More Than Finances

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How Saving $10,000 A Year Is Possible

How does an extra $10,000 sound to you? Well unless someone is going to hand you that much money, it may be better for you to start saving $10,000 in a year.

Break It Down

Step one would be to find out exactly how much money we are talking about. I know it seems like a simple question, $10,000, however that sounds too large.

Instead cut it down smaller.

Saving $10,000 a year would take $833 a month, $192 a week, or $27 a day.

Depending on your income even those numbers can seem a bit overwhelming, so let’s see how we can make even these numbers easier to attain.

Cut Costs And Save The Difference

Saving money seems the same as losing weight. We all know we need to eat less and exercise more but doing it seems impossible.

The same is true in saving money, we know we need to spend less but how do we do it?

Start small. Don’t try to do everything at once, if all you can do to start is have one less coffee a day do that.

Those small victories become larger ones. Then cutting coffee out altogether isn’t too much, moving to a smaller apartment becomes the next step. Bringing your lunch every day is common, and eating in instead of going out to eat seems normal.

You know those things will help save money, but doing all of it at once is difficult, try to start one good habit a week.

With each new habit still spend that money, just not on things. Put that money in your savings account. The first week may only be $3 (one less cup of coffee) but by week 5 your saving $15 a week.

Increase Income And Save

You can either view this as your next step, or something to do at the same time.

Increase your income by asking for a raise, starting a side hustle, or selling things you already have.

A raise can be difficult depending on your job and what the company has to spend, however, if you spend some time gathering statistics as to why you are worth more it will help.

If you want to start a side hustle it can be something as simple as driving for Lyft or Uber. Or you can start freelancing, create a business around your skills, start a blog, the list is endless and has been discussed many times.

What’s important though is that you not spend that money. The goal is saving $10,000 in a year, if you have a side hustle that makes your $27 a day that alone can accomplish your goal.

Increasing your income while increasing your savings can make it that much easier.

Conclusion

It will require sacrifice, but it is achievable.

You may have to move somewhere smaller, where you don’t want to live. Or eat food that isn’t as good but provides the needed nourishment. You may have to work the majority of weekends in order to save.

But, at the end, saving $10,000 in a year won’t feel that hard and you’ll have quite the nest egg.

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