How To DOUBLE Your Savings In 2025 (With These 3 Simple Strategies)

Matt | Personal Finance

How To DOUBLE Your Savings In 2025 (With These 3 Simple Strategies) #savingmoney #wealthbuilding #moneymanagement   In this video, I walk you through 3 effective strategies on how to save money in 2025 and how you can grow your savings without making drastic changes to your lifestyle.   I share the exact steps I took to double my savings, and how you can apply these same strategies to achieve your own financial goals. Whether you're saving for a big purchase, an emergency fund, or long-term wealth, these tips will help you get there faster.   Watch now for actionable tips to boost your savings in the year ahead.

Transcript

00:00if you're looking for ways to increase your savings then this video could help you

00:04i'm going to share the three things that i did to double my savings and you could do the same

00:09without making any drastic changes to your lifestyle if you're new to this channel i'm

00:14matt i've been a finance consultant for over 10 years over that time i've worked for one of the

00:19top consulting companies in london i now run my own company and on this channel i talk all things

00:24personal finance so let's get into how to increase your savings the first step is to consciously set

00:31a savings goal and to automate your savings the best place to start is by breaking down your

00:37savings goal into smaller more manageable chunks this may sound like a really simple thing to do

00:43but most people don't do it and you're twice as likely to reach your savings goal if you do this

00:49as the first step let's say the target is to save twenty thousand dollars for a house deposit over

00:55the next two years when you look at the total number on its own it might seem like a difficult

01:01thing to do but when you break it down it becomes more doable it means saving 193 dollars per week

01:08or 834 dollars per month the next thing to do is to automate your savings by setting up a direct

01:15transfer each month once your pay comes in that way you always budget for and set aside an amount to

01:22save and invest each month by doing these two things you're building solid savings habits into

01:27your regular routine and by paying yourself first and automatically saving when your paycheck comes in

01:33you're forcing yourself to manage your budget to be within your means the second step to increase

01:39your savings is to focus on reducing your biggest monthly expenses and to optimize your spending no

01:46more than 50 to 60 percent of your income should be covering need related costs these are fixed costs

01:52like rent or mortgage utility bills your day-to-day food and transportation as well as any other costs

01:58that make up your essential living expenses housing transportation and food are the three biggest expenses

02:04for a typical household and finding a way to save on these will make the most difference

02:09to reducing your fixed living costs for example could you renegotiate your rent maybe you could

02:14agree a longer tenancy term and by giving your landlord assurance that you'll be in the property

02:19for a longer period of time it might enable you to agree a lower monthly rent cost another way to

02:25reduce costs could be to use a comparison website to switch to a lower cost provider for things like

02:30your utility bills internet and insurance it can be tricky to stop your expenses from ballooning particularly

02:37in high cost of living locations unless you consciously manage it and set a ceiling so capping your fixed

02:44living expenses at 60 of your income helps to keep this in check optimizing your spending is also

02:50important to be able to save more no more than 20 of your income should go on your once it's so easy to get

02:58caught up with a new trend or latest version like the newest iphone and we instantly convince ourselves that

03:04we need it even if our current phone works completely fine when you're in this moment it's a good idea

03:10to pause before buying and ask yourself do you really need it if you're really focused on saving

03:16then you have to be tough on your discretionary spending it's really common for your wants to merge

03:22into your need related costs or exceed that 20 threshold of your income but ultimately it's just going

03:28to derail your savings goal if you decide that you do still need it then think about how you can get

03:34it for cheaper for example using a comparison website buying it second hand getting a cheaper

03:39alternative or waiting to buy it in a sale the other key thing if you want to save more is to pay

03:45off any high interest debt that you have for example car loans personal loans credit card debt or student

03:51loans you really want to do this before you start saving as it usually costs more to borrow money

03:57versus the returns that you get on saving if you have two thousand dollars in a savings account with

04:02a four percent annual interest you'll earn eighty dollars after one year but if you have credit card

04:08debt of two thousand dollars with a 22 interest it will cost you four hundred and forty dollars over

04:15that same year high interest debt is always going to grow faster than your savings so if you have any

04:20pay it off first and once it's cleared then you can build your savings the third way to

04:26increase your savings is to earn more money if you're able to increase your earnings while keeping

04:31your living expenses at a similar level then you'll have a larger positive cash flow and you're going

04:37to be able to save more each month there are lots of different ways to earn extra money you could start

04:43a side business a good example of this is joe parry who's earned over half a million dollars since

04:482015 selling courses on the education platform udemy on everything from business planning to social media

04:55marketing and computer software this is just an example to help get you thinking reflect on what

05:01strengths and skills you already have that could help you earn some additional money on the side

05:06i think one of the best ways to increase your income is to build your skills so you're more valuable

05:11in the job market either to be able to negotiate a higher salary or to be able to switch to a higher

05:16paying job for example if you currently work as an assistant in a grocery store and you manage to save up

05:23500 and you take that money and you pay for a sales course which enables you to get a sales job paying

05:29more money if you're then able to add the ability to do marketing on top while you're doing your sales

05:35job then you can now run your own ad campaigns you can get customer leads in and you can close sales

05:41your earning potential has just gone up tenfold from the pay you were getting from working in the

05:45grocery store the key takeaway here is that although there is a cap on how much you can reduce your costs

05:51you can always earn and make more money which can help you to save faster so these are the three

05:56ways that help me to double my savings i hope this video has been helpful feel free to leave any

06:02questions in the comments give the video a like and subscribe to my channel i'll see you on the next video

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