How to save $10,000 in a year

Do you want to learn? How to save $10,000 in a year?

Saving $10,000 in a year may sound fierce, but that’s a goal you might be able to reach with some kind of plan and work. By breaking this big target down into smaller steps, you can steadily advance and see your savings grow (and learn great ways to save money!).

By securing around $833 a month or $192 a week, you can save $10,000 a year. This may seem like a lot at first, but there are many ways to cut costs and increase income to achieve this goal. With some smart money moves and a bit of dedication, you’ll be amazed at how much you can save in just 12 months.

The best way to save $10,000 in a year

Below are the best ways to save $10,000 per year.

1. Set monthly savings goals

Saving $10,000 a year may seem like a big job. But breaking it down into smaller steps makes it easier.

You will need to save around $833 a month to achieve your goal. This amount comes from under $10,000 for 12 months a year. If you’re too much $833, you can break it down even more. You can aim to save $192 each week. Alternatively, you could try to save $27 each day.

Choose the time frame that best suits you. Some people like to save a little every day. Others prefer to take money once a week or once a month.

And it’s okay to start small. Even storing a little on a regular basis can add up over time. When you’re better at saving, you can raise your monthly goals.

2. Create a budget

If you want to save $10,000 in a year, it’s important to create a budget.

1. Start by listing all your income sources, including work, side gigs, and other money.
2. Next, write down all your expenses, rent and mortgage, food, bills, fun activities, and more. Be honest about what you are spending.
3. Now, see where you can cut it. You can either reduce eating out or cancel some subscriptions. It’s a bit helpful!

I think it would be helpful to use budgeting apps (such as YNAB) or spreadsheets to track your spending.

3. Automate your savings

Setting up automatic savings transfers will help you reach your $10,000 goal. Don’t forget to move your money in each month, so it’s like paying your bills.

Most banks can set up automatic forwarding. You can choose the amount and frequency you want to transfer your money to your savings account. For example, try setting it up right after payday.

Start small things if necessary. Even $50 or even $100 per salary will be added over time.

Also, in this regard, it is recommended that you put your money into a high-yield savings account if possible. A high-yield savings account will help your money grow faster with better interest rates than regular accounts (you can earn around $300 or more each year by simply putting your savings in a high-yield account). I personally have a very high fee, so I use a high yield savings account. You can find my favorite high yield savings account at this bank. At the time of writing, it can be up to 4.00%. According to this high-yield savings account calculator, savings of $10,000 can earn $400 in a high-yield savings account year. On the other hand, regular banks only earn $41.

4. Cancel gym membership

Gym membership can be a big budget drain. If you don’t use it frequently, it’s time to say goodbye. Many people pay for gym memberships that they rarely use.

Cancelling can save you a lot of money. Some gyms charge $50, $100 or more per month. This amounts to $600 a year!

Before you cancel, check your contract as it is difficult to leave at some gyms. You may need to visit in person or send letters, but don’t let them stop you from saving money.

Think about exercising at home instead. You can find free exercise videos online. Or try jogging in your neighborhood. These options cost nothing and can be as good as your health.

5. Use a cashback site

Cashback apps are a great way to save money on what you already have purchased. These sites will pay back money when you shop in the store, eat at restaurants, or buy gas.

My favorite cashback apps are:

• Get Rewards – Just take a photo of your grocery receipt from which store. This app offers points for purchases. You can exchange it for a gift card.
• Rakuten – You can use it to get back money when shopping online or in the store. Sign up and shop through the app and website to watch your savings total.
• Benefits – Try Upside to save money with gas. This app shows nearby gas stations with cashback offers. Save up to 25 cents per gallon.

I use all these cashback sites regularly and they are very easy to use.

6. Buy generic brands

Common brands are usually much less than those of name brands. On average, you can save about 30%.

General products are usually as good as flashy brands. This applies to medicines, foods and household items. For example, common painkillers work just like expensive ones.

Stores such as CVS and Walmart have their own brands. These are usually cheaper than name brands. Save 1 or 2 dollars on each item. It’s going to be faster!

7. Host clothing exchanges

Holding clothing exchanges is a fun way to save money and get new clothes.

How they work: Invite friends, family, or neighbors to bring clean, gentle used items that you no longer want. Set up spaces in your home or community center (although libraries also host these!).

Make it a social event with snacks and music. Guests can take home their favorite items and browse for free and “shop”.

By replacing it instead of shopping, you can save hundreds of dollars on clothing every year. It’s money you can straighten to your $10,000 goal!

8. Instead of buying books, I use the library

I’m all supporting our favourite authors, but buying books can be faster. The library is a great place to save money.

We usually visit the library once a week and check out a bunch of great books for me and my daughter.

What’s more, there’s more to the library than books. Many people lend movies, music and even video games. Some people can even rent tools, hiking gear, or park passes.

Library e-books are another option. This also saves time and gas money, as you can rent it without leaving the house.

I recommend reading: 13 Ways to Get Free Books Online and Send You

9. Negotiate the invoice

You can save money by calling service providers such as mobile phones, internet, and television companies.

When making a call (you can also start online chats multiple times!), be polite and steady. Ask if there are current promotions or discounts. Sometimes just asking can save money.

If they don’t get upset, think about switching providers. Many companies offer transactions to new customers, which can be used as leverage with current providers.

I recently noticed that my internet bills have been surged more than twice as much as they were just three years ago (they slowly increased it by about $15 a month each year). So I started chatting online and asked according to the rate I had when I first signed up. They said yes without any questions. I’m sorry I didn’t ask early, as my savings were about $50 a month!

10. Packed snacks for going out

Bringing your own snacks when you go out can help you save money because you don’t want to buy expensive food if you’re hungry. Store-bought snacks and drinks can be expensive, especially at events and tourist spots.

I have toddlers so I always bring snacks. But before this, I had also put granola bar in my wallet.

Good options include fruit, nuts, granola bars and homemade sandwiches. Don’t forget to bring your own water bottle. Instead of buying drinks, you can refill for free.

11. Use public transport

Using public transport usually costs at least a few hundred dollars a month.

This huge saving comes from the fact that you don’t have to buy, maintain or refuel your car. Gasoline prices and car costs have been rising significantly recently, making public transport even better deals.

Also, in some cities, you may be able to get a free or really cheap monthly pass, such as if you are a student or over 65 years old.

If you live in a place with public transport, this is definitely something to look into.

12. Starting the side hustle

Side hustles are a way to make extra money outside of your main job. Starting a side hustle will help you reach your $10,000 savings target faster.

You can try freelance writing (e.g., upwork), driving Lyft and Uber, walking your dog, babysitting, selling items online, getting part-time jobs, and more.

You can do several aspects from home, such as playing games on your mobile phone or taking online research. These may not make much money, but they are easy.

For me, I have done many side jobs in my life. In fact, I was able to pay back my $40,000 student loan debt for a side job in just seven months. You can read about them with over 20 side jobs in my life: This is what I think about each one.

I recommend reading: 75 Ways to Make Extra Money

13. Switch to a cheaper phone plan

Mobile phone plans are expensive. You can easily spend between $1,000 and $2,000 a year on a mobile phone plan.

I recommend looking at your phone bill and checking if you can switch to a cheaper mobile plan or switch to a better value company. I know a lot of people don’t want to switch because I think it can hurt a lot, but this move can easily save hundreds of dollars each year!

I recommend reading: 11 ways to get a free mobile phone and plan

14. There are no days to spend

The exact name means that day that is not available. They are days when you don’t spend money.

Of course you still pay rent, utility bills, etc., but you either eat the food you already have in your home or set rules like “I won’t spend on clothes for the next three months.”

Alternatively, you can choose 1-2 days each week to avoid buying anything. Don’t eat out, shop online, or drink coffee. Use what you have at home instead.

I recommend reading: The Power of No Spend Challenge

15. Turn off the electronic device when not in use

Turning off your electronics when you’re not using them can save you money. This simple habit can reduce your electricity bill.

Don’t forget to turn it off.

• Power strip
• Charger
• Small appliances like toasters and coffee makers
• Turn off the light when you leave the room

I recommend reading: How to lower your electricity bill: 10+ ways to save money

16. Compare insurance premiums

Automobiles, homes, and health insurance can be a huge expense and you can save money by comparing prices for different companies.

Start by getting quotes from multiple insurance companies. You can do this online or by calling directly. Make sure you are comparing the same coverage levels.

Don’t forget to ask about discounts. Many companies save money on policy constraints and things like having a good driving record.

You can also see how your payment will be when you increase the deductible person. This could lead to lower monthly payments. If you need to file a claim, make sure you can purchase a higher out-of-pocket cost. Sometimes it’s not worth changing something deductible, but sometimes it can save you hundreds of dollars each year by changing it.

17. Use coupons wisely

Coupons can help you save money on what you already have purchased. Find coupons in newspapers, magazines and online. Many stores have apps with digital coupons that you can use.

Before using the coupon, ask yourself if you really need the item. Don’t buy things just because you have a coupon. It’s not saving money. Also, it’s cheap even without coupons, so make sure to compare prices with coupons too.

One easy way to find coupons I’ve been to recently is to log in to the grocery store website and “clipping” the digital coupon. Usually, coupons are available for fresh fruit, meat, toilet paper and more. Additionally, there are usually cashback options that need to be active each month. I activated one this month, but got 7% ​​cashback on everything I buy this month. That’s a lot of money!

This is my favorite coupon site:

18. Find an Employer Retirement Match

If your employer offers a 401(k) match, definitely consider using this! This is like free money for your future.

For example, if you make $50,000 a year and your employer matches 6%, your free money is $3,000. This can really increase your savings.

If possible, try saving enough to get the perfect match. It may mean reducing other things, but it’s worth it.

If you’re not sure how your company matches work, ask someone at HR. They can explain the details and help you sign up.

I recommend reading: How to Save for Retirement – Answers to 13 of the Most Common Questions

19. Make your own coffee

I’m not a coffee drinker (strange, I know!), but my husband drinks coffee every day, and so is almost everyone I know.

Buying coffee from a cafe can cost a lot of money, as you’re sure you know. Making coffee at home can save you hundreds of dollars each month.

A cup of coffee from a coffee shop may cost over $4. But making it at home costs less than 50 cents per cup.

Drinking coffee every day can cause this small change to increase rapidly. Simply switch to homemade coffee and save more than $100 a month.

Plus, it’s easy and you don’t have to line up or drive anywhere.

Affordable coffee makers can be found here on Amazon.

20. Cook in large quantities and freeze meals

Cooking in large quantities saves a lot of money as you can eat food to make another time easier (such as when you don’t feel like cooking).

I cook in bulk and then save leftovers for lunch the next day.

You can make large batches of soups, stews or casseroles. These dishes are well frozen and easy to reheat. You can separate them and store them in the freezer later for quick meals.

Don’t forget breakfast or snacks. Make large batches of muffins and energy bars. Freeze them and grab one when you need to bite.

I recommend reading: 10 easy freezer meal recipes

21. Limit mobile phone upgrades

Maintaining an old phone can save you a lot of money. New phones cost hundreds of dollars and don’t need the latest model every year.

I have a lot of friends who upgrade their phones every year, but I think it’s a big waste of money. For me, I only upgrade if it’s been years since I got my new phone (and maybe my phone is slow) or if I’m broken. I usually have a cell phone at a time for 3-4 years.

If you need a new phone, look for great deals. Buying last year’s model instead of the latest model will still work well, but cost less. You can also purchase a renovated phone that will work like a new phone at a lower price.

twenty two. Invest in slow cookers

A slow cooker can help you save money and time. Because it helps you make a meal with almost all effort.

I personally love using slow cookers and make slow cooker meals several times a week. It’s so easy, it’s a great way to feel like you’re not bored with cooking. I throw away all the ingredients and let them cook all day long before my daughter gets home from school.

Personally, I have this instant pot (slow cooker, pressure cooker, and air fryer all one). If you want something more affordable, you can usually find a waste pot on Amazon for around $30. This is a popular slow cooker.

I recommend reading:

23. Switch to cloth napkins

Cloth napkins help you save money and reduce waste. They may be more expensive than the frontline (but they are barely barely because paper napkins are so expensive these days!), but they last much longer than paper napkins.

Using cloth napkins for years can save you money in the long run. You don’t have any extra costs as they can be easily washed with your regular laundry.

We use cloth napkins every day and have been around for years. It’s a very easy switch to make!

You can find cloth napkins on Amazon by clicking here.

I recommend reading: How to reduce, reuse and save more cash

FAQ

Below are answers to common questions about how to save $10,000 in a year.

Is it possible to save $10,000 in a year?

Yes, you can save $10,000 in a year! It requires a lot of work and planning, but a lot of people do it.

What tips do you think about saving $10,000 a year?

Try these tips to save $10,000.

1. Budget and track your spending.
2. Reduce eating out and shopping.
3. Use the cashback app when purchasing things.
4. Cancel unused subscriptions such as gym memberships.
5. Sell ​​items you don’t need anymore.
6. Find a way to make extra money.

How much do you need to save to save $10,000 a year?

It needs to be saved to reach $10,000 a year.

• $833.33 per month
• $192.31 per week
• $27.40 per day

Choose the time frame that best suits you and start saving!

How much money do I need to hand over each month to achieve my $10,000 savings goal?

Save $833.33 a month and aim to achieve a $10,000 goal in a year. If that’s too much, start smaller and go your way.

Are there any good strategies to save $10,000 a year with a limited budget?

Even if you’re on a tight budget, these tips can save you $10,000.

1. Get side job or freelance gig.
2. Please rent a spare room or parking space.
3. Cut out the cable and use cheaper streaming services.
4. Instead of eating out, I cook at home.
5. Save gas using public transit or car pools.
6. Keep tax refunds or bonuses/windfalls year-round.
7. Put your money into a high profit savings account.

How to Save $10,000 in a Year – Summary

I hope you enjoy my article on how to save $10,000 in a year.

Saving $10,000 a year may seem impossible, but with the right strategy it can be done. Setting clear goals, creating budgets, and making minor changes to your daily habits will help you progress towards this milestone.

From automating savings to reducing unnecessary costs, to even starting side hustles, there are many ways to build savings without being overwhelmed.

Whether you’re saving for emergency funds or a massive purchase of a home down payment, dream vacation, or financial freedom, these tips can help you make it happen.

Why do you want to save $10,000 a year? What are you saving for?

I recommend reading: 23 Saving Hacking works