How To Save $10K Effortlessly: 6 Saving Tips

If you've ever tried to get your

saving

s in order, you've probably failed big time, but the truth is, it's not your fault, you just didn't have the right strategies, so here are six proven ways to save $10,000 faster according to science. First, there is the automation of the guidelines. A 2004 research study found that there is a way to easily save 3.8 times more money, but the best part is that you can still buy things you love, pineapple pizza, lamb and Mr Magic broccoli, but you have to do it in one Specifically, implementing guideline automation requires a little work to get started, but it saves a lot more time and headache in the long run.

This strategy is based on the idea of ​​loss aversion. Basically, it's when losing $100 feels significantly worse than finding $100, naturally anything you do detracts from it. an immediate pile of money, like

saving

money, will be a little harder for me. Automating the guidelines means I never have to worry about saving money. It completely eliminates any form of loss aversion, but before I show you how my flow is set up, let's say. earn $67,000 a year If you apply guideline automation to just 10% of your income, you would have saved about $7,000 at the end of the year, not bad considering you didn't have to lift a finger after setting it up, once you think about it as a kind of self-tax where your future self taxes you 10% of all your earnings so your future self can be financially free.

This is how I set mine up. Step one. My paychecks are deposited into my checking account. Step two. On payday itself, my bank account automatically moves my paycheck to one of two accounts, one is called my spending account, which includes my fixed monthly bills, typical living expenses like groceries, gas, etc., and by knowing how much I normally spend in a month based on historical averages. I can set spending goals for other things like restaurants, entertainment, travel, and shopping. The second account is my savings account, basically, where all my savings go. Step three at the end of the month.

I automatically know what I didn't use in my spending account. and I can automatically transfer the leftover money to my savings account, then the money in my savings account can do one of three things: be part of my emergency fund, go to a high-yield savings account, or go to my accounts investment. I also use these savings. School tracker to save money much faster, basically I will just enter how much I want to save and then I can track my progress and visually see where I am for a limited time. I'm giving away my max savings Gold Tracker.

Get it for free with the following link. Don't save $10,000. The problem with setting such a big goal from day one is that it's not realistic. Instead, I want you to think about how you will eat 10,000 slices of pineapple pizza if you don't. I don't believe in pineapple and pizza. I know what your answer is, but the only correct answer is one slice at a time, just as slices of pizza break down that $10, the goal you need to save each month is $833, which still sounds like a lot of money, but then you want to keep breaking it down: $10,000 in a year is only $27.30 a day and when you break it down even further it looks like you're cooking instead of eating out, it's between $10 and $15 a day and you bring your own food. coffee instead of latte with oat milk $5 a day deleting subscriptions you no longer use Netflix GQ Hulu about $30 a month taking public transportation instead of Uber $50 a week playing Katon with friends instead of going to the bar $100 a week but there's just one more problem: there's a psychological phenomenon called present bias.

Basically, people tend to prioritize immediate rewards over future benefits. Now, luckily, there's an easy way to fix this instead of thinking you're only saving $7.39 each day. you have to change it again, think about it, since you are saving $10,000 at the end of the year by doing these Jedi Mind Tricks and changing your thinking to the larger number when you need it, you become more conditioned to fight the suddenly present bias. saving $27. 39 a day seems pretty doable and by the end of the year you will have $10,000 saved, all to make some small decisions that the person next to you didn't make and then regain control of your emotional banking companies like Amazon Coca. -Cola and Nike invest billions of dollars to try to discover you, hiring teams of psychologists, behavioral economists and marketing experts to understand how your emotional bank works, what makes you tick, why you crave things and how to convince you to click , but what.

If instead of allowing multi-billion dollar companies to exploit and manipulate our emotional banks for the worst, what if we could do the same with them but for the better? A 2019 research study found that you were 3.3 times more likely to save if you were able to use your emotional edge to fine-tune your behavior and it all starts with a single question, but what surprised me most about this study is that you don't need to obsess over All the data, statistics and information about the benefits of saving for most people really doesn't help to constantly hear how unprepared some families are for emergencies or how baby boomers are struggling to retire financially.

The truth is that none of This is as effective as asking yourself this question: why for me? my why is that my parents my parents left their friends all their family and everything they knew to come to the US they worked in factories every day from morning to night to give their future children a better life When they got paid they didn't use the money to buy new clothes or designer bags or anything fancy, they decided to save most of it in hopes of giving their future children a better financial start when I was born, I never grew up with a lot of money, in fact, I grew up.

Witnessing all the little things my parents did to save, I remember how we would get these little coupons in the mail and my mom would clip them one by one, how instead of Nikes and Jordans we had to buy off-brand shoes from Pals or how I intentionally bought clothes that were too big for me because my mom said I could still wear them when I was older. My reason is to be able to give my parents a life that they never had, a life where they never had to worry. about money, that's why I have pictures of my family all over my apartment to constantly remind me why I'm doing what I'm doing and to always hold me accountable and motivate me to keep pushing.

The author Simon calls this the Golden Circle, basically it is a model that explains how some people achieve success while others do not consists of three concentric circles that represent three different layers he says that it is not enough to know how to save money or what you can do to saving money these things are important but they are secondary to having a genuine answer to why you want to save money, your why creates a sentimental connection between your core values ​​and why you want to save, build a personal reason to save not just because you should or told, but because it has a deeper meaning to achieve and speaking of deeper meaning, I have realized that when you grow up without money you tend to accumulate a lot of financial baggage and trauma that negatively impacts you later in life. life.

What I think is really helpful is therapy, which can give you the strategies to work through this, which is why I'm excited to talk about today's sponsor. Betterhelp Better Help's mission is to make therapy more affordable and accessible. Finding a therapist can be difficult, especially when you are limited to the options in your area. Better Help is a platform that makes it easy to find a therapist because it's online, it's remote, and by completing a few questions, Better Help can connect you with a professional therapist in just a few days. It's easy to sign up and find a therapist. check out the link below, it's betterhelp.com Vincent Chan, by clicking that link you support the channel, but most importantly you get 10% off your first month to get better help and why find a therapist It's a bit like dating if you don't really fit into it. therapist, you can easily switch to a new therapist at no additional cost without worrying about insurance or who is in your network.

If you've ever been through a tough time, consider online therapy with Betterhelp, click the link in the description or visit Betterhelp.com Vincent. Chan, thanks again to Betterhelp for supporting this video. Oscar Wild said I can resist everything except temptation. I personally have a super addictive personality since high school. I've been obsessed with video games. Left 4 Dead Team Fores 2 Age of Mythology, in fact. My biggest brag is that I finished a main quest in Skyrim in just 2 days. In Psychology, they call this gratification. Most people tend to give in to their impulses because dopamine, basically, is the pleasure chemical in our brain that is released when we give in, but.

The problem is that we all misunderstand the timing and sequence in which dopamine affects us. We usually think that the dopamine process is like this: you want to buy a magic lamp, you buy it and you get a big dose of dopamine, but have you ever noticed that afterwards? you buy something you've wanted for a while, you kind of forget about it, that positive feeling stops existing, but studies found that the dopamine process is actually like this, you want to buy Mr Magic Lamp, you get a dose of dopamine in anticipation of the purchase and then you buy it and the companies know everything about this order they spend billions of dollars to exploit this deeply rooted weakness of ours they use tricks like the classic sale signs where they make you feel like you are really saving money or setting thresholds to spend $100 more just to save $5 on shipping, but how can you stop falling in love with this author?

Bow Meister knows a thing or two about this Bow Meister and his colleagues study people who are obsessed with chocolate cake, but instead of giving the participants the cake right away they told them they could have it later and their need to eat worked. eating the cake significantly decreased the trick is instead of saying you will never make an unnecessary purchase again, which is an unrealistic goal, give yourself permission to get that dopamine. hit creating a list not now but later every time I see something I really want to buy, I add it to my list not now but later.

I let my dopamine fill up and then I wait 30 days before buying it if it is for the At the end of the 30 days I still want to buy the item and then I will buy it, but what happens about 92.7% of the time is that after After an item has been listed for 2 weeks, I realized I didn't actually want it. first of all and it was just an impulsive decision for me what changed my financial life is understanding the future value formula basically this helps me determine how much my money is worth in the future without needing to become a time traveler this is how you can easily think If I told you I could give you $100 today or $100 next year, which would you rather have?

You probably want the $100 right now because you can actually do something with it today by buying 50 cheeseburgers, a nice Casio watch, or Mr Magic Lamp. Instead of waiting a year to do it, we would naturally say that $100 today is worth more than $100 next week, which will be worth more than $100 next year, that's the basic idea of ​​the future value of money, but if $100 next year is worth less than $100 today how much less is it worth and this is where it gets really interesting if I ask you if you want $100 a day or $105 in a year you might have to think about it and that's where this formula really shines in being able to understand understand the future value of something you can make better financial decisions based on your future needs if you can invest $100 in something that generates a 10% return annually then you should take the $100 now because the future value of the $100 in one year is $110 but if you don't expect to earn more than $105 or If you can't invest your $100 in something that will generate more than 5% return in a year, then you'd better take the $105 in a year, since the $105 will be more than the present value of $100 start thinking about present value of money this way, no matter how much money you save today if you put it in the S&P 500 Index Fund, how much would it be worth in say 15 years, assuming an average annualized return of, say, 10%?

Instead of buying this magic lamp for $5,000 and putting that money in the S&P 500 for 10 years, then the future value of $55,000 today is almost $13,000, but if I invest it for 20 years, say, it will be worth more than $33,000. Dollars. So the question now is whether this magical lamb is worth the future value of $33,000. The next thing most people think is that savings is your income minus expenses, but that is incorrect. Author Morgan House believes that savings equal your income minus your ego. I looked around his room. They are there?Any item you bought on impulse because you wanted to outdo a friend or family member.

Did you buy a new TV or a new car because your friend David also just bought a new one? Howel believes that spending beyond the minimum need for materialism is mostly just a reflection of the ego, a way of showing people that you have or have had money, which means that the quickest way to increase your savings is not It's not about increasing your income but about increasing your humility, you can spend less if you want less and you will want less if you care less about what others think of you and that brings me to something that you have to start accepting and that is that even if you are doing try your best to save, sometimes you may still feel like you are not saving enough and that may be because you are not doing these things immediately after receiving payment.

Click here to see eight things you should start doing with your paycheck today.