Are also thinking about saving money but every time you make plans, they fail. Today we will discuss how you can save $10,000 in a year. Yea, the challenge seems to be tough and nearly impossible. But isn’t it fascinating?
You can use these savings in an emergency and all your worries will be gone just in 1 year. You can go for a luxurious vacation. Let’s see how we can turn this impossible plan into something real.
The Realistic Approach
$10,000 is a huge amount, isn’t it? Let’s break it into smaller portions. $10,000 in a year means $833.33 per month. But it’s still a huge number, let’s break it further. It will be $192.31 per week or $27.40 per day. This is what you have to save every day for reaching your $10,000 goal in a year.
If you and your spouse collaborate in achieving this goal, it will become easier.
Always remember your ‘Why’
There is always a reason behind everything we do. In the same way, think of a strong reason why you want to save $10,000. Remembering your saving purpose will keep you motivated to follow the plan with discipline.
The purpose can be anything like meeting the emergencies, any trip, paying off your loan, planning a big event, starting a business, retirement saving, etc.
The main point is to always remember your reason which will help you to happily complete your saving journey.
Make a budget
Before jumping to the saving plan, you need to calculate how much you are earning and how much you are spending. Also, make a budget for everything where you spend money. Try to figure out which expenses you can cut down.
Like if you are going shopping every week, you can cut down some of your shopping and use that money in saving plan. Also, the number of restaurant visits can be reduced to save money further.
Pay Yourself
Mostly, people save what is left with them at the end of the month after meeting all the expenses. But, it’s time to change. If you transfer some amount for savings as soon as you get your salary, you can save a good amount. Take it as your bill, pay it first.
The goal is to save $833.33 per month but if you don’t have the mount, no need to worry. You can always refer to our make money blog to find ways to earn more.
Lower the regular bills
You can save a good amount by changing a few of your habits and taking care of few things. Like, you can save a good amount on Electricity bills by adjusting your thermostat, changing filters, shorter showers, etc.
You can save on your phone bills by switching to discounted cell phone companies. In the same way, you can save money on internet bills by comparing deals of different internet providers and finding the most reasonable one.
Find an accountability partner
This person can be anyone, your friend, your family member, or anyone. You have to tell this person your saving goals and the reason. He/she will track your savings and encourage you whenever he feels you are lacking. Also, he will continuously give you the success report and encourage you.
Conclusion
The goal is big but not impossible. Once you reach your goal of saving $10,000 in a year, just imagine what all you can do with that amount. Many of your problems can be solved. You just have to be consistent and hardworking.