How to Save $10k FAST

Money Saving Tips

Parkinson's Law

This concept called Parkinson's Law, basically says that your work (or in this case, your spending) will expand to fill the available resources. It's like if you give yourself three weeks to plan and release a video, it'll take you the full three weeks because you'll procrastinate and get distracted. The same goes for your finances. If you let yourself spend all your money, you'll find a way to do it.

But here's the trick: as soon as you get paid, take 10% (or more) and put it into a separate savings account. This way, you're limiting what you can spend, and you'll find creative ways to make the remaining 90% work for you.

Don't be a Last-Minute Person

Planning in advance allows you to check your bank account and avoid overdraft fees. By taking the time to review your finances, you can ensure that you have enough money for the week and avoid unnecessary costs.

Second, planning ahead also saves you money on transportation. Instead of relying on expensive options like Uber or taxis, you can save time by using public transport. This not only saves you money but also gives you the flexibility to explore other transportation options.

Moreover, planning in advance opens up opportunities for you to make better choices. For example, you can use your reward points to book your next flight or take advantage of discounts on quality items like umbrellas, instead of settling for whatever is available in a rush.

Of course, there are times when last-minute flexibility is necessary, but more often than not, it ends up costing you money and limiting your options.

Year in Review

At the end of each year, it's common to do a year in review for different areas of our lives. We reflect on what went well, what didn't, and how we can grow and improve for the next year. Well, here's a tip to save a good chunk of money in a short amount of time: apply that same evaluation approach to your finances.

Once a year, gather all your bank accounts, debit cards, and credit cards into one main tracker. Categorize your spending and then go through each category line by line. Ask yourself three questions:

1. Can I cut this expense out or cancel it completely?

2. Can I live with less of it?

3. Can I find the same thing for a cheaper price elsewhere?

This process may not be the most exciting or fun, but you only need to do it once a year. The return on investment from carving out 6 to 7 hours for this exercise is totally worth it.

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