This is your no BS step by step guide on how you can save your first $10,000 this year!!!
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Chapters
00:00 Start Here
00:51 Open A Savings Account
01:48 Make A Copy of the Free Spreadsheet
02:40 Figure Out Your Starting Point & Goal
04:24 Know Your Needed Monthly Contribution
06:33 Find Extra Money
08:47 Begin Contributing
10:33 Track Your Expenses
12:22 See Your Progress
13:10 Hold Yourself Accountable
If your goal in 2025 is to save your first $10,000, in this video, I walk you through the $10K Challenge, which is a step by step plan on how you can go from $0 on Jan. 1 to $10,000 on Dec, 31.
Step 1: Open A Savings Account
In order to save your first $10,000, you must get your bank account organized and know which money is for saving and which money is for spending. Your spending money needs to be held in a checking account and your saving money needs to be held in a savings account. This simple step is extremely important so you don't confuse your money.
Step 2: Make A Copy of the Free Spreadsheet
Next, in order to create our savings plan, you must make yourself a copy of my free spreadsheet. To do that, click the link above and follow the instructions mentioned in the video.
Step 3: Figure Out Your Starting Point & Goal
Everyone watching this video is at a different starting point on their journey to saving their first $10,000. On the spreadsheet, there is a section that says, "Starting Amount." Enter in this section how much money you are starting with and the spreadsheet will automatically adjust. Also, depending on your financial situation, you might want to strive for a different goal. You can change the goal by entering in a different goal amount.
Step 4: Know Your Needed Monthly Contribution
The next section on the spreadsheet will give you the amount of money you need to contribute over a 12 month period in order to reach $10,000 by the end of the year. It is important to look at this amount and ask yourself the question, "With your current income, is it realistic to save this consistently for a 12 month period?" If not then adjust the goal amount to something more realistic.
Step 5: Find Extra Money
In order to make saving $10,000 easier and make our monthly contribution lower, we should now begin to find extra money throughout the year. Extra money is things like tax returns, birthday and holiday gifts, work bonuses, and extra work. Look into your year and enter in money you can set aside to save on this next table. This will automatically lower your monthly contribution needed.
Step 6: Begin Contributing
Next, we can begin contributing the monthly amount in order to save $10,000. And this is how you will do it. Once you get your paycheck, take out your needed monthly contribution, put it in your savings account, and then enter it on the spreadsheet. After that you can pay your bills, this is called, "Paying yourself first." If you do this consistently, you will reach your goal of $10,000.
Step 7: Track Your Expenses
If you find yourself falling short each month and are unable to save your needed amount, it is important to troubleshoot and try to figure out why. To do this, track your expenses for the month and analyze them. In the video linked above, I show you exactly how to do that.
Step 8: See Your Progress
Next, on the spreadsheet, it will show you your progress on how much money you have saved and how much you have remaining. Periodically check these amounts to see your progress.
Step 9: Hold Yourself Accountable
Finally, throughout this challenge, hold yourself accountable and follow through with your plan. Many people think that reaching $10,000 happens quickly through one action; however, it actually happens through many small actions consistently over a long period of time.
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