It’s not easy to pad your savings — and it’s certainly not easy to double them in just one year. However, financial advisor turned social media influencer Humphrey Yang believes it’s possible. In a recent YouTube video , Yang told his 1.
57 million subscribers that if they want to double last year’s savings in 2025, they should ignore the standard advice they hear about eliminating small pleasures, which don’t generate enough savings to justify the quality-of-life sacrifices they require. “For example, maybe you’ve skipped some Starbucks runs or you’ve cut back on subscriptions or you’ve maybe even created a budget, but it still feels like your savings aren’t growing fast enough,” he said. Check Out: 6 Things the Middle Class Should Sell To Build Their Savings Read More: I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money Yang thinks the real prize is hiding not in the little luxuries that make you happy but in the major expenses that can lead to significant gains in your emergency fund, vacation budget or down payment bucket with fairly minor tweaks.
Here’s his five-step plan to double your savings this year . Reevaluate and Reduce Your Top Spending Categories Yang pointed out that if someone spends $5 at Starbucks three times a week, reducing that habit to one visit per week saves only $520 a year — a big lifestyle sacrifice for only modest gains. Yang wants his followers to aim bigger.
He cited data from the Bureau of La.
