Saving $10,000 in a year might sound like a mountain to climb, but with dedication and a few innovative strategies, it’s more achievable than you think. We explore 18 realistic ways to conquer your savings goals:
Membership Purge
The quickest way to save money is to scrutinize your monthly outgoings, as you may be surprised about how much you spend monthly. Take time to identify non-essential spending like unused subscriptions, gym memberships you never use, or that daily latte splurge.
Renegotiate Bills
It is easy to become complacent with your monthly bills, but it is worth calling your service providers and banks to negotiate packages to get a better deal. There are a lot of companies that will want to reward your loyalty, so you may soon see your monthly outgoings drop.
Embrace DIY
Paying for cleaners, gardeners, and DIY specialists to come to do jobs in your home could be unnecessary. By carrying out work in your home by yourself, you can save significant money each year. You may need to enhance your skill set by taking short courses, but any training is worth the investment.
Challenge Yourself
Deciding to try and save money is a challenge that takes hard work and dedication. You can get creative, ditch your usual expensive hobbies, and try free alternatives like hiking, picnicking, or board game nights with friends.
Take on a Side Hustle
To help you on your journey to save 10k a year, why not unleash your inner entrepreneur with a side hustle? Jobs such as online tutoring, freelance writing, pet sitting, or selling crafts are just a few options to earn extra cash by working a few hours a week.
Skills for Cash
If you want to avoid committing to extra hours of work every week, you can use your skills to make money as and when you have spare time. If you have a hidden talent for graphic design, web development, or photography, you can sell your skills on freelance platforms like Upwork or Fiverr.
Sell the Unused
Another easy way to get you closer to your $10,000 target is to have a spring clean and sell items you no longer use. You can keep it in the community by holding a garage sale or heading to online sites such as eBay and Depop to profit from people looking for bargains.
Survey Says
Signing up for online survey platforms allows you to share your opinions for cash. It’s easy to earn pocket change while waiting in line or watching TV. While you will only get a few dollars per surrey, everyone adds up.
Automate Your Wins
If you tend to spend a lot of cash and want more control over your account, try setting up automatic transfers to move a portion of your paycheck directly into a savings account. Out of sight, out of mind can help you on your way to saving $10,000.
Round Up the Change
In automatic transfers to your savings account, apps like Acorns round up your daily purchases and invest the spare change. It’s a painless way to watch your savings grow over time.
Join a Saving Challenge
Signing up for a savings challenge like the “52-week challenge”, where you save increasing amounts each week, can see you gain momentum in your bid to save 10k. A competitive spirit can motivate you to save money and give you the necessary accountability.
Utilize Rewards
Use credit cards with cashback or rewards programs to earn points or cash back on everyday purchases. You may be reluctant to try this tactic as you don’t believe it will save much, but every swipe gets you closer to your goal.
Track Your Progress
When you begin your 10k saving challenge, keep track of how much money you are shaving off your yearly bill and use budgeting apps or spreadsheets to track your progress and celebrate every milestone.
Invest in Experiences
Are you constantly tempted to buy the latest smartphone or trendy trainers? If you have too many material possessions, try switching things up. Invest in experiences instead, such as a weekend getaway with friends or a visit to a local museum that creates lasting memories without breaking the bank.
Gratitude is Golden
Shifting your focus from what you lack to what you have can seriously stop your overspending. Practicing gratitude can lead to more mindful spending and appreciation for your existing resources.
Be Patient
Remember, Rome wasn’t built in a day, so saving $10,000 takes time and consistency. You should celebrate the small wins and stay committed to your long-term goals. This means not restricting yourself too much and treating yourself now and again.
Find Your Why
When you start to see your savings slow down, you should remind yourself what’s driving your goal. This could be a dream vacation, a down payment on a house, or simple financial security. Having a clear “why” keeps you motivated and on track.
Seek Support
Talking to friends, family, or financial advisors for encouragement and guidance can help you achieve your goal of saving 10k per year. Sharing your savings journey can increase accountability and make it a fun, collaborative effort.
