How To Save $10000 in a Year – 16 Ways in Which You Can Succeed

Last updated on July 6th, 2023 at 05:04 pm

 

You might have been looking for money-saving tips but you landed on how to save $10000 in a year, right? Still, you can have it all here just in case you didn’t know how to start.

You can start with this figure or relate it to what you’re having in mind to bring out the exact picture. If the target is saving $10000 a year, it’s not hard to achieve it, and doing it will make a difference in your finances.

What I mean is that if you have never done it and this time you do it, there’re lots of things that you can make out of that money. Sincerely, I don’t know what your plans are but to me, with that figure, I see more dividend-paying stocks in my portfolio.

I talked about stocks because I like investing to make a passive income but there’re many other things, I can put it into.

Wanting To Make Some Passive Income, Right?

• Start your journey investing in dividend-paying stocks with M1finance to get dividends.
• Invest in real estate for as low as $20 to get rent using Fundrise earning passively with big real estate companies.
• Open up an account with CIT Bank to get access to the best interest rates to grow your savings fast.

Saving will change your money behavior if you stick to doing things correctly and not for so long you can do great financially. It’s not as hard as you think at the start but the discipline to save is what fails most of us along the way.

Before Starting, Make a Breakdown of the $10000 Savings Journey

Indeed, saving $10000 in a year is not something small that’s why it would be better to break it down to ease the journey. And when you do this, you’ll get to know how best you can go about the saving plan from your earnings.

I like working in terms of figures since it makes the plan look real and achievable that’s why I recommend it too. Working in terms of figures you can there and then tell whether it’s possible to achieve the intended figure or not.

So, let’s breakdown the $10000 figure

Target savings are $10000 in a year but there’re 12 months in a year. This means that you can save $833.30 per month.

Does it look too big? If yes then you can further reduce it to weeks in a month.

If you’re paid every after 2 weeks in a month then with a $10000 savings plan you can deposit $384.60 every after two weeks.

And with a weekly savings deposit plan, you’re aiming for $192.30 which is not a bad idea too in case you can afford it.

Just sit down on your couch relax your mind and look through your income streams to determine which figure works best for you.

Here Is How to Save $10000 In A Year with Best Practices

I guess now this won’t be hard to achieve since it’s broken down to get a clear walkthrough. But if you’re determined to do a $10000 save challenge it might take you even less than a year to make it.

1. Make A Budget

Saving money should be included in your budget just in case you didn’t because it will help you prioritize it too. When you make a budget, it’s telling your money where to go aggressively with best practices and avoiding asking where it went.

Things that are not meant to take your money anyhow should be eliminated from the budget and those that can be cut must get worked on.

It is a starting point for spending appropriately and having more on the account to save. And without a budget, you’re most likely to spend impulsively which may distort your saving routine to make $10000 in a year.

2. Avoid Eating Out

Have you ever taken the time to find out how much you spend eating out without making your food at home? I know this looks unfair and I also don’t mean that you completely give up on eating out, it’s fine to do it where necessary that’s once in a while.

If on average a person spends almost $250 a month just eating out yet he or she can make food at home, it’s a lot of money. And also, this means that every day you spend about $8 eating out or even more but of course, this is unfair to your finances.

Like said before, it’s fine eating out but you can cut back on it, saving you a lot of money at the end of the year.

When you decide to do so then opt to drastically cut spending to about $4 per day it saves you $4 which can be added to your savings. The $4 saved per day in a year total $1460 making a big difference in your saving journey of the $10000.

But to achieve this you have to ensure that you start preparing your food, and drinks and also avoid convenience. If cooking isn’t your style, it’s time to begin associating with the right people that will help you save to hit the $10000 goal.

Using a $5 meal plan is a better option to use to guide you on what you can cook and how you can do it all yourself to stop eating out.

3. Put Up A Side Hustle Business

Saving $10000 in a year would be a hustle if you don’t have a good income source to enable you to save as you wish. So, if you’re focused and determined to make it you would then have to start up a side hustle that can supplement your job to earn enough.

With side hustles, you can’t fail to get one on your list to make you extra money though it requires persistence to get what you want. Just keep looking around to find out which one fits your style for flexibility purposes and convenience say to start a blog or tutor English on cambly.

You know better what works for you and how you can push for the best to make money fast to meet your goal with a side hustle. A side hustle will boost your income and you’ll have the capacity to save $10000 in a year even though your mainstream mayn’t be paying off well.

With a side hustle business, you can also save $10000 in the shortest time possible for example within 3 months, 6 months, or a year.

4. Automate Your Savings

If you want to save money without any interruption automation is the best way you can do it. It’s hard doing it manually you find yourself skipping sometimes which is not good

And this means that you extend the saving period beyond a year or increase the saving amount next time. When you automate your savings, you direct your bank to move a certain amount to your saving account as decided.

You can opt to save a certain amount whenever you make a withdrawal to be topped to the usual amount and it will automatically be triggered by your bank.

It can help you increase your rate of saving hence meeting your target earlier than a year. This is a very powerful way to boost the saving process whereby surprisingly to meet the $10000 target it’s just months.

Automate your savings to make it much easier for you to grow your savings account in the shortest time possible with best practices.

5. Cut Back On Subscriptions And Monthly Bills

Looking forward to reducing your spending on subscriptions and bills is a tight move toward financial health. If you’re not of a type that bargains for things it’s high time you start talking to your service providers to give discounts and if not then shift to better offers.

Service providers want to retain customers and when you make a request they will listen depending on your approach and your intentions.

And in most cases, it’s positive feedback which on your side enables you to cut your spending with monthly bills and or bi-weekly subscriptions. You then get to save more from gym subscriptions, telephone bills, internet, and others.

There’re apps like Trim that can make processing even much easier in dealing with unnecessary subscriptions on your behalf while you’re settled bend watching a movie. Another app that you may use is Billshark to help you cut your bills and subscriptions.

I can’t stop saying this, trim earns when you save which is a fair game for both of you at a time. The target is having enough available for savings, with trim many are saving hundreds of dollars surprisingly.

To make cutting costs even much better just lower usage on certain things like power by unplugging and minimizing water usage.

By doing all this you’re reducing your expenses to enable you to increase your savings such that in a year you have $10000 in your account.

6. Pay You First When Money Gets To Your Checking Account

This might have not been your style but including it, among your tips it’s a healthy saving practice. With this ever-demanding lifestyle, most people consider spending first and then saving last but when you save, you’re rewarding your effort.

And when you put this in mind you can never miss out on saving even when not automated it is just part of you.

This means that you never work on bills and other expenses without putting money aside for savings no matter the system you use. But honestly, automation through the bank does this better than any other system that you would like to use.

My local bank does it, then you can also try yours too, we’re living in competition everywhere. With automation, you’ll make it all work by saving first before spending dimes effectively.

Paying yourself first really brings about discipline in savings and with finances in general since it then becomes a habit with any income that you earn.

Am enjoying this system of paying me first, it has made saving much easier than before. Try it out saving, won’t be hard.

7. Appreciate Your Effort

Some people stop along the way and don’t make the $10000 goal in a year that’s why you have to feel good about your effort at some point.

Choose a figure you think it’s okay with you say $500, $1000, or $2000 so that you can always be appreciative for making it to that after a certain period.

This can be done throughout the year and it will give you the motivation to save without laying back until you’re there despite the challenges. It doesn’t matter how much you would like to be thankful for it so long as it will motivate you and keep focused.

I sometimes do spend but less when am celebrating something of a kind and with this, I just get a bottle of wine and then put the music up loud, done.

Nothing can easily divert you from your goal if you can have time to recognize your achievements in making the $10000 target.

8. Schedule No Spend Days

It’s one of the hardest things to do if you have just begun walking the journey to best practices with finances.

Some people can’t spend a day or a week without spending that’s the fact anyhow. And when you talk about this it’s making no meaning to them asking why through all that.

No spend days imply you’re not ready to spend on anything apart from emergencies since even the bills you ensure they’re covered first.

Define the number of days or weeks you’re to do this so that you don’t skip any and the more effective you’re the more you save.

Having no spending days enables you to completely cut expenses during such times and what you’ll have spent is saved instead.

If during no-spend days you can save up to $200 guess where you would be when you do it every month. I like no spending days because they make you understand what the basics in life are and how you can learn to live without them too.

Though when some are done with no spending days continue with their poor money behaviors but it saves and adds up to the planned target.

To me, it means completely cutting spending which I very well fulfill but you can also focus on not spending on non-basic items like a bottle of wine.

After no spending days, it’s clear that the amount of money you saved can surely make a big difference in your life and also impact your savings.

9. Track The Savings Progress

If you’re serious about what you’re doing then you should make sure that you can keep an eye on how you’re progressing. When you don’t track your progress, it will be hard for you to reach your savings goal in a year.

It’s up to you to decide which way works best for you to monitor the progress for example tracking every month, every quarter, or maybe every half a year.

I like doing it every quarter as I concentrate on other things and it’s really working well, tracking progress is a motivating practice too.

With this system it’s hard for me not to make it there since even where it needs more effort, I ensure that I do it right ahead of time.

But if you have a very tight schedule throughout the year, just use personal capital a free personal finance app it will save you time. Using spreadsheets with a color-coding style can also work for you as a progress tracker other than doing nothing at all.

10. Save More With Luxuries And Extras

There’re certain items that you might be spending more money on yet you can make them yourself or cut back on spending on them. Though you want to save you must enjoy your life too you shouldn’t stress about saving up to the extent of not having a fun time.

You can still stay involved while working on a budget say entertainment on a budget, making your gifts instead of buying, and working out from home instead of going to the gym.

Here you’re not quitting any but it’s just about spending less which in the end is an effective move with finances. And it’s an eye-opener that shows you can do lots of things this way if you didn’t know, why not wash your car at home than pay for the service?

Some things may require taking your time to learn how to do them and if it doesn’t cost you much it’s time to do it to enable you to save more.

When you start working on things yourself and cutting expenses wherever necessary you’re most likely to save more and on time. The $10000 target can be met in time without any setback when you stick to the rules like reducing on spending and increasing savings.

11. Work On Money Mindset Behavior

You can start your saving journey at any time you wish but it will be tough to get there when you don’t change how think when it comes to money. So, considering your money mindset is very important when you want to save money and it reflects your money behavior.

In the first place, everyone believes can do it which is not bad to believe in yourself but there’re moves that you have to take to make clear your way out.

You have to visualize the $10000 goal and also be positive that it will be met despite the challenges along the way. If you can’t visualize a goal and also think positively about it, achieving it won’t be easy.

Want to meet the $10000 goal, right?  many challenges will come along the way but have a positive mindset change nothing can distract you.

12. Learning New Skills

There’re many skills out there that you can learn to start earning more money during the year to save more. Taking a course to learn a new skill isn’t a waste of time, it’s another way to get equipped to supplement your day job to earn more money that can cover savings too.

When you get a new skill, you can also have the flexibility to switch jobs to get higher pay to enable you to have more money in your checking account. Getting a new skill will change your life in terms of finances and you can automate more from your checking account to savings.

It doesn’t end there you also become more valuable to people around you, and at the workplace expect to get a pay raise for your added skill.

Learn better high-income skills that can make more money such that you can get paid enough from which you can save.

Making money with a new skill you don’t have to be an expert just start right away you get the experience on the job. With all this, you’ll be able to save $10000 in a year with convenience and on time.

13. Use 50/30/20 Rule

In case you can’t do it on your own you can use the 50/30/20 rule to stay focused to save. Here you must ensure that 50% of your earnings are allocated to your essentials, 30% put on discretionary and 20% directed to savings.

With this rule, it’s hard to lay back without saving because in most cases people automate to make it efficient. No matter how much you earn you can use it and if you’re targeting the $10000 goal it’s a good approach to helping you save.

14. Use Money Making Apps

Using money-making apps is also another option you can try out in case you want to create more income streams.

Through these apps, there’re different ways in which you can earn money for example shopping could get you some cash back and also earn completing surveys.

Swagbucks, Ibotta, and survey junkie can do this better for you so that you get an extra income that you could add to your saving to hit your target.

Saving $10000 is not something simple especially when you’re not earning enough money. But using money-making apps can boost your income and also save you a lot on shopping.

15. Cut Back On Borrowing

When you have a lot of debts it’s very hard to save because you find yourself with nothing at the end of the day since it all goes to cover debts. Saving will be very possible when you reduce your debts and you’ll have some money left in your checking account for savings.

When you’re in the process of starting the saving journey you rather clear off some debts first it will then be possible to be consistent.

There is a time when my debts were more than what I was earning yet I had to clear them off but if that money was kept as savings it would have done a lot for me. Therefore, to be effective in saving $10000 in a year you must ensure that you can reduce borrowing to avoid debts so that you have money to save.

16. Get Money From Items You No Longer Need

If you have items that you don’t use you can make money from them and use part of that money as savings. This money will help you in attaining your goal early enough or support you when you’re stuck sometimes.

These items that we sell they’re not completely useless, when you put them on sale trust me many people will be willing to buy them and pay you good money.

You can sell anything you think you don’t use say furniture, electronics, and clothes. The money from these items can put you somewhere pretty fast when you’re saving.

With technology today, everything can be done from the convenience of your home using platforms like Craigslist and eBay. Items you no longer need can surely make a difference in your saving journey over the one year.

Wondering How You Are Going To Use The $10000 Savings?

This is a lot of money that takes time to be saved and you would like to ensure that you allocate it to things that are worth spending on.

• Invest In Dividend Paying Stocks

This money can start making you some passive income every month or quarter when you invest in great companies. You can be more successful investing when you use financial experts that understand the financial markets and this gives you an edge in your investment decisions.

• Education

If you have children or planning to have children this money can be saved for their education early enough. You can also use this money to go back and take some courses to create more chances for yourself at your workplace.

But your children’s education needs to be catered for early enough since you don’t know what the future has for you.

Conclusion

It’s not easy moving the $10000 savings journey of a year but with hard work, it’s all possible. And by the end of the year, it’s a life-changing process because to most people that make it saving becomes a habit.

The financial discipline that you get shapes your money behaviors which makes saving be done with commitment and discipline. Work like no one else today to live like no one else tomorrow despite the challenges the end is just worth the effort.