Mitch here! In this video I'll tell you about how I saved $100,000 before I turned 20 years old, along with 5 simple tips that can help you do the same. Mitch's Twitter, Instagram & Snapchat: mitchills Get weekly blog articles, newsletters with hand-picked content and networking by joining the Exceptions for free at www.theexceptionsnetwork.com So one of my accomplishments as a young man was being able to save six figures before I turned 20 years old. First of all, before I get into the 5 steps, you need to addicted to the feeling of saving. What I mean by that is every time I was getting paid, it was the most I had ever had in my account. It was really exciting and you should do this too. 1) Track your spending. I guarantee if you're not tracking your spending, you're definitely spending more than you think. And I'm talking about all the little things. Everything adds up - put absolutely EVERYTHING in. All these little things add up. There's a really good app called 'Pocket Expense App Free', it's a free app, you put in all of your expenses and you can also put in your income as well to see if you're spending more than you're earning This is massive because when you see how much you are spending, it hurts. And it's a pain that is really productive. It's like if you are overweight, it inspires you to work out. So this, if you see you're spending too much, it inspires you to save. 2) Don't buy stuff you don't need! This is huge. Before you buy something, take 5 - 10 seconds to think about 'Do I really need this?'. Because I see too many people spending money on things they don't need - I absolutely hands down guarantee you didn't need that $350 bottle of vodka in the nightclub on the weekend! So stop spending money on partying and stuff that's not helping you get from A to B. The only thing you should be spending on is stuff that makes you survive, and self education because that's investing in yourself and that's massive. 3) Stop spending money on 'deals'. Deals are a sales tactic, you're not 'saving money' by getting a second item that was cheaper than the first one. So to break it down real simple. If a Snickers bar is one dollar. The second one is 50 cents. So you think 'Oh, it's only half price of the first one, I'm saving 50 cents!' NO, you're SPENDING another 50 cents on something that you didn't go in there for! On a bigger scale, one of my friends bought a chair that was $300, and then the second chair was only $100 if you bought another one. So he thought 'Hey I'm saving $200 by getting a second one!'. You're not saving anything! You're SPENDING more money than what you went in with. So stop spending money on 'deals' because it's a sales tactic it's very intentional. You can't fall into that trap. 4) Set saving goals. So you say 'I want to have $1000 in my account by next month' or I want to have ( x ) amount of money by ( when ), and it's really good to write this down. So have it on the wall where you can keep seeing it and hold yourself accountable. So going back to waiting before you spend, you can really think about 'Does this help me get to my saving goal?' and if not, don't do it. 5) Do a price check. We do a lot of shopping online, so it's so easy to type the product you're looking for into something else and see where it's cheaper. There's even sites that do this for you! Even if you're in the grocery store and you're getting milk, just have a look, see if something else is cheaper. People might say you're 'stingy' but who cares, that's how you need to be if you want to save a lot of money! On this note though, you can't get rich by just saving money, you also need to be MAKING money. You can save all the money in the world but you won't be financially free. The point is though, you want to save the money that you DO earn. Also, I was working at a pretty high paying job and I was working hard, but that comes down to your hustle and your motivation to actually go out there and get a good job. I guarantee if you do these things you will be saving probably double the money that you have in your account right now. So do this, I'm looking forward to seeing how much you save, hit me up on Twitter (@mitchills) I want to see how much you ended up saving. Good luck and I'll see you soon!
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