- Know what your $10,000 breaks down to and save every month accordingly.
- Go over your expenses and see where you can cut down to save every month.
- Pick up a side hustle, it can bring $200-$1,100 a month easily.
Saving $10,000 in a year, as lovely as it sounds, is it a possibility?
It is hard but it’s not impossible. Just imagine how $10,000 this year could help you? Sounds dreamy right? So, don’t dismiss it yet.
Yes, money can’t buy happiness, but it does give you a whole lot of freedom—and $10,000 even more so.
So, what if we told you that with some hard work and financial resiliency, you can save $10,000 in a year? Here are 6 ways to do just that.
Break it down
Set a plan in motion—do the math. Know what your $10,000 breaks down to and what it looks like. The idea of having cold hard numbers will motivate you to save more money. That way you’re either saving it, or you aren’t—and there’s no in-between. But honestly, it boils down to saving $833 every month.
Save on your bills
Sit down, go over your expenses and see where you can cut down to save $833 every month.
Now is your time for negotiations. Is there a service on your cell phone bill you’re not using? Are your insurance coverages too much? Are you only paying for what you need?
The biggest expense is usually rent. See if you can get a roommate.
Some other expenses include unnecessary subscriptions. Unsubscribe to services you don’t use, or cut down on multiple subscriptions for the same service.
Cook in instead of eating out
Eat more meals at home, it’s the fastest way to save $10,000 in a year—simple right?
Americans love eating out and people spend thousands a year doing so, but this year resist the urge of eating at a fancy restaurant every week.
If the money factor doesn’t persuade you to cook and eat more at home, think of the calories you’ll be adding to your waistline if you dine out!
Less entertainment, more savings
If you’re a social butterfly and you tend to spend a few hundred on outings, brunches, happy hours and more—that will easily cost you $300. But here’s something more fun you can do with it—save!
No, we’re not saying you have to cancel your plans, find some budget-friendly stuff to do at home like potlucks and game nights. That’s like hitting two birds with one stone, you get to have fun with your friends while also saving money!
More ways to earn and hit the $10,000 target
Saving $833 a month seems like a lot. We know. It’s a sacrifice to cut from your monthly expenses. That is a fact! So, here’s a thought, look for ways to earn more.
Asking for a raise can help you reach your $10,000 mark in a year, but it’s a variable! Your employer may or may not be up for it. So instead, you can consider starting a side hustle. In fact, the average side hustle can bring $200-$1,100 a month! We live in a gig economy take advantage of it!
Remind yourself why you want to save $10,000
Remember why you started your goal of saving $10,000 in a year. Was it to travel? Buy a car? Max out your retirement? Or achieve financial independence faster?
Whatever your reason is, remember you are worth it. It’s okay to put your needs first.
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