How to Save $10K Effortlessly. 4 Saving Tips
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- Опубліковано 1 чер 2024
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In this video, I go through my 4 money saving tips.
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TIMESTAMPS:
00:00 - Intro
00:42 - Parkinson's Law
02:00 - Don't be a Last-Minute Person
02:59 - Utilize Saving Tech
04:10 - Year in Review
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This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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Tracking finances is like tracking your fitness progress. If you don't, it's almost impossible to notice the changes yourself until you look at before and after pictures
Finance is also similar to fitness in that you only make progress equal to your effort and both are a gradual improvement, not immediate result.
Tip - if you are going to have takeaway, go to the outlet and pay cash. Paying through an app for delivery is sometimes up to 50% more expensive. Even ordering via an app for you to pickup can be more expensive. I'm saving enough each month doing this to have an additional takeaway for free if I chose to (I don't).
Honestly I have found that takeaways lately are just crap. Why do I keep ordering from them? Laziness/convenience. What do you get in return for having a takeaway, you generally feel like crap for the rest of the night and probably the next morning too. But I agree with your point. When we decided to try our local Chinese in years we couldn't believe how much cheaper it was and weirdly enough the food tasted way better too. But still an unnecessary cost that makes you feel like poo often mentally and physically... But as I stated before... Laziness is my main problem in life.
To save $10,000 quickly in 2024:
1. Create a strict budget and track expenses.
2. Eliminate unnecessary expenditures, like dining out.
3 .Increase income through side gigs or overtime.
4. Automate savings to a high-interest account.
5. Cut down on utilities and subscriptions.
6. Shop smarter using discounts and bulk purchases.
7. Prioritize high-interest debt repayment.
Also ... and quite importantly ... earn enough so that you can survive not spending 10k of what you earn! :lol: I love Nischa to bits and her content is wonderfully done but I am, in general, 'over' finance gurus on the 'Tinternet. The whole niche is populated by folk who think 100k a year is a low salary!
Great video. My approach is. 10k divided by 12 is 833. The moment I get paid.
1)Invest £833 lump sum into a SIPP.
2) pay bills.
3) enjoy what’s left.
4) repeat 12 times 😂
So nothing unusual.
An average salary of £30k gives you around £2k a month after rent/mortgage and bills you're barely left with £800. Unfortunately half the UK population can't even save £500 a month, especially if you have mouths to feed.
I was doing £735 and living very frugally but now I have no job, so…..
@@masterdon187- The average isn’t all that useful either because it’s not a “real world” figure.
The vast majority of the working class are no where near £30k a year. I’m around half that for example.
@@Station9.75 if you're earning almost half of minimum wage and you're past the age of 21 you're getting taken advantage of. There's plenty of minimum wage jobs going around, keep applying you'll eventually get accepted and get at least £7k raise
1:18 This expansion of expenses is also called "lifestyle creep." A lot of it is driven by external prompting: comparing yourself to your neighbors, or family/friends encouraging more spending.
Good point.
It’s a very old concept actually called “keeping up with the Joneses”
Hi Nischa! 😊 I’ve been watching your content for about 6 months now and it has helped me tremendously in improving my personal financial health! You’ve found the “sweet spot” of combining productivity tools with financial literacy- quite a niche you’ve landed on! And I’m American and we love British accents lol 😂 so I find it so pleasing to listen to you talk about finances! Keep shining - your drive , consistency and passion is so inspiring ! 🎉
Thank you!
Your videos are great. Back in the end of November when you did your 3 courses, it was a great reminder that I’m doing great with my finances. I realized I invest/save 60% of my monthly income into my savings accounts and IUL , while the remaining 40% goes to bills, going out, traveling, food, date nights, and clothing. I track my money every month on a calendar that I have, what comes in and out, and it’s been great for me to see where my money goes. Budgeting isn’t the most fun thing to do but it really does help and give an idea how you spend your money. I’m grateful I’m able to do this. It’s never late to start.
wow, inspiring! Way to go, man!
@@alexhunter4800 thanks!
Yes! Please make the yearly financial review vid!
I remember watching your videos when you had just started. Its so nice to see you have build such an awesome community now. ❤
love this edition :) would love to see the video of the breakdown from the flight
What a great presenting style you have, Nisha. Really appreciate your clear communication
Would love to see your workthrough of cutting back/out things from your expenses 😊
Would love to see your year in review method! Thanks for all your great videos, so helpful. 😊
Brief summarised vedio every Sunday on finance are quite helpful..
Yes I would love to see your video on yearly evaluation. Thanks for this powerful inspirational video. God bless you.
Thank you for this video and yes! I’d like a video of how you did your yearly finance!
Your content is amazing Nischa. Thank you so much for not being a gatekeeper and sharing with us. All the best
DEFINITELY want to see the yearly review video!
Yes, pls share!!! I track our income and spending and am curious how you do yours
This Channel changed my mindset and my life forever. Thank you
Hi Nisha, thank you for your video, very interesting as always. I'd love to see how you did the 'Year in Review' in a bit more detail.
Yes! I would love to see your process how you track and analyze your end of the year progress!
Another great vid nischa. Thank you! I keep an excel spreadsheet for my finances and several times a year set myself a GOAL of $ to come out of the line items and go into savings. Like even $50 or $100. Then if I have 20 categories of spending, if I can cut out just $5 from each, its easier to come up with more to save. If I don't set myself a goal number then its harder.
Yes I wanna see the longer year in review video!
5:35
yes, I would really be interested in watching your Year Review
I would love to see you do your year in review! It would help me understand this task and complete it efficiently
Nisha,
I'd love to see the video of your annual financial analysis. How can we get a look at that? Thanks for what you do!
Your videos are so good, starting to see progress, thanks
Great video, as always! Please share the video about the year in review, I'd like to watch that.
Hi Nischa,
I’d like to see how you got about analysing your yearly spend. I try to do this monthly, and I’m not sure I am organising my tracker effectively, so would love to see!
Yes,please share how you analyze your year with us ❤
Yes, please share the yearly analysis you do on your accounts!
@Nischa: For yearly review, is it okay to stick to the credit card year end summaries? Delving into specific categories in further detail could be challenging. Suggestions? Thanks in advance!
I love your YT Nischa! Thank you so much for inspiration and followups❤(I would love to see how you have analyzed your resukts from 2023 in the plane)
Hey, I was wondering if you could do a video on types of debt solutions? Love the content, wish I stumbled upon this before getting my self into a deep old mess.
Hello Nischa, can you please make a video on how to analyze the financial statement of a company (profitability,performance...) and where we can find these financial informations (website?). What are the main elements we should pay attention to when we want to understand the financial situation of a company.
Thank you wish you the best for 2024 🙏🏻
Great video, thank you 🎉 And YES to a video showing how you did your breakdowns :)
very interested in yr spending breakdown video.
Love it! I've been putting this of far too long. Had a good roll going back in 2019, than stuff happened and I kinda lost track of my gnucash journal. Just downloaded the missing bankstatements. Have some time to spend putting all those expenses in the right spot and updating my books :D First I'll evaluate my current monthly budget and figure out where to make room for that 10% a month saving.
Parkinson's Law is actually not a scientifc method. I wasn't familiar with the term, so I've searched and I got the point but it depends on personality and circumstances. So I guess the point is to avoid procrastination. Cal Newport mentioned in one of his books that we should challenge ourselves, like if we know we will need 3 hours for a working acitvity, we should take an hour and try to achieve it. Maybe we will succeed, maybe not, but it's a good exercise I practice myself. 🙂
Thank you Nischa your right do it faster
Yes please share that video it is interesting to find out how you analyse your data 😊 if it is good I might start applying it too 😄😉
Would love to see your 7 hour review process on your flight back to UK!
I would love to watch that year in review video please!
Great advice!
simple but effective strategies. Thanks 👍🏽
Thanks for money Management tips
I'd be interested in seeing your year in review video!
I’d be interested to see that analysis video from the flight! ✈️
Nischa, I want to see your Year in Review process please. Thanks for your help
I remember having a consultation with a financial analyst last August, and it was incredibly insightful. Can’t stress enough how helpful experts in this field are!
Video on how you did you yearly review would be helpful.
I have jutst come across your videos. very inspiring x
Please create the video on the yearly review.
Yes please to the yearly review.
Thank you, something I can definitely keep working on. I am tired of living paycheck to paycheck 😢
Thanks babe , love you
This is very good advice! I would add that changing your mindset around money is the most important change one can make...
How most people live:
1. Trade time for money
2. Use money to buy stuff
3. Save remainder
4. Repeat
What wealthy people do:
1. Trade knowledge for equity
2. Use equity as leverage to acquire more equity
3. Use equity to buy your time back
We'd like a video about what to do with the 10k once saved please❤
Because saving money is good. But if you save it then put in liabilities then it flies away
First, emergency fund. After that, then buy low-cost, total-market indexed funds (eg Vanguard's VTSAX).
@@wesleymiller9059 thank you for your comment. Do you know where a beginner can start learning about this please?
Hi Nischa, may I ask what camera/lights you're using for recording videos?
@Nischa! I would like to see how you do your year in review. I’m extremely organized with my money. I enjoy going online every morning to check my balance and match it against what is in YNAB ( You Need A Budget) and my own interactive spreadsheets. Is this a tracker or a video? Thank you!
Great insights Nisha! One approach I've found particularly helpful for me is using automated savings plans. By setting up automatic transfers to a savings or investment account, you effectively "pay yourself first." This not only ensures consistent savings growth but also reduces the temptation to spend impulsively. Also exploring high-interest savings accounts or low-risk investments can provide a boost to your savings through compounding interest over time. Keep up the fantastic work!
Yes please to seeing your yearly review 😁
a year in review has helped me so much! At the start of last year I started tracking how much I REALLY spend on health insurance (premiums+gaps) and how much this compares to how much I would have spent if I didn't have private health insurance at all.. was VERY insightful to say the least!
Right!! Takes time but incredibly eye-opening
Always great tips! I have done the same a couple of years ago and it paid back until now!
5:11
Breaking this down into 3 simple questions is absolute genius and it simply works. Thank you Nischa!
Informative. Thank you.
Wonderful and priceless contents Nischa . I am glad UA-cam recommended your videos to me. Can you make me as smart as you? I hope you have the link to that 😊.
Wonderful tips! Love the clarity of those 3 questions. I do do a year-in-review, but I think watching your process might be useful. Would love to see a Year-in-Review video😎
Did you share the video of you analysing your accounts?
Great advise
thank you !!!
Please upload the video of your analysis
Love these. What’s helped me recently is keeping a list of in and out items. For me those are non-food purchases as I don’t overdo that. Then each month I look at what I brought in and review whether it was a useful purchase. It’s helped me identify things I don’t value and it makes me think twice before doing an Amazon purchase.
Thanks for reinforcing some of the good habits I have and sharing new ones I can pick up. Love your channel, really hard to find good advice for the UK.
It’s a pleasure
Please post the year end financial review
thanks, good video
Please make a video on how to manage credit cards!!
Please release the video of Data Analasis
please please please break down that year-in-review process, I have a feeling it will stop me from going broke.
Yes Nischa! Please upload that video that you spent in the flight to UK ..it will give us great insight.
Thanking you in advance
Yes I want to see it
Another excellent Sunday morning video
hi nischa I watch your video and I enjoy it.
Hey Nischa!
I have a question. Is CFA worth it?
Btw love your videos❤
I’m curious if you could make a video about financial planning and tracking for people who are self employed and don’t have a steady salary. All the advice I see online is for people who can predict what they will earn and can plan their finances around it. But for people like me it varies month to month which makes it very hard to have any sort of specific plan.
Yes please, I would also appreciate a video for the self employed.
We want to see the video!!
This is such great advice and so fundamental! I can literally give a testimony to every point she made. I’ve done everything thing she mentioned and I have managed to save a good amount of money, her first point is a great strategy if you get that down the rest Will follow.
You are so motivating! Thank you :)
Nicha....love your channel......keep sending the world your solid $ strategies
Thank you Nischa for another great video.
I wanted to ask does money stay safe in the bank or they play around with it
Can you recommend me some online lessons of financial accounting??
Hey! As ca, do you do consultancy? Please share…
☺️ thank you
Don't have a spare $800 to "save" each month. Also, I don't spend for coffee, fast food, random items, don't go out to eat, don't go to clubs, bars,parties or events. Tried "side hustles" but it actually costs me more in taxes than it was worth for the time and wear of my car as I don't have enough deductions to make it worth it. Now I'm still trying to pay back the extra taxes it put on me.
Nischa is FOREVER.
Boring videos are often where you learn the most! Would be insightful to see how you analysed it on your flight back and the questions you asked yourself
I'm one of the people building Plum and I'm really happy to see it mentioned here :)
I use plumb and its amazing and have seen money build up without realising
A video on the working details of an end-of-year review? Yes, please! I actually love budgeting (I use YNAB) and would love to see how you look at your numbers and the thought process that goes into that (and what comes out). Budget nerds unite!
I'm glad I subscribed to your channel, thanks alot.