* Please note that various studies in 2024 have now shown that c.70-80% of Americans are now living paycheck to paycheck which is higher than 2023 statistics. Coupled with significantly high household debt to income ratios across the globe, saving is even more challenging. Regardless, I believe we should still build safety nets even if they are smaller than 100k. What do you think?
Am learning and have started saving money by doing 2 100 envelope challenges the 1st one I just put $20 the 2nd 100 envelope challenge $30 it used to be so daunting for me to even think about saving a large amount of money but I’ve changed my mindset about money, I have a better relationship with money then I’ve ever had! I was completely over being broke I wanted a easier way and a fun way to save a large amount of money and it’s not daunting for me I feel a lot of people need to shift their mind set it depends on how bad the person wants to save money even if it’s small amounts, it can be done! Thank you for your video!
Hi there, thanks for watching 🤗! I understand where you’re coming from. Saving a large sum like a 100k can seem daunting, especially on a tight budget. This savings rule is designed to be adaptable - it's about setting achievable goals and building a sustainable saving habit. Even small increases in daily/weekly income or saving can make a big difference. Here's the key: focus on both saving and increasing your income (I’d focus on the latter because there only so much one can save!). The video offers tips on finding extra income streams, which can be used to boost your savings rate according to the 30.44 rule. Remember, every little bit counts!
People always say save this much per day save that much per day... well If you have the money to save that amount per day you probably is not as bad off as you think
You're right, some daily savings goals might seem out of reach. But the key isn't necessarily having a big amount to save each day. It's about building a sustainable saving habit. The 30.44 method focuses on finding small amounts you can consistently put away. Even a few bucks a day adds up over time! The video also offers tips on increasing your income, even on a low budget, to free up more for savings. So, this isn't about needing a lot to start, it's about making saving a regular habit and finding ways to grow your income alongside it. Check out the video and my latest video for ways to make extra income ideas!
I am one of those that believe anything is possible and discipline and consistency can go a looong way. I do save. It helps that i have a side hustle. I'm a single mum and so i save about R20 to R50 on a daily basis from my side hustle so i know it's very do-able. I'm currently saving towards my daughter's new school as she will be going to high school next year and I'm gonna need a lot of money for school fees and uniform plus stationery. Enjoyed watching ur video Yvonne. Truly inspired❤
Love this! Thanks so much for sharing! It is possible, especially if you commit and increase your income with one or two side hustles. Wishing you the very best!!! 🧡🧡🧡
When I read the title, I was thinking $100,000 Canadian dollars (clearly, I'm in Canada)!! I was like, how in the world did she save that much in 10 months?? Lol!! But any kind of money saving technique is always welcome! ✌🏾
I’m glad you appreciate that it’s the principle/formula and not necessarily the amount that we should attempt to adopt. In my case 100k was a high target but feasible with a great deal of effort and commitment so this 30.44 rule worked, but if I had been in any other country maybe I would have used the same formula to a lower, perhaps, more realistic number like 10k, and this would be the 3.04 rule. That said, I do believe with a lot of effort and discipline to increase our income (with the right side hustles,etc) and cut our expenses, 100k could still be achievable even in Canada 🤗
this makes no sense for someone who only earns a small amount at the end of every month? How do you save everyday when you hardly have funds for bread or milk?
Thank you for sharing your opinion. I hear you, and I understand that circumstances differ which is why in the video I mention that this formula can be applied to any amount one can realistically save (even for just emergencies) i.e. if you can only save 10k per year then the daily savings per day target would be 27.40 (which is close to the average minimum hourly wage in SA, and the same amount in dollars for the US). If that’s too high then that can be adjusted down. I believe saving (and then also investing) is good despite our economic circumstances because we all need a safety net whether thats 100k or 1k. The intention of this video is to encourage that 🧡
Maybe it seems impossible to you because you are living in a different country. For instance you are living in a different country 100000 South African Rant is equalling to round about 5000 in US-Dollar. And saving up to 5000 US-Dollar can be possible with the right mindset and money management.
Hello Yvonne Thank you for this video. My question is where do I now save or invest the R100k ? Which savings products is most likely to yield more interest better yet , how does one decide on where to save this amount of money. Otherwise, you have gained a subscriber and I can't wait to catch up on your videos tonight 😅
Hi. Check out Stalib or Sanlam investment portfolios. As long as your money is in a high yield savings account with a reputable organization, you will benefit over the long term. But stay for the long term.... and even with R200 per month. Go for it!
Great questions! When I was saving up the first 100k I choose to go with a 32 day notice account (at the time mine was with Nedbank SA but you could check out ratecompare.co.za/notice/best32day-20 for alternatives) for 2 reasons: 1) to avoid ease of access to the funds because if it was readily available I would be tempted to withdraw some of it before I reached the goal (human nature..), and 2) it had to have an above inflation effective interest rate. To give you more insights, I think this deserves a full video so look please out for a detailed guide on how to choose the right savings accounts - high yield savings account next week 🤗
The only way is to find ways to increase your income and reduce expenses to free up this amount (or whichever amount that’s realistic e.g. $10k per year which means you’d need to save $3.04 per hour..). For the former the best options when you have a 9-5 are low-effort side hustles, changing jobs or negotiating for a high salary, etc; and for the latter perhaps reducing/cutting out unnecessary expenses and tracking your expenses using a budget tracker each week/month, etc. With one source of income and high expenses this is a challenging goal to achieve but it is not impossible with a few a few changes.
Actually I was talking about 100k (Rands/US dollars) 😃. The 30.44 method focuses on finding small amounts you can consistently put away, regardless of the country you live in. It's true, saving a large sum takes time. The 30.44 method helps build a consistent habit, even with a low income with the understanding that there’s a cap to how much one can realistically save and so there’s need to find ways to increase your income over your 9-5. The video (and the one I just published) offers tips on finding extra income (side hustles!) to boost your savings on top of your regular income so it is possible to save $100k /R100k a reasonable short period.
This is a good savings strategy. The only thing is that I’d advise to not call it The 30.44 Rule. That # works for you. Savings goals are different and so are hours worked for everyone. Mine is $10K USD and I work 8 hours. The numbers are not the same.
I can relate. I would consider finding ways to increase your income to relieve some of the pressure. I did a video on some options that worked for me that you could consider. Remember we can either increase our income or decrease or expenses. I am here if you have any questions.
Damn, your comment got me cracking up💀😂😂 Life is too short indeed, but only if you know when you will die, as long as you don’t know I suggest you roll along with the Saving Madness😊 Who knows you might live for the next 30yrs, am not sure you wonna waste all that years not saving for a Rainy day🥱
Saving 100000 in one 1 year can be possible. It depends on the currency. 100000 in South African rant is equalling to 5000 in euros. By reading the thumbnail as a German Person saving 100000k, (because I was thinking in euros) I immediately was like no way this not possible by an average income of 45000 a year. With an average income of 45000 and with the right mindset it’s possible to save 5000 in euros or 100000 in South African Rant. Currency and the country you live in plays a huge role.
You’re right, context is very important but the principle/formula is the same. I think as long as we’re building a solid safety net in whatever currency we are on the right track! All the best on you journey 🤗
@YvonneFreely I think you should add the currency in the title 9f this video or change the title to the "3044 rule" because otherwise your title is knowingly misleading for people who live outside of your region.
It’s good that you have started saving. If you can start a side hustle or negotiate an increase at your current job or with a new employer you could increase your savings! Keep going! 🙌🏾
I do but in addition to my 9-5 job I have multiple streams of income through low effort side hustles that help with achieving goals like this! You can only save so much so the trick is to start finding ways to increase your income 🤗
Hey 👋🏾 I hear you but do you think it’s possible to try out different ways to make additional income outside of our 9-5s. I’m certain there are many side hustles that require minimal effort that actually work and can help one make at least $30 per hour. For this to work the focus can’t be on one source of income because there’s only so much one can save. 😊
I’m glad you have started the habit of saving! Now, if it is possible, your focus should be on increasing your income (with a side hustle, or increasing the income at you current job or getting another higher paying job) and reducing your expenses. 🧡
* Please note that various studies in 2024 have now shown that c.70-80% of Americans are now living paycheck to paycheck which is higher than 2023 statistics. Coupled with significantly high household debt to income ratios across the globe, saving is even more challenging. Regardless, I believe we should still build safety nets even if they are smaller than 100k. What do you think?
Am learning and have started saving money by doing 2 100 envelope challenges the 1st one I just put $20 the 2nd 100 envelope challenge $30 it used to be so daunting for me to even think about saving a large amount of money but I’ve changed my mindset about money, I have a better relationship with money then I’ve ever had! I was completely over being broke I wanted a easier way and a fun way to save a large amount of money and it’s not daunting for me I feel a lot of people need to shift their mind set it depends on how bad the person wants to save money even if it’s small amounts, it can be done! Thank you for your video!
I barely have enough the basic needs and R100000 is far fetched.. this tips will work in a person who have plenty of funds that they spend randomly
Hi there, thanks for watching 🤗! I understand where you’re coming from. Saving a large sum like a 100k can seem daunting, especially on a tight budget. This savings rule is designed to be adaptable - it's about setting achievable goals and building a sustainable saving habit.
Even small increases in daily/weekly income or saving can make a big difference. Here's the key: focus on both saving and increasing your income (I’d focus on the latter because there only so much one can save!). The video offers tips on finding extra income streams, which can be used to boost your savings rate according to the 30.44 rule. Remember, every little bit counts!
Honestly best video I’ve seen on saving / making 100k this a side hustle
Appreciate that! Glad it’s helpful 🙌🏾
@@YvonneFreely absolutely 💯
People always say save this much per day save that much per day... well If you have the money to save that amount per day you probably is not as bad off as you think
evaluate what you spend your money on and make sacrifices. delay gratification
You're right, some daily savings goals might seem out of reach. But the key isn't necessarily having a big amount to save each day. It's about building a sustainable saving habit.
The 30.44 method focuses on finding small amounts you can consistently put away. Even a few bucks a day adds up over time! The video also offers tips on increasing your income, even on a low budget, to free up more for savings.
So, this isn't about needing a lot to start, it's about making saving a regular habit and finding ways to grow your income alongside it. Check out the video and my latest video for ways to make extra income ideas!
I am one of those that believe anything is possible and discipline and consistency can go a looong way. I do save. It helps that i have a side hustle. I'm a single mum and so i save about R20 to R50 on a daily basis from my side hustle so i know it's very do-able. I'm currently saving towards my daughter's new school as she will be going to high school next year and I'm gonna need a lot of money for school fees and uniform plus stationery. Enjoyed watching ur video Yvonne. Truly inspired❤
Love this! Thanks so much for sharing! It is possible, especially if you commit and increase your income with one or two side hustles. Wishing you the very best!!! 🧡🧡🧡
@@YvonneFreely Thank you so much. Appreciated🤗❤
I have managed to save R100k in six months, and all I can is that being disciplined is hard .. .
Well done!!! 🙌🏾 I concur, discipline is hard but the rewards of it are well worth it! 🧡
Well done. Was this saved through salary or side hustle?
When I read the title, I was thinking $100,000 Canadian dollars (clearly, I'm in Canada)!! I was like, how in the world did she save that much in 10 months?? Lol!! But any kind of money saving technique is always welcome! ✌🏾
I’m glad you appreciate that it’s the principle/formula and not necessarily the amount that we should attempt to adopt. In my case 100k was a high target but feasible with a great deal of effort and commitment so this 30.44 rule worked, but if I had been in any other country maybe I would have used the same formula to a lower, perhaps, more realistic number like 10k, and this would be the 3.04 rule.
That said, I do believe with a lot of effort and discipline to increase our income (with the right side hustles,etc) and cut our expenses, 100k could still be achievable even in Canada 🤗
I love how you explain the strategies, so clear.. thank you
I’m flattered! Thanks so much for the feedback, glad it’s helpful 🙌🏾
Wow Sisters 👌. Wish i could buy you Ankole Bull. Thank you
this makes no sense for someone who only earns a small amount at the end of every month? How do you save everyday when you hardly have funds for bread or milk?
Thank you for sharing your opinion. I hear you, and I understand that circumstances differ which is why in the video I mention that this formula can be applied to any amount one can realistically save (even for just emergencies) i.e. if you can only save 10k per year then the daily savings per day target would be 27.40 (which is close to the average minimum hourly wage in SA, and the same amount in dollars for the US). If that’s too high then that can be adjusted down.
I believe saving (and then also investing) is good despite our economic circumstances because we all need a safety net whether thats 100k or 1k. The intention of this video is to encourage that 🧡
Maybe it seems impossible to you because you are living in a different country. For instance you are living in a different country 100000 South African Rant is equalling to round about 5000 in US-Dollar. And saving up to 5000 US-Dollar can be possible with the right mindset and money management.
If u earn less u cant save but its a good idea for those who can save to save thank u for that.
Hello Yvonne
Thank you for this video.
My question is where do I now save or invest the R100k ?
Which savings products is most likely to yield more interest better yet , how does one decide on where to save this amount of money.
Otherwise, you have gained a subscriber and I can't wait to catch up on your videos tonight 😅
Hi. Check out Stalib or Sanlam investment portfolios. As long as your money is in a high yield savings account with a reputable organization, you will benefit over the long term. But stay for the long term.... and even with R200 per month. Go for it!
Great questions! When I was saving up the first 100k I choose to go with a 32 day notice account (at the time mine was with Nedbank SA but you could check out ratecompare.co.za/notice/best32day-20 for alternatives) for 2 reasons: 1) to avoid ease of access to the funds because if it was readily available I would be tempted to withdraw some of it before I reached the goal (human nature..), and 2) it had to have an above inflation effective interest rate.
To give you more insights, I think this deserves a full video so look please out for a detailed guide on how to choose the right savings accounts - high yield savings account next week 🤗
Thank you so much for the link .
Looking forward to the video. 😃@YvonneFreely
Will start with. 10k savings while working on decreasing my debts this video was very helpful ❤
You’ve got this! Routing for you 🙌🏾
Awesome video ~ Thank you✨💚
You are so welcome! Glad it’s helpful 🧡
This is so great 😃 ❤🎉 I love it. I’m saving for the challenge
Yay! You can do this!! 🙌🏾🧡
Wow it makes sense. Thank you so much ❤
You’re so welcome! Glad it’s helpful! 🧡
Uber or bolt drivers could be rich in just a year if they follow this formula huh, wow. Thanks
With some discipline, yes!! 🙌🏾
Really helpful and insightful. Thanks Yvonne
You're so welcome! Thanks so much for watching 🧡
Need to save for family trip to Disney world Florida,
Oh nice! Wishing you and your family all the very best! 🤗
How can you save $100,000 if your yearly income is way less than that?
The only way is to find ways to increase your income and reduce expenses to free up this amount (or whichever amount that’s realistic e.g. $10k per year which means you’d need to save $3.04 per hour..). For the former the best options when you have a 9-5 are low-effort side hustles, changing jobs or negotiating for a high salary, etc; and for the latter perhaps reducing/cutting out unnecessary expenses and tracking your expenses using a budget tracker each week/month, etc. With one source of income and high expenses this is a challenging goal to achieve but it is not impossible with a few a few changes.
She was talking about 100,000 Rand ($5,416.02 USD) not Dollars.
@@YvonneFreely great motivation ❤
Actually I was talking about 100k (Rands/US dollars) 😃. The 30.44 method focuses on finding small amounts you can consistently put away, regardless of the country you live in.
It's true, saving a large sum takes time. The 30.44 method helps build a consistent habit, even with a low income with the understanding that there’s a cap to how much one can realistically save and so there’s need to find ways to increase your income over your 9-5.
The video (and the one I just published) offers tips on finding extra income (side hustles!) to boost your savings on top of your regular income so it is possible to save $100k /R100k a reasonable short period.
Thanks mam. Where will I get 274 per day
It very much possible. Just calculate 275 x 31 days .
Please make a video on this 😊
Just published the possible side hustles you can try to make this happen. Let me know what you think! 🤗
Great question! Just published the possible side hustles you can try to make this happen. Let me know what you think. 🙌🏾
Got a new sub🎉
Welcome to the Free Squad! 🧡
Thanks!
Welcome! You might also like the other personal finance videos on this channel, check them out! 🙌🏾
This is a good savings strategy. The only thing is that I’d advise to not call it The 30.44 Rule. That # works for you. Savings goals are different and so are hours worked for everyone. Mine is $10K USD and I work 8 hours. The numbers are not the same.
I like this! You should make it your own because personal finance is personal 🤗
❤ loved it
Glad it was useful! 🧡
Have lot of bills n debts its not possible for me but i wish😢
I can relate. I would consider finding ways to increase your income to relieve some of the pressure. I did a video on some options that worked for me that you could consider. Remember we can either increase our income or decrease or expenses. I am here if you have any questions.
My goal is to save 10k gonna take me a yr and a half
No for me! Life is too short for this madness.
That’s fine too 😊
Damn, your comment got me cracking up💀😂😂
Life is too short indeed, but only if you know when you will die, as long as you don’t know I suggest you roll along with the Saving Madness😊
Who knows you might live for the next 30yrs, am not sure you wonna waste all that years not saving for a Rainy day🥱
😂😂😂😂😂😂😂
DAMN Yvonne, You Fine like that thick 100K you Saved in 10Months, AM SUBSCRIBED🌟
• From Ghana🇬🇭
Welcome to the Free Squad! 🤗
Saving 100000 in one 1 year can be possible. It depends on the currency. 100000 in South African rant is equalling to 5000 in euros. By reading the thumbnail as a German Person saving 100000k, (because I was thinking in euros) I immediately was like no way this not possible by an average income of 45000 a year. With an average income of 45000 and with the right mindset it’s possible to save 5000 in euros or 100000 in South African Rant. Currency and the country you live in plays a huge role.
You’re right, context is very important but the principle/formula is the same. I think as long as we’re building a solid safety net in whatever currency we are on the right track! All the best on you journey 🤗
@YvonneFreely I think you should add the currency in the title 9f this video or change the title to the "3044 rule" because otherwise your title is knowingly misleading for people who live outside of your region.
I save 200 month end
It’s good that you have started saving. If you can start a side hustle or negotiate an increase at your current job or with a new employer you could increase your savings! Keep going! 🙌🏾
U must don't have bills and live rent/ mortgage free
I do but in addition to my 9-5 job I have multiple streams of income through low effort side hustles that help with achieving goals like this! You can only save so much so the trick is to start finding ways to increase your income 🤗
Not in America unless you don't have bills
Hey 👋🏾 I hear you but do you think it’s possible to try out different ways to make additional income outside of our 9-5s. I’m certain there are many side hustles that require minimal effort that actually work and can help one make at least $30 per hour. For this to work the focus can’t be on one source of income because there’s only so much one can save. 😊
To make it more realistic, do a money conversion. $100,000 is about $5,500 for you
Am saving 100ksh per day
I’m glad you have started the habit of saving! Now, if it is possible, your focus should be on increasing your income (with a side hustle, or increasing the income at you current job or getting another higher paying job) and reducing your expenses. 🧡
Girl here in america 80% leaves pay check to pay check
My goal is to save 10k gonna take me a yr and a half