with your money because money can leave very quickly.

10. Saving never stops

No matter how much money you have, you should always be saving because you will need money for the rest of your life. There will never come a point where you should stop saving or stop managing your money. The point of money is to give you options and when you have options, you can use your money for more important things in life.

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What's one habit that helps you save money?

ElAgustin

Since watching your videos I have freed up about $1400 a month.
1) Sold my truck back to the dealership and saved $838 a month in a payment.
2) Lowered my insurance by $75 a month.
3) Purchased with cash a 2006 Scion XA that gets 35 to 40 miles per gallon. Saving about $400 a month in gas.
4) Quit all apps. No Amazon Music, no Paramount Plus or Peacock. Freed up about $25 a month. Have free Hulu.
5) Lowered the mbps on my internet like your video talked about and saved $40 per month and the internet speed and service is honestly the same it's been with the bigger plan.
6) Started switching over my cell service from T Mobile to Mint and will save another $55 per month.
Thanks again. Trust what you are saying to us we are listening. I am now proof of that.

radgraham

Stop smoking, stop drinking, stop taking girls out. Go jogging, eat healthy, wake up early and work peacefully. I was in a limbo going nowhere but after I did that my life took off after just a few years of it. I am well off nowadays, have a nice family and we all travel a lot together having great fun.

marcoprolo

ignore the celebrities selling products and stay out of shopping malls

AnnMitt

In 1998, I inherited one million dollars. Twenty years later, I was penniless, and today I live on a very modest social security income. While I had many enriching experiences during those 20 years (my weakness is travel), I also was very careless and wasteful. I wish I'd had your videos as a guide back then to help me find a balance.

sangroncito

My parents both worked minimum wage Jobs, while raising three children. Managed to pay off two properties. My mother always says the easiest way to stay broke is to finance a vehicle every couple years.

XCVi_MAC

That means you'll have $400, 000 in just 10 years... wow 🤩

abu-aliz

This is how I budget my income as 25yo

50% Need / 20% Invest / 20% lifestyle and 10% Give

If I don’t use all my 50% for need I will add the left over to Invest

Remember we trade TIME for everything in life even money so use your time wisely
Good luck y’all

matt

My only savings goal at this point in my life is to retire. Suzi Orr said, "If you take care of your money, your money will take care of you." I think this is basically what you are saying too. So far, it has proven to be true.

barbaratozzano

You’ve got a subscriber! Even though I know these things I like to hear you and it motivates me to work harder on saving money. Great video, thanks

diodorusb