How To Save $10,000 On A Low Income | Step-By-Step

Video Description

A step by step tutorial for saving your first $10,000 starting from $0. Free spreadsheet included! FREE SPREADSHEET TEMPLATE: https://docs.google.com/spreadsheets/d/1vtKs973XMeApG7M8hLKaH6y7vjwTM4RvAZyLFPhX7Xg/edit?usp=sharing *(To make copy go to "FILE and MAKE A COPY")* If you would like to support my channel!: https://www.buymeacoffee.com/williamsauQ Mint Mobile (save on your cell phone): https://mint-mobile.58dp.net/rn6rJQ Books I'm Reading The Dawn of Everything: https://amzn.to/3DZiaeI Who Moved My Cheese: https://amzn.to/3E0TNgF Outlier: The Story of Success: https://amzn.to/44gJxvF Chapters: 00:00 Start Here 00:50 Step 1: Open Up A High Yield Savings Account 01:48 Step 2: Make A Copy Of The Free Spreadsheet 02:51 Step 3: Input Your Starting Balance 03:59 Step 4: Determine How Much You Can Contribute A Month 06:29 Step 5: Contribute To Savings Account And Record It 08:24 Step 6: Make And Record Extra Contributions 10:15 Step 7: Be Consistent And Patient I saved my first $10,000 when I was 22 years old working at a minimum wage job making $8/hour. That experience taught me that if you set your mind to something, anything is possible. In this video, I am going to walk you through the method that allowed me to save my first $10,000 on a low income. Step 1: Open Up A High Yield Savings Account The first thing you need to do on your journey to save $10,000 is to open up a savings account so that your saving money is separated from your spending money. Having this account will allow you to keep track of your progress better. The main things to look out for when getting a saving account is making sure there are no fees and it has a high interest rate. Step 2: Make A Copy Of The Free Spreadsheet The next step is to make a copy of the free spreadsheet that we will be working with that will allow us to be more organized and track our progress. The link to the spreadsheet is above. Step 3: Input Your Starting Balance Next, in the purple box of the spreadsheet it says, "Starting Balance." This is where you will put how much money you currently have set aside. Input how much money you have set aside in this box and if you have no money saved, then simply put $0. On the yellow table off to the side, you will see the number automatically populates to help you track your progress. Step 4: Determine How Much You Can Contribute A Month Now this gets a bit more technical. In order to reach $10,000 in savings, you need to determine a specific dollar amount that you can set aside each paycheck to save. This number needs to be realistic where you can be consistent over a long period of time. Many people have trouble saving because they are overambitious with how much they can save and are unable to be consistent over a long period of time. To figure out this number, watch my video on budgeting: Video: https://youtu.be/-vVp185Sq24 Once you determine a realistic amount of money you can set aside, in the spreadsheet enter that number in the green box that says, "Monthly Contribution." On the yellow table, it will give you an estimate of how many months it will take to reach your goal. Step 5: Contribute To Savings Account And Record It Once you figure out the specific number, the first thing you need to do is put that money in your savings account. The second thing you need to do is record it on the blue table of the spreadsheet, inputting the month and amount. This information will move to the yellow table helping you keep track of your progress. Step 6: Make And Record Extra Contributions If you want to speed up the progress to reach $10,000 in savings, you need to make extra contributions as you receive extra money throughout the year. For example, tax refunds, extra jobs, and birthday money. If you can save some of this money throughout the year, you can speed up the process. When you are able to contribute more, first add that money to your savings account. Then, record it on the brown table, inputting where the money came from and the amount. Doing this will allow you to speed up the process of reaching $10,000. Step 7: Be Consistent And Patient Once you have done the previous steps, the only thing left to do is be consistent and patient over a long period of time. Saving $10,000 is something that will take time, but if you follow this method, you will eventually reach $10,000. *If you are from another country with a different currency and goals, simply go to the red box on the spreadsheet and change the amount. The tables will readjust to the new goal. **I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You are responsible for the financial decisions that you make. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **