There are many different ways to save money and many different motives to do so. No matter what path you take, getting started is the first step.
Here are 9 simple steps to get you saving your first $10,000 fast.
Here’s how to save 10k fast:
1. Set a goal date for maximun motivation…
Setting a date to reach your goal of saving 10k is one of the most important things you can do. When you set a deadline on a goal, you find yourself tricking your brain into getting it done.
For example use a notebook or the notes app to list your goals for the year. List them in order of importance or by goal date. One of the goals should be saving money, next to this goal add the amount of $10,000, then add the date you’d like to complete this goal by, be as detailed as possible.
Example: Save $10,000 by January 20, 2021.
Starting from the date you created the goal (today), to when you want to reach it, calculate how much you must save per month, per week or per paycheck. If the amount you must save, per say every month is doable keep the goal date, if not reevaluate the due date of the goal.
Is important to set a goal date, this will push you to figure out a way to make it happen. There’s a saying that goes, a goal without a date or a plan is just a dream.
Don’t give yourself too much time to reach this goal either, be realistic but also create a sense of urgency for yourself, you’ll be glad you did. The urgency will light a fire under you, pushing you to work harder towards your savings goal.
Write down the exact month and year you’d like to reach this milestone and write it down somewhere you can see it often.
2. Set a zero budget, where every dollar has a name…
A budget where every dollar you earn is allocated ahead of time is crucial to saving money fast. When you give every dollar a name and assign it a task it will no longer misbehave it will do what it is told.
Create a budget using everydollar.com and add an amount to every bill/expense or savings.
This will help you see where all your money is going, what expenses are important, what subscriptions can be cancelled and how much Money you will save that month (down to the penny).
3. Cut back on expenses to keep more money in your pocket….
While budgeting and assigning every dollar a name, take some time to decide what’s important and what is not.
Is your weekly spin class important? (or can you workout at home.) Is eating out weekly more important than reaching this milestone?
Deciding what’s priority at the moment will get you what you want.
Is not that you can no longer indulge in your monthly shopping is that for now your prioritize reaching your 10k goal so later you can resume that habit if you want.
4. Earn more, get a side hustle or part time job…
In order to save more money you either have to cut back to save more or make more. If your monthly income is not substantial to have an excess after analyzing your expenses and cutting back a few things, then is time to get a side hustle or part time job.
There are many side hustles that overtime can increase your income or earnings. Join sites like Upwork for gigs, update your resume and keep it on indeed.
Learn a new skill and see if theres a way to do some free work and grow your skill and resume. Start a blog for less than $4 a month.
Sell things online you don’t use, eBay, Depop, Poshmark ect. Overtime increase your earring potential by learning on your own, there are plenty of skills you can learn on youtube that are on demand, graphic design, web development, writing ect. These skills overtime can help get better jobs and make more money.
This will be temporary until you reach your goal.
Start a blog, online business or get a website using Bluehost for less than $4 a month.
5. Become more frugal and find ways to save….
Be more frugal, in order to keep more money in your pocket. Some ways to be more frugal.
- Shop at inexpensive groceries store, clips coupons, shop deals or bulk.
- Pre-game (drink at home before meeting up with your friends at a bar or restaurant.)
- Eat at home.
- Bring lunch to work.
- Meal prep.
- Order an appetizer instead of a full meal.
- Find ways to temporary save money.
- Do your nails at home.
- Do acrylic nails at home.
- Color your hair at home.
- Style and trim your hair at home.
- Try doing beauty treatments at home.
- Buy more drugstore makeup instead of all high-end.
- Always google for a coupon when online shopping, before checkout.
6. How will you regenerate every dollar you spend?
Every time you’re getting ready to spend on a non-essential item, think about how you’re going to replace that dollar before you spend it.
If you want to buy an unnecessary clothing item one month that cost $80 think about how you will be replacing that $80 before you spend it.
This trick is good at helping you avoid impulse purchases.
7. Move your savings to a high-yielding savings account…
Your savings account needs to be in a place you can’t easily access. There are high yielding savingsaccounts which do not provide you with a debit card and you have you wait a day or two to access your funds.
Put your savings into a high yielding savings account. Overtime your money will earn a little bit of interest and it will be in a place you can’t easily access.
Example the Marcus by Goldman Sachs Online Savings Account is a great account for storing your savings until you reach your goal or just to park your money. It requires you to transfer your money to a checking account in order to take it out since there is no debit card. This usually takes 1-3 business days.
This way you don’t make any impulse purchases or spend your savings and then regret it.
Best high yielding savings account:
- Marcus by Goldman Sachs Online Savings Account
- American Express National Bank Personal Savings
- Ally
- Capital One
This might keep you from spending money on unnecessary things.
8. Stop eating out, cook at home, get creative with food…
Overall make the tough choices of staying in and not eating out. Dinning can be really expensive, find inexpensive activities to do or work on your hobbies until you reach your goals.
9. Track your progress, weekly, biweekly and monthly…
Tracking your goals is important, you need to see where you’re going and how far you’ve come.
Use apps like Personal Capital, Money Box or even a notebook to write down notes, plan your months out and plan your income before you spend it.
This will keep you motivated without giving up in the long run when things get tough and you lose motivation.
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