Use These 7 Tricks To Save Money Fast | How To Save Money Faster

We can all agree on one thing having
money is better than not having money but in order to achieve this you must
learn to save most people want to save more money but without a solid plan and
good habits it’s easy to fall short in your financial goals life interferes
money slips through the cracks and before you know at the end of the month
arrives and you’re no closer to saving than when you were when you started the
month through my own money-saving journey I’ve found that the key to
saving more is by leveraging simple but effective saving techniques which is why
in this video I will share with you seven tricks you can use to save more
money fast and if you’re new to the channel then hit the subscribe button
below for more life-changing content trick number one appreciate the savings
process when you’re just starting out with saving it’s easy to discount your
efforts even if you’re only able to set aside five dollars focus on the fact
that you’re saving something now many people start their financial journey
with thousands of dollars in the bank and $5 is always better than zero
during the early days of your saving journey you should be more focused on
creating money saving habits then worrying about how much money is
beginning to add up in your bank account which is why you should give yourself
permission to start slow when I was first starting out could be quite
discouraging to admit to myself that I could only save like twenty dollars a
week but what helped me overcome this mental roadblock was analyzing the
savings figure for instance twenty dollars a week isn’t much but it amounts
to more than a thousand dollars in a year which when I first started saving
seems like quite a bit of money as long as you’re moving in the right direction
you’re focused on what really matters establishing the habit of saving once
you gain momentum you can take a look at your budget and figure out savings
opportunities that you may not have immediately recognized if you’re not
sure where to start or how much you should be putting in your savings
account here’s a good method start by saving one percent of your monthly
income and increase that by one percent every month if you’re in $3,000 per
month safe thirty dollars a first month sixty dollars a second month ninety
dollars a third month and so on trick number two set up automated deductions
one of the biggest things holding people back from saving money is the perceived
effort it will take they think that in order to save money you must spend hours
a month calculating your income budgeting and checking your bank balance
but in reality saving money takes next to no time at all when you automate the
process setting up automated deductions from your pay to your savings accounts
can get you started saving money without even thinking about it by filling out a
few forms for your employer you can have part of your paper automatically read
into your savings account making saving money literally effortless I personally
use automated deductions in my money management plan and I think the savings
technique has been so successful for two primary reasons first it allowed me to
pinpoint exactly how much I wanted to save when I first started using this
technique I was earning around $2,000 every pay and I knew I wanted to try and
save $500 a month so I set up a 12.5 percent deduction for my pay which
allowed me to consistently hit the savings target second automating my
savings took the thought of having to save off my mind allowing me to focus on
other important things like improving my skills in order to make more money I
often preach that once you have a solid savings technique in effect that making
more money is the number one way to save more and by freeing up my mental
bandwidth I was able to take on more freelance work earning the extra income
to boost my savings now depending on your level of financial discipline it
may be worthwhile to set controls on your savings account so you aren’t
tempted to spend it for those with a less financial willpower I often
recommend setting up an untouchable account which is an account that you
open and then give the banking information and access card to a trusted
family member or friend this way you will have no access to the account
meaning that even if you wanted to spend the money that was accruing in that
account there would be no way that you could trick number 3 set savings goals
for some people the best way to save is to have short and long term goals for
instance a short-term goal may be to build a $5,000 emergency fund within the
next year so that you can have money set aside for emergency purposes and if you
need a refresher on emergency funds and ways to manage your money in general you
can check out the modern money habits course on Skillshare and watch it for
free because we’re trying to save money here right by following the link in the
description and signing up for a free two months of Skillshare now by setting
goals around your savings efforts you create a target to work towards which
will keep you much more focused on taking the necessary actions that will
lead to increase savings moreover by setting up these goals
you can link them directly to the benefits you’ll realize when the goal is
achieved for instance if you were able to achieve your goal of building a
$5,000 emergency fund the benefits you would realize would be less financial
stress in a sense of control on your ability to weather any unfortunate
circumstances other common short-term goals include saving for a vacation a
new car or a down payment for an investment property when it comes to
long-term goal is having a robust plan to achieve them is crucial in their
realization the truth is that when goals lie way out in the future it can be easy
to underestimate their importance for instance 70% of American parents intend
on saving up the full cost of tuition for their kids however only 29% of them
are on pace to actually accrue the money it will take to cover this
ever-increasing expense in an effort to save to achieve both your short term and
long term goals be disciplined about not making withdrawals from your savings
accounts unless it’s a life-or-death situation
some banks apply penalty fees if you go over a certain number withdrawals from a
savings account in a given period which is an excellent way to dissent avise
withdrawing funds trick number 4 question all of your purchases it’s said
that a dollar saved is two dollars earned and when it comes to saving money
you need to make sure that your expenditures are in line with the life
you want to live for instance you may feel inclined to buy a $5 coffee every
day but deep down you know that saving that money and putting it towards a
family vacation will be much more worthwhile now we all have vices but the
point I’m trying to make here is that you must try your best to spend
thoughtfully every time you take out your credit card ask yourself is
spending money on the sytem is bringing you closer or pushing you further from
achieving your short and long term goals chances are that this thoughtless
spending will only grant you a momentary high whereas if you were to save that
money and achieve your savings target you would gain a much greater sense of
satisfaction I know this is easier said than done so let me share with you two
ways I’ve been able to curb my own spending in the past one of the most
straightforward ways to decide on a purchase is determine how many hours our
work will take you to afford for example if you’re in $25 an hour and you want to
buy a $2,000 laptop you should think about whether that computer is worth 80
hours or roughly 2 weeks of work the other way you can question your spending
is by using these strange test if you’re unfamiliar with this
money-saving trick let me explain how it works every time you think about buying
something picked your stranger standing in front of you in one hand they have
the item you want to buy and in the other hand they have its monetary value
in cash which would you rather have in most cases the cash is probably more
appealing when taking this approach on a regular basis you’ll start to see
yourself continuously picking the money over the item which solidifies your
position in not splurging and instead keeping that money in hand trick number
5 budget for your savings one common reason so many people make it to the end
of the month and wonder why they haven’t saved any money is that they never
budget to save money in the first place don’t make this mistake instead you
should be building a monthly budget that when followed will allow you to hit your
savings target and a lot of that piggy bank of yours to grow two of my favorite
budgeting methods that have savings built into them are the 50 30 20 method
and the 8020 method in the 50 30 20 method you allocate 50% of your income
towards living expenses 30 percent towards entertainment leaving you with
20 percent that will go right into your savings account
I find this method to work great as it delineates how you can spend your money
but not everyone wants to have parameters around their discretionary
spending which swaiiow often suggests the 80/20 method instead in the 80/20
method you allocate 20% of your income towards saving and the rest is up to you
how to spend it using both methods you will be sure to
start saving money especially when the savings amount is systemized to the use
of automated deductions trick number 6 try the anti budget will I constantly
preach the benefits of budgeting I know that I can’t convince everyone to adopt
this money management technique the truth is that not all strategies work
for everyone and not everyone is a natural saver in fact some people are
quite opposed to the idea of creating budgeting spreadsheets or writing down
all of their expenses those who are opposed to budgeting often complain that
it takes too much work that it’s too restrictive or then it can be too hard
to agree with your significant other where all the money should be allocated
if any of these situations resonate with you then perhaps a money management
method you should be using is the anti budget this method involves assessing
how much money you tend to spend on a monthly basis and then backing out how
much you want to say then once you have this figure you can
spend it freely as the amount of money you aim to save will already be
accounted for if you’re struggling to make ends meet then I don’t believe that
this is the ideal budget to be using however if you are strongly opposed to
budgeting then this can be a good tool to break the ice in your money and
management journey trick number seven set small rewards saving money often
means making sacrifices and continuously giving up things can wear you down over
time if your self-imposed restrictions on spending are too strict you may be
setting yourself up for failure it’s like going on a really strict diet if
you deny yourself of everything for way too long
you may snap and undo all of your good work this is why I think it’s beneficial
to set up an occasional reward for yourself for instance if you have a
long-term goal of saving $10,000 and that means giving up that daily latte
and your monthly happy hour with friends set mini goals along the way once you
hit $2,000 reward yourself with a latte or a couple drinks with friends to enjoy
a mini celebration of all the hard work you’ve been putting into your money
savings journey in short there’s no reason saving money has to be a
completely miserable experience and be giving yourself small rewards you’ll
reinforce the idea that you’re doing something that will quite literally pay
off in the end thanks for watching if you want to go
from the life you have to the life you deserve then hit the subscribe button

20 thoughts on “Use These 7 Tricks To Save Money Fast | How To Save Money Faster

  1. Get 2 FREE Months of Skillshare Today:

    NOTE: This is an affiliate link. If you sign up it will be at no additional cost to you but will support the channel 🙂

  2. Increase your income with a part time job or hustle ! I keep trying to teach this stuff on my YouTube channel too 🔥👍👍

  3. Start a side business or side hustle. With the business, this opens the door to tax incentives you don't get working a normal job. 😉

  4. Saving is important, but imho increasing income is prio. You can’t save on low income
    Atleast thats what I teach on my channel

  5. The best way to save is to invest as much you can, then invest the money you earn. This will make you rich! From our video “HOW TO GET RICH – 5 STEPS”

  6. My best hack to save money 💰 is work 2 jobs …basically the more you work the Least time you’ll have to spend your money,you will be so busy going from one job to the other and just putting that money in the Bank

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