How To Save $10,000 Fast, According to Graham Stephan

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On Aug. 5, Graham Stephan shared a new YouTube video outlining his advice for quickly saving $10,000, addressing what he calls a growing savings crisis in America. The median account balance for Americans under 35 sits at just $5,400, he said, while the average American saves only 4.6% of their income.

“Breaking down your goals in a smaller scale with a specific time frame will give you actionable steps to stick with it,” Stephan explained. Here’s how you can reach this savings goal.

The Math Behind Saving $10,000 in One Year

Stephan broke down the $10,000 goal into manageable daily targets:

• $833 saved every month
• $27.40 saved every day
• $1.40 saved every hour
• 2 cents saved every minute

This framework transforms what seems like an impossible goal into achievable daily actions.

Five Core Strategies for Fast Savings

These are the steps Stephan suggested you take to get your savings going.

Start Immediately, No Excuses

“You have the most momentum when you’re initially excited about the idea of trying something new,” Stephan said. The gist is: Excitement about financial goals fades quickly, so taking immediate action is key for long-term success.

Budget Like Your Financial Life Depends on It

According to Stephan’s research, the average American spends:

• $281 monthly on impulse purchases
• $100 monthly on credit card interest
• $100 monthly on fast food
• $91 monthly on coffee
• $82 monthly on alcohol
• $60 monthly on uneaten food
• $30 monthly on wasted energy

“Just right there is $744 a month or almost $25 a day that you could save on things you shouldn’t be spending money on anyway,” he shared.

Stephan recommended using free money tracking platforms like Credit Karma or Rocket Money to aggregate all accounts into one place. That way, you can quickly see what’s happening with your money.

Find the Same Thing for Cheaper

Rather than eliminating expenses entirely, Stephan is all about smart substitutions. He suggested regularly shopping car insurance policies, negotiating cellphone bills and simply calling companies to request discounts. He wants everyone to make this a normal part of their everyday lives. 

“Sometimes even just calling and asking for a discount is all it takes to start saving money,” he explained.

Pay Yourself First

This strategy flips traditional spending patterns. Instead of saving whatever remains after expenses, Stephan recommended automatically moving savings off the top of each paycheck. 

He pointed to a troubling trend: Nearly half of people earning over $100,000 annually live paycheck to paycheck, and over one-third of those making $200,000 face the same struggle.

“Get it moved as soon as possible so that it’s out of sight, out of mind,” he advised.

Use Money-Saving Life Hacks

Stephan shared several rules he personally follows:

• The 24-Hour Rule: Wait a full day before any nonessential purchase.
• The 5-Minute Rule: After waiting 24 hours, spend five minutes finding discounts or better prices.
• The 10x Rule: Ask whether a purchase will matter in 10 days, 10 months or 10 years.
• The 10:1 Value Rule: Ensure you’ll get 10 times the cost in satisfaction and value.

Category-by-Category Savings Breakdown

Housing (Save $10 daily)The largest budget category is the biggest savings opportunity. Options include renting unused bedrooms, negotiating rent reductions, shopping home insurance rates and contesting property tax assessments.

Transportation (Save $5 daily)
With average car payments exceeding $745 monthly, transportation offers significant savings potential. Stephan recommended buying reliable, fuel-efficient used cars with cash when possible.

Taxes (Save $3 daily)“One-third of your entire working year is spent just to earn enough to pay the IRS,” Stephan said. He suggested hiring a qualified CPA to maximize deductions and minimize tax burden.

Food (Save $3 daily)Americans now spend $10,000 annually on food, with 40% going to restaurants. Stephan’s approach: Eliminate dining out due to laziness but maintain social restaurant experiences.

Debt Repayment (Save $4 daily)The average American carries $6,400 in credit card debt at 24% interest, costing $120 monthly. Stephan advocates paying off highest-interest debt first using the “24% rule.”

Clothing (Save $2 daily)With Americans spending $133 monthly on apparel, Stephan suggested calculating cost-per-wear for clothing purchases. “If you spent $100 on a shirt and you’ve only worn it once, you just spent $100 to wear a shirt once,” he said.

The Income Acceleration Alternative

If you’re reluctant to cut expenses, Stephan has an alternative plan for you: Increase income through additional work hours, part-time jobs or career changes.

“If you don’t want to cut back and you don’t enjoy saving pennies while eating rice and beans every single night, the fact is there’s no other way around it. You got to just work more,” he explained.

Working just two hours daily at $15 per hour after taxes generates the needed $27.40 daily savings target.

Optimizing Your Saved Money

Once your savings goals are reached, Stephan said to place funds in high-yield savings accounts or money market funds currently paying 3% to 4% annually. This means an extra $400 yearly on a $10,000 balance “for you doing absolutely nothing.”

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