Do you need or want to save a serious amount of money? Here’s how you can save 10000 a year!
Are you interested in saving a little bit of extra cash?
How about a thousand dollars?
What about $10,000 dollars?
Whether you want to save a few hundred or an extra 10K, you can use these basic steps to get there!
If saving any amount of money (not just 10K!), seems overwhelming or too impossible, it might be helpful to break this down into pieces first.
How much do I need to save per month (or per week) to get 10000 in a year?
What exactly is $10,000 a year?
How much is that per month?
10000/12 = $833.33 per month
How much will you need to save per week?
10000/52 = $192.30 per week
Does $192.30 seem less intimidating?
What about $27.40 a day?
10000/365 = $27.40 a day
When you break the goal down like this, you can see that the daily portions are not as intimidating!
But maybe a $10K saving goal still seems too much for you?
Check out these practical steps you can take to meet this goal!
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14 Easy Steps to Save $10000 a Year
Remember the old saying – A journey of a thousand miles begins with a single step.
Whether you want to save $1K or $10K, you need to start somewhere and have concrete steps to follow in order to reach your goal.
Here’s what you can do to start:
- Set a financial goal
First, set a financial goal. You can pick an amount that you want, but aim high!
Let’s set $10K. Once you have the goal written down, make sure that you…
- Break down your goal
Do the simple math and write down what you need to save per month/week/day, like I showed above.
This will help you keep on track for your savings goal.
You can use a handy printable like this or this to keep track of your progress.
- Write down specific steps to reach your goal
Writing down specific steps actually increases your odds of success!
Make plan for putting money toward your saving goal.
Are you going to:
get rid of cable?
get a side-hustle to make extra cash?
plan ahead to avoid impulse purchases?
sell extra items you don’t need?
- Save first
You should always pay yourself first!
Set up automatic deposit directly into your savings tp make sure that you save money first each month.
In other words, before spending, put a predetermined amount into your $10K savings account and then use the rest of your paycheck to pay your bills and other expenses.
- Review monthly bills and expenses
Write down your monthly bills and expenses and see where you can cut unnecessary ones.
Put that extra money toward your savings goal.
- Set up a budget
Track finances with a solid budget – this will help you to see where you are wasting money and make your financial goal a priority.
You can use this monthly budget planner to help!
- Cut back on eating out
Besides housing and transportation, groceries and food can be the next biggest expense. Take time to meal plan and avoid eating out, which can seriously drain your budget.
- Reduce entertainment costs
Even if you reduce spending, you don’t have to cut out all entertainment(and it won’t be forever)!
Find ways to have inexpensive fun with your family.
- Earn more money
Start a side-hustle (or two!) to make extra cash to put toward your goal.
- Try a spending fast
You can do a “no-spend challenge” for one month. Only buy absolute necessities for a month (i.e. rent and food).
- Find easy ways to save money
Switch cell phone providers – try one of these cheaper options: Cricket, Mint Mobile, Ting.
Shop around for insurance to see if you can save or adjust the current coverage on your policies.
For more ideas check out:
Ways to Save Money on a Tight Budget
Frugal Living Tips to Save Lots of Money
- Keep fun in your budget
The quickest way to burnout on a budget or a $10K savings goal is to eliminate all fun. Don’t stop doing fun things!
Keep a good balance and have a monthly “fun” budget amount.
When I was first married and we were on a tight budget, we each had $40 spending money per month – to spend for fun however we wanted. You can set a monthly amount that works for you and your budget.
If I didn’t spend money one month, I would put it into savings or keep it to add to my “fun money” for the next month.
- Invest and earn compound interest
This is slow process, but if you start now and steadily save you can earn a lot of money over the long run with investing. This book is a great, simple read for beginners.
- Keep track throughout the year to keep you motivated
During the year, use a chart to keep track of your monthly savings. This will help keep you motivated (when the going gets tough!) and keep you on track toward your final goal!
Try using a printable like this or this to celebrate the milestones!
Once you have the final goal and the steps to get there, it will help if you keep your why in the front of your mind.
Why do you want to save 10000 in a year?
What is your main motivation to save $10K this year?
Do you want to:
- save toward a down-payment on a house
- go on a dream vacation
- buy new furniture
- put money toward your kid’s college expenses
If you do not have a why yet, take a minute to write down some options!
What do I do with 10000?
Here are some fantastic ideas!
- save for house down payment
- pay off CC debt
- get married or pay for a wedding
- buy a car
- money for education
- beef up emergency fund
- take a dream vacation
- put money toward children’s college fund
There are SO many possibilities!
Is it really possible to save 10000 a year?
I know if you are struggling right now, it might seem impossible to save $10K in a year. BUT, even if you can’t save $10K, why not start saving something?
Whatever goal you might have, break it down into small steps and with determination you can do it!
You can use this handy printable to make your own savings goal and keep track weekly.
Start small and build up – every little bit saved helps!
Do you have a bigger goal? Maybe $50,000?
Do the math and figure out how much you need to save each month!
What tips do you have? Are you trying to save 10000 a year? Maybe you have a bigger goal?
Let me know what your personal financial goal is and what steps are you taking to achieve it! I’d love to hear from you!