Saving money $10,000 can be an intimidating goal, especially if you are someone who doesn’t identify as a saver. But reaching a savings goal is easier than you think!
In today’s episode, I share my special ‘Magic Ten’ process to save $10,000. This is the method I coach my clients on, and it is successful for anyone. Not only will the Magic Ten process help you achieve your savings goal, but it will also help you shift your mindset and build financial confidence. If you feel like you don’t know how to save, are constantly dipping into your savings, or feel like money just slips through your fingers, this episode is for you! So tune in and get started on a $10k savings plan!
During this episode, I share my Magic Ten process to save $10,000. Follow along with these key points:
[02:20] Intro to my ‘Magic 10’ process to save $10,000
[05:30] Adopt the belief you are a saver
[06:50] Build a $10k plan
[12:06] Identify and reframe your roadblocks
If you are ready to learn how to save $10,000, tune into this episode of Money Files!
Are you ready to shift your relationship with money? Apply to work with me, and let’s start working towards your financial goals.
IF YOU LOVED THIS CONVERSATION ON A STRESS-FREE WAY TO SAVE $10,000, CHECK OUT MY EPISODE ON HOW LAUREN PAID OFF $30,000 IN CREDIT CARD DEBT AND SAVED $10,000!
Transcript for “A Stress-Free Way To Save $10,000”
Intro: Hi, and welcome to Money Files. I’m Keina Newell from Wealth Over Now. I work every day with professional women and solopreneurs to help them get out of financial overwhelm and shame so they can experience more flexibility and ease with their finances. Are you ready to gain confidence and learn to manage your finances intentionally? Tune in and grab financial tips that will help you master the way you think about and manage your finances.
Keina: Hello and welcome back to another episode of Money Files. So today I want to dive into saving money, but specifically I want to dive into saving $10,000. And the reason I’m talking about this is because one of my clients, we were wrapping up, coming close to the end of our five months together and one of the things that she had on her list of goals, I asked my clients on their client profile to tell me something that they want to achieve. And something she had written down was that she wanted to save $20,000. So as we were going through and we were celebrating the things that she had accomplished while we were working together, I asked her how she felt about her ability to save $20,000. And I remember she looked at me and she didn’t really believe that she could save $20,000. So my brain went to work and I was like, oh girl, I got to show you that you can save $20,000.
Like it is literally right there in front of you and you don’t see it. But I didn’t just want for me to be able to see it, I wanted for her to be able to see it because I knew how important it was for her to be able to own the fact that she is someone who could save $10,000 over and over and over repeatedly. That she is far more than the person that is just focused on like paying down debt or getting out of the paycheck to paycheck cycle. And so a lot of the times when I’m working with clients and we’re talking about saving money, that’s like an opportunity, it’s an area of growth for them because they maybe don’t identify as someone who can save. So because of this client, I created a process called Magic 10, and I call the process Magic 10 because I want you to magically have $10,000 saved.
And by magically, I mean the fact that you’ve set intentions behind it, you were very clear with how you wanted to create a five figure savings account. And so it can just feel like magic that you have $10,000 saved. And a lot of times my clients talk about the fact that they’re like, oh my goodness, it does feel like magic. That money is just there. So you may be where some of my clients are prior to working with me in my five month coaching partnership where you feel like a five-figure savings account is out of reach because maybe you struggle to save money, maybe you have a core belief that you don’t know how to save, or you feel like you are always having to dip into your savings and like money just slips through your fingers because of unforeseen or unplanned expenses then this podcast episode is for you because the client that I created the Magic 10 process for, she came back to me and she was like, oh my goodness, Keina, I figured out that I can save $10,000 every nine months. So imagine if you could figure out that you could save $10,000 every nine months, like that was more money than she’d ever been able to save before. And within 18 months she would be able to hit her goal of saving $20,000, which I know because of the strategy we put into place and the budget that she has, she’s going to be able to hit her goal of saving $20,000 before that 18 month mark. Because what she’s not accounting for is that she’s going to earn more money over time. But when you learn the skill of being able to save $10,000, it’s a process that will speed up over time.
So it’ll allow you to create wealth faster because you’re going to have promotions, you’re going to have money that maybe you were using to pay down debt or maybe you might fall into a lump sum of money, whatever that is. But you are going to be able to create wealth faster because you are going to have the mindset of someone who saves, the mindset of somebody who is thinking about building wealth and you’re going to be able to advance other goals, whether that’s buying a home or purchasing a new car or being able to invest in property, whatever that is for you. So this episode is really geared towards you being able to save your first $10,000 or maybe you’re someone you’re like Keina, I already have $10,000 saved. Well, I want you to save another $10,000 and I want you to know exactly how you saved it because you don’t just have to stop at 10K.
You could be using your next 10K to build your emergency fund. You could be using the 10K after that to put towards investments and really building your wealth. But I want you to have a strategy that works for you to build your wealth. And so I’m teaching my clients one budget at a time how to build their wealth and I want to support you in doing that as well. So if you are looking to save your first 10K or your next 10K, the first thing I want you to do is I want you to adopt the belief that you are a saver. It’s so important for you to identify as someone who saves. And as I was saying earlier, a lot of the times people think that they don’t know how to save or maybe they can only save if a large sum of money comes their way, whatever that is. But I want you to be able to adopt the belief that you are a saver.
And so one way that you can adopt the belief is to really look at your present circumstances and think about like how is it true that I’m a saver? Maybe you’ve transferred $100, to your savings account each paycheck or maybe you have $1000 in your savings account, or maybe you saved 20% of your bonus. Maybe you opened a savings account this year, or you started saving for taxes in your business or from your contracting job. Whatever that is, like identify the evidence for you that is true and in alignment with the thought like I’m a saver. By you creating evidence for this belief that you are a saver, it will become a part of your identity. It will leave the old identity behind where you’re like don’t identify with saving and you’ll start creating a new identity and new pathways for your brain to start looking for ways that it’s true that you’re a saver. So that’s the first thing I want you to do.
Second thing I want you to do is I want you to build your 10K plan. It’s going to happen magically, yes. But I want you to build that plan and so the reason that it’s going to feel magical is because it’s going to be a plan that you basically set and you forget. So getting to $10,000 saved and creating a five figure savings account is literally a matter of doing math. It took me a long time to actually save $10,000 and that was me being like a teacher and making $30,000 a year. But I had the goal of creating a five figure savings account. And so I want you to also set your site on creating a $10,000 savings account because the more that you’re focused on that and that’s your goal, who cares how long it takes? Maybe it’s going to take you 12 months to do it. Maybe it’s going to take you 15 months to do it.
Once you’ve done it once, you’re going to be able to do it again.
So ask yourself, first in doing the math, how do you want to get there? Maybe you want to get there $500 at a time. Do you want to get there a thousand dollars at a time? Do you want to get there $2,000 at a time? But identify it for yourself, how do you want to build this $10,000 savings account, this five figure savings account? After you know how you want to get there, I want you to write out your plan. You’re going to make a plan. So let’s go with $500 a month is how you want to get there. So the plan is I want to save $5,000 a month and I’ll have saved $10,000 every 20 months. It’s so important for you to write this plan down because it’s going to keep you accountable, it’s going to keep you honest.
You can literally mark on your calendar where 20 months from now would be like, that’s probably going to be in January of 2026 or no, it’s even before then. See it’s going to be like September or December of 2025 actually because I was just counting the last months of this year. And then thinking about like you have all of next year, and even as I’m talking right now, I think I have all of my math wrong, so don’t pay attention to my math clearly. But if you were going to save $50 a month or $500 a month and you’re going to save it to build this $10,000 savings account, it’s going to take you 20 months. But be really clear on what that date is. And actually get your brain invested in that date. Sometimes we think like, oh my goodness, it’s going to take us so long, but when we actually do the math of it, it’s not going to take us that long.
And then if you put that goal on autopilot, in five years, you’re going to have saved $30,000 just on autopilot. Like imagine how much money did you have saved the last five years, right? Did you save $30,000? Probably not but right now, if you set the goal to say, I’m going to build a $10,000 savings account every 20 months in five years you are going to have $30,000. I don’t think you’d be mad at that. Say you wanted to get there $1000 at a time. So you are going to say, I want to save $1000 a month. I’ll save $10,000 every 10 months. So in five years you’ll have saved $60,000. So let that sink in. In five years you’ll have saved $60,000. So in five years from now, you’ll have $60,000 on autopilot because you made a plan to save your first 10k.
Or if you said, I want to save $2,000 a month, you’ll have saved $10,000 every five months. Some of my clients, they spend $2,000 without thinking about it. So imagine if you take that $2,000 and you direct that towards saving, in five months you’re going to have $10,000 without thinking about it. You’ll have thought about it once because you set an intention behind it, but without thinking about it, you’re going to have $5,000 in five months or $10,000, excuse me, in five months. And then in five years you’ll have saved $120,000. And so you’re going to start putting this into your budget. And it’s not just going to be you writing down the plan on paper, you’re going to actually put it into your budget and make it a part of how you spend money. And this is all I basically did for my client with the Magic 10K process, is help her see how quickly she could save $10,000.
I helped her see how she is already a saver. And so we also work on, in my coaching process, we work on mindset. And so even for yourself, I want you to think about Keina this sounds really good I think I could save $10,000, but maybe you haven’t thought about that there’s going to be roadblocks for you. And I’m saying that because I just know that it’s a matter of something coming up and you’re going to feel like, oh my goodness, I failed. I have already saved my $10,000 or this month I didn’t get to save $1000, whatever that is. But I want you to identify for yourself, like what are some of your potential roadblocks, that you would want to be like, hey, guess what I’m a saver. It is okay that I didn’t get to save $500 this month because I’m going to be right back on track next month.
So some of your roadblocks might be, like I was just talking about experiencing a hiccup, which makes you like have to actually tap into the money that you’ve saved or maybe you feel like your progress is slow, and so that makes you like not really excited about wanting to save because you’re like, oh my goodness, I only have $1000. But no, name for yourself, like this progress is right on track. It’s exactly what I need. It’s a thousand dollars more than I had two months ago, whatever that is for yourself. But being able to bring in that narration and shift your mindset and just decide in advance how you want to respond when one of your roadblocks comes up. Do you want to adjust? Do you want to evaluate? How do you want to encourage yourself to keep going? So you’re saving your first 10K by one, adopting the belief that you’re a saver.
Two, you’re going to start actually creating a plan to save $10,000. And then three, I want you to identify and reframe your roadblocks. And in my five month coaching partnership, like I go into more detail with the Magic 10 process, and we really dive into the art of saving five figures where I help you approach the plan, and I also help you shift your mindset so you can make progress towards your goal of creating a five-figure or multiple five figure savings account, and embody the belief that you’re the person who saves with purpose and intention. Saving money is a part of the five-step process in my five-month coaching partnership because saving is a skill and it’s a skill that’s going to help you experience freedom with your time. It’s a skill that’s going to help you take on, if you’re a business owner. Being able to know that I only have to take on client work that I love because when you have money in the bank because you’ve saved it, you are able to say yes to work that lights you up.
You’re able to go in and if you’re working a nine to five, you’re able to say like, hey, I want to negotiate my salary, I want to talk about a promotion. And you can do those things without saving. But when you have money in the bank, you know that like you can confidently go into these conversations without also being attached to the fact that like you need your job. You’ll just be able to have your shoulders and push back a little bit more because you are someone who saves. And you’ll also have more mental space and capacity to be thinking about other things. Can you imagine not being worried about whether or not you have money saved or whether or not you have money available to spend on the things that you desire to create in your life? Whether that’s being able to take care of your family, being able, maybe to leave a bad relationship, or maybe being able to buy a home or being able to buy a car, whatever that is like saving is a fundamental component of my process because I want you to be someone who knows that you can feel safe having money, that you can actually trust yourself to save money because that’s a skill that you possess and that you feel really confident about.
So I want you right now to go out and start creating your plan to save 10K. And you can even create your plan to be like, Keina, I’m going to work with you. I’m going to go, I’m putting money to the side because I want to invest and I want to be a part of your five month coaching partnership. But also know that knowing how to save money is not a requirement of working together. A lot of my clients come to me and they’re like, Keina, I don’t have any money in the bank. I need your help girl. And so that’s what we do with my five month coaching partnership is help them feel more confident and clear about where their money is going and they become savers, they become people that pay down debt, they become people that earn more money and know exactly where it’s going.
So if you are looking to take this work deeper you can apply to work with me, you can go to Wealthovernow.com/appointment, and you can grab a spot on my calendar. I would love to talk to you about what you’re experiencing in terms of your finances and your money, what your challenges are and help you create a three step plan to get on track with exactly where you want to be with your financial goals. So I will talk to you guys next week. Thank you so much for tuning in and have a good week.
Outro: Thank you so much for listening to Money Files. If you’re ready to take the next step to reach your financial goals, head to www.wealthovernow.com/appointment and let’s get started.
