I USED THIS to Painlessly SAVE My First $1,000 Emergency Fund in 5 Weeks (R18k in SA)
ฝัง
- เผยแพร่เมื่อ 29 ก.ค. 2024
- Tired of struggling to save in a world of rising costs? (We all are!). $1,000 = c.R18,000 if you live in South Africa, just convert for your relevant currency and apply this rule.
This video introduces a powerful, easy-to-understand strategy called The 545 Rule to #savemoney It's designed to help anyone achieve financial freedom, no matter your location (South Africa, US, UK, etc.). It unpacks the psychology and mechanics behind The 545 Rule / #MoneySavingTip to save $1,000 (R18,000 if you are in South Africa) fast for people without emergency savings and those that have started but need a boost.
Learn how to overcome the urge to spend everything now ("hyperbolic discounting") and fight loss aversion to turn small, daily savings into BIG results. This video is packed with realistic money-saving tips and actionable steps to get you started including my story and how I changed my bad money habits and saved my first $1000 emergency fund.
Here's what you'll learn:
0:00 Why You Need This
1:13 Why it Works
3:03 The Mechanics
3:51 Making it Work for You
6:11 My Story & Some Motivation
Join the conversation! Let us know in the comments what you're saving for and how you'll use The 5-4-5 Rule.
Get started today! Like and subscribe for more money-saving hacks, and hit the notification bell to never miss an upload!
P.S. Missed my latest video? Check it out here: • 9 REALISTIC Side Hustl...
Disclaimer: This video is for educational purposes only and should not be considered financial advice. Please consult with a professional for personalized guidance.
Get your FREE Simple Money Planner & Tracker to kickstart your savings journey! [Link to Simple Money Planner on www.yvonnefreely.com]
Keywords:
SAVE My FIRST $1000, Emergency Fund, The 545 Rule, Save $1,000 Fast, Money Saving Tips South Africa, Money Saving Tips United States, Realistic Money Saving Tips, No BS Money Saving Tips, How to Save $1,000 Fast, The 5-4-5 Rule for Money Saving, Daily Savings Plan, Small Wins for Big Results, Overcome Hyperbolic Discounting, Automate Your Savings, Financial Psychology, The 545 Rule United States, Money Saving Hacks for South Africa, Save Money, Save Money Fast, Financial Freedom, Debt Free Community, Budgeting Tips, Frugal Living, Personal Finance, Money Management, South Africa Personal Finance, Debt Free South Africa, Saving Money in South Africa, South Africa Financial Planning, Cost of Living in South Africa, Financial Mistakes to Avoid in South Africa, Financial Goals, How to Save Money, Saving Money in the United States
Hashtags:
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#Moneysavingtipssouthafrica #SavingMoneySouthAfrica
Comment ‘SAVE’ to get my free Simple Money Planner to help you organise your finances and reach your saving goals faster! 🙌🏾
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Thanks. Very helpful even for people with low incomes!
Glad it was helpful! Definitely an inclusive approach 🧡
Saving is real business and is not for the weak, with this video l guess l will be having my first savings for emergency and becoming financially independent. Thank you @ Yvonne
Yes it is, especially in this macroeconomic environment but it has to be done. All the best with your savings journey! Let me know if you have any questions 🤗
New subbie here. Busy binge watching your videos.
All l can say is "It is nice to be here"
You truly are God-sent Sis ✨
Yaaay!! Welcome to the Free Squad!!! 🧡
Thank you so much! I now know what I need to do for my goal.
You are so welcome! All the best. Let me know if you have any questions!
Hi there, very informative great content. Must say I am new here
Hey! Thanks so much and welcome to the Free Squad! I'm here if you have any questions to help you along your money journey :D!
Thank you, very helpful.
Great! Glad it was helpful! Do you have an emergency fund yet?
Super helpful! Especially the idea of a notice account. I'm just curious what interest rate is considered High Yield Savings in South Africa :)
Glad it’s helpful! On HYSA’s, I’d consider any savings account that gives a higher than inflation interest rate, I’d go for any savings/bank ‘investment’ account with an interest rate of > 6.5%. For a quick check ratecompare.co.za helps 🤗.
@@YvonneFreely Thank you sooo much!
Love these tips. Thank you for sharing 💖
Glad they are helpful! Thanks so much for watching 🧡
Save save save !! Thank you really helpful
Glad it’s useful! You can download your copy on my website here: www.yvonnefreely.com/simple-money-business-tools 🙌🏾
Thank you so much.
You're so welcome, I’m glad it’s useful! Thanks for watching. Let me know if you have any personal finance questions I can help you out with. 🙌🏾
👍 bonuses, tips & overtime = savings. If I don't see it, I won't miss it.
You’ve got it! 🙌🏾
Great strategy. Thank you!
So glad it was helpful! Thanks for watching 🙌🏾
Great video, thank you
Thanks so much for watching, and for the kind feedback! See you on my next one! 🤗
What if you are trying to save $5000 in 4-6 months?
Do you think it's possible to save R1M in 3 months?
Hi! I don’t know your personal finances so I can only give my opinion here. Saving R1m in 3 months is unrealistic and will be quite challenging to achieve especially in this economy for the average person. I’d suggest a much smaller, realistic goal.
To be honest, if you are able to save R1m ($54.7k) in just 3 months (after your life expenses) then you are doing pretty great and should be focusing on investing for your future. What do you think?
Oh interesting . At the moment I spend more than I earn and I used all my overdraft. Trying to get back on track create a budget and being using it for the second month. Just need to find a way to pay back my overdraft but will have to be in small amounts and long term.🙈
Hey 👋🏾 I understand your circumstances and I just want you to know that it’ll get better. You will pay off the overdraft, and get back on track. First step is to create a budget and try to stick to it, here’s the one I use: www.yvonnefreely.com/simple-money-business-tools. Second step is to see ways to reduce/optimise your expenses, then the last step is to identify ways to increase your income - there’s a cap to how much you can save so you have to look for ways to supplement your income through side hustles (that could perhaps turn into businesses). Check out my video on 9 streams of income that I posted before this one. All the very best! 🤗
keep a list of what you spend every day. you'll be surprised. if you're buying $5 cups of coffee in the morning, start there.
SAVE.
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Sorry folks basic living expenses take most savings.. and many lower income folks may not be able to generate extra income.. some rents are over a $1000 now so how can you save in 5-6 months it’s not logical after a pandemic.. let’s get real folks..:.. it took me 12 months to save $1000 without spending and I put it in a high yield savings account….
I hear you, saving is challenging especially in this economic environment. However, I still think this can still work even for people on a low 9-5 income, if you set up side hustles, negotiate for a raise, etc. I say this because there’s a cap to how much we can save, at some point we have to start increasing our income to meet our financial goals. What do you think?
@@YvonneFreely you are correct but you have to consider those on disability and social security these are the people I’m referring to there is no way they can save $1000.. there goal should be $500 and then work on debt.. because I am disabled myself a lot of them get discouraged thinking that they can’t save but yes we can starting with coins that’s how I started in 2023…. And I’m at 1100.00
@@YvonneFreelyWe ALL can Save Thousands!!! Quickly!...
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Even if you just start with a $1 and build upon it over time consistently you can get there. It’s starting. You can even start with 50 cents. So it’s definitely possible but people don’t believe they can.
@@firesign4297not everyone does what you listed. Your assumption that they do is sad
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
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