Wondering how to save $10k fast? How to get $10,000 in savings? It’s not a pipe dream. It IS possible! And it takes just 4 steps to do it.
This post is a guest post written by my new friend Chris. Be sure to check out his bio at the end of the post!
How To Save $10K Fast
Sounds great right? Think of all the things you could do with $10,000!
- put a deposit on a home,
- pay off debt, or
- invest it and turn it into even more money!
For some of you reading this, $10,000 may seem like a faraway amount that you can’t hope to have. I’m here to tell you there is hope. You can save 10K fast. Even better than that, once you get started and reach that 10K goal, you can keep going and turn it into 100K (if you want to!).
The first step is knowing how to do it.
Having a realistic plan to manage your money means you can save 10K fast. Even if you just keep the money in a savings account, it’s peace of mind that you can always afford those unexpected bills that can happen at any time. Now let’s learn how.
Let’s break things down a little before we dive into how to save $10k fast.
$10K for many people is a big number and you may be sitting there thinking, no way! Try thinking of the number another way.
To save $10,000 in a year you would need to put away $833 a month, or $192 a week, or just $28 a day. If you can find $28 a day every day for a year, you will easily save 10K!
Now here are 4 steps to help you achieve that goal.
1) Set Targets And Achievable Goals
The first step to saving 10K is to set your target and keep it realistic.
I gave an example a moment ago of saving $28 a day to give you 10K in a year. Your target could be higher or lower than that depending on your finances, so when you work out your target, it makes it realistic for you. If you can save more a day/week/month, then do so and hit your 10K target quicker!
Remember to remain patient. Saving 10k won’t happen overnight, but by sticking to your plan you will get there and on time. Trying to save 10k faster than you can afford is a recipe for disaster.
All you need to do for step 1 is work out what you can afford and when you want to save 10k by. Simple!
2) Cut Expenses & Use The 30 Day Rule
The less money you spend, the more you can save. If you reduce expenses, then you will be able to save more. Ideally, you want to reduce every expense you possibly can.
First, try renegotiating your bills.
Contact them all – energy suppliers, cell phone providers, insurance companies, cable, and anyone else you pay a regular bill too.
See if any savings can be made. Could you consider living without any of these services? Cable for example can be expensive, consider getting rid of anything you could live without.
Next, Cancel Subscriptions You Don’t Use
Check what you pay every month for memberships and subscriptions. This might include gym’s, magazines, or TV services like Netflix. Some of these are only a few dollars a month, but if you have lots of them it can add up to quite a lot! Check what you don’t use anymore and get those services canceled.
What Do You Actually Spend on Your Car?
A costly area of life other than owning your own home, is owning a car.
- maintenance, and
- everything else can cost thousands of dollars per year.
If you can, consider getting rid of the car completely. This may depend on where you live as not everywhere has great public transport. Maybe you could use the car less and save some costs that way or switch to a cheaper vehicle.
Food – The Hidden Money Sucker!
One more area that many people find big savings is on food.
Do you eat out a lot or grab food on the go? Eating out a few times a month could easily add up to $200 or more. Try stopping this altogether or have a limit of 1 or 2 occasions. Make sure to pack a lunch for work and avoid buying lunch every day.
When eating at home, also give some thought to your food bill. Did you know that 40% of food is wasted in the US every year. Apart from the environmental impact, think about how much you could save if you bought 40% less!
And, you don’t necessarily have to buy 40% less, just try not to waste anything. If you plan meals and only buy what you need, then you can avoid food waste and save money.
To save more money, try to:
- look for discounts,
- join a cashback program, and
- switch to cheaper items instead of buying expensive brands.
Stop Impulse Spending
One last thing to mention in this section is the 30-day rule. The 30-day rule is easy to follow. Instead of making an impulse purchase, put the money in a savings account for 30 days. At the end of 30 days buy the item if you still want it but in most cases the desire will have passed. The money can now stay in your savings!
A great way to save money fast is to earn more money. One way to do this by starting a side hustle. In case you don’t know, a side hustle is work that you can do in addition to your main job. The money from the side hustle could be used for whatever you like, but as we are talking about saving 10k fast, then adding it to your savings will help you save quicker!
Here are 5 side hustle ideas:
- Start a blog. If you can write regular quality content about a niche topic, then consider starting a blog. Blogs can often be started cheaply or in many cases for free. It will take time to see a return as some blogs can take more than 6 months to make any money. However, if you stick with it this could turn into a profitable side hustle.
- Surveys & rewards. A good earner that many people do as a side hustle is join survey & reward sites. Sites like Swagbucks let you earn cash and rewards for completing tasks including surveys, offers, and watching videos. (Derek’s note: The money you make in surveys is a pittance. It’s often better to put your time into a true money-maker.)
- eBay flipping. One easy to start side hustle is eBay flipping. Start by selling your own unwanted items like books and clothes. To get more stock go to thrift stores, check local online groups, and ask family for items they no longer want. The goal is to find cheap items that you know can be resold for a higher amount.
- Freelance work. If you have skills that people will pay for, then you could freelance in your spare time. The possibilities here are endless. Freelance ideas include writing, graphic design, data entry, or software development to name a few.
- Sell your hand-crafted items. Do you make art or other hand-crafted items? If so, then you could make some money from selling them online. Sites like Etsy allow you to sell your hand-crafted items to a worldwide audience.
One important piece of how to save $10k fast? Investing.
Investing your wealth is a good way to make extra money rather than leaving it sitting in a low-interest bank account. These days technology has opened investment opportunities that are accessible for all. Traditional stocks & shares are still a good place to put part of your money (Derek’s note: I recommend doing this through an Index Fund!).
In addition to that you can invest in new things like cryptocurrency, peer-to-peer lending, art, and even wine (Rule of thumb: If you don’t know what you’re investing in, please don’t. You’ll likely get burned every time!)!
Diversifying your investment strategy is essential to make the most out of your money. Remember investing does involve risk so don’t invest more than you can afford. You can also get professional advice to find out which investments would be best for you.
If you do it right, investing can be a fantastic way to grow your wealth.
How to Save $10K Fast – Final Thoughts
To save 10K fast you need to build a realistic plan for your financial situation and stick to it. If you do that and follow these 4 steps, then you can definitely achieve your goal.
Once you’ve saved that first 10K, then why not keep going and turn it into 100K?!!
Have you ever saved $10K fast? What did you do to earn and save that cash? Tell us in the comments below!
Hey, I’m Chris. I have a degree in Business Economics from the University of Liverpool, own a small fast food business and run LifeUpswing.com. I will help you to make money, save money, and think about money in a way that will give you back your freedom.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.