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Saving $10,000 in one year can seem like a daunting challenge. It may seem impossible to save that much money. But imagine how useful it can be!
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You won’t have to worry about not having enough cash in an emergency. You can take that luxury vacation you’ve been dreaming of. You’d be much closer to your biggest financial goals, like finally paying off your student loan debt.
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With the right game plan and discipline, it’s possible to save $10,000 a year. We will explain how to do it.
Ten thousand dollars is a big number to think about, so let’s break it down into more digestible chunks.
That’s still a pretty big number to work with, so let’s break it down even further. You will need to save $192.31 each week or $27.40 each day to reach your $10,000 savings goal.
Here’s another way to look at it: If you’re paid every two weeks, you’ll need to set aside $384.62 every time you get paid.
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If you are working towards this savings goal with a spouse or partner, you can split these amounts between the two of you. Each of you would need to save $416.67 monthly, $192.31 biweekly, $96.15 weekly, or $13.70 each day to save $10,000 a year.
Before you try to save, it’s important to know the reason why you want to save $10,000 a year.
By thinking about why you want to save $10,000, you can continue to work on not being disciplined and just spending all your money on shopping.
An extra $10,000 in your bank account can help pave the way to financial freedom. Maybe your emergency fund is low and you want a bigger financial cushion to fall back on. Or maybe you want to use the money to pay off credit card debt or student loans so you can be debt free.
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Maybe you need seed money to start a business, or you want to quit your job and travel the world. This savings pot can help you achieve financial independence.
Ten thousand dollars can also be used for a down payment on a house, a fancy wedding, or a new car. You can use it to complete a large home improvement project.
If you’re expanding your family, you can use that money for baby expenses or fertility or adoption expenses. Or, if you already have children, $10,000 can go towards their college fund and future financial security.
Maybe you want to add an extra $10,000 to your investment accounts or retirement savings. In fact, the choices are endless.
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The important thing is that you have a specific reason for wanting to save $10,000 a year and that you reflect on that throughout your savings journey.
Now that you understand how to break down this financial goal and have a solid reason why you’re saving in the first place, it’s time to dive into all the steps you can take to save $10,000 a year.
To reach an ambitious goal like saving $10,000 a year, you first need to be fully aware of how much money you’re putting in and how much you’re taking out.
Now is the perfect time to start a budget if you don’t already have one. After adding up your monthly income, subtract all your monthly bills and expenses. Hopefully you’re left with a positive number instead of a negative one. This means you already have room in your monthly budget to save money without taking any extra steps.
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However, if that number is low (or negative), it doesn’t mean you won’t be able to reach your savings goal. The tips on this list will help you find ways to cut costs, spend less, and earn more so you can save more money.
Combining zero budgeting with the cash-in-envelopes approach can avoid overspending and save $10,000.
Very often we save money by setting aside any cash we have left over at the end of the month or pay period. To really win at saving, you need to prioritize and pay yourself first.
Treat your savings mission like an important monthly bill you have to pay. At the beginning of the month or as soon as you get paid, put money into your savings account before you have a chance to accidentally spend money. Better yet, set up an automatic transfer so you don’t even have to think about it.
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Remember, the goal is to put $833.33 into your savings account each month, but if you don’t have room to do that due to your current financial situation, don’t worry. Our tips on how to cut costs and increase income can help.
So that you don’t use your rainy day fund and lose track of your goal, it’s best to put your savings in a separate account that you don’t access regularly.
A high-yield savings account is an account where you earn compound interest on the money you save—a higher rate than regular savings or checking accounts.
Other options for earning interest on your savings include opening a money market account or a certificate of deposit (CD) for a 12-month period.
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If you typically get a large tax refund when you file your annual tax return, you deduct the excess money from your paycheck. Some people call it giving an interest-free loan to the government.
By adjusting your withholding, you can increase the amount of money in your paychecks, even though you won’t see those big tax refunds. Instead, you’ll be able to save extra money each pay period to reach your $10,000 goal.
During this financial journey, it is important to track your expenses on a daily or weekly basis. Don’t wait until the end of the month to look at your checking account and realize you’re overspending.
By tracking your spending with a budgeting app, budget binder, or budget calendar, you’ll always know where your money is going.
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Cutting down on your biggest living expenses can make a big difference to your savings goal. Housing, transportation, and food typically make up the majority of the average household’s monthly expenses.
Downsizing or relocating to a cheaper location is a drastic step, but big steps pay off big. If you want to reduce housing costs without changing your current address, consider hosting a roommate or renting out a place in your home through Airbnb.
Going from a two-car family to a one-car family can save you several hundred dollars each month. You can also save a significant amount of money by refinancing your car payment or trading in a set of wheels for a cheaper ride.
You can also save money on transportation by doing your own car maintenance and using these tips to save gas.
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And don’t forget about car insurance. Instead of wasting time going to different insurance companies to find the best deal, you can use the EverQuote website to see all your options at once. This can save you up to $610 per year.
If you eat out a lot, start meal planning so you have food when you don’t feel like cooking. Instead of going out to restaurants with friends, have potlucks at home. Look for copycat recipes to make similar dishes to those at your favorite restaurants.
There are tons of ways to save money on groceries. Using coupons and cash back programs like Upside, taking advantage of sales, buying in bulk, buying generic brands instead of name-brand foods, and sticking to a list are a few options to try.
Cutting down on extra recurring bills will help direct money towards savings. Here’s how you can use things like utilities, cell phone, cable, internet, and gym memberships in your everyday life.
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Reduce your energy bills by adjusting your thermostat, changing filters regularly, and sealing drafty doors and windows. Taking shorter showers, using water-saving faucets, and running the dishwasher instead of washing dishes by hand can help reduce your water bill.
No more paying over $100 on your cell phone bill. To save money, switch to a discount cell phone carrier like Tello or Mint Mobile.
Cut the cord to avoid expensive cable bills. With certain streaming services, you don’t have to miss live TV or NFL games.
These free TV apps let you watch shows and movies for free. Or visit your local library and check out DVDs of your favorite movies or TV series.
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Downgrading is one way to lower your internet service costs, but you may not want to sacrifice your internet speed. Check out what your competitors are offering and consider switching to another internet provider. Sometimes
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