You CAN save big money…fast! Keep reading for 5 surprisingly simple ways to save $10,000 in one year.
When my husband and I married, I quit my job. Being a stay at home mom wasn’t always the plan and I worried about living on one income. However, we were able to save $10,000 the year prior, so we had a cushion just in case.
Incredibly, during the year that my husband and I built our new business (mine is my blog and his is a Cuban food truck), we never used that savings! But it sure was nice to know it was there if needed, so I wanted to share how we did it.
5 Surprisingly Simple Steps to Save $10,000 in a Year
Saving ten thousand dollars in a year was not as painful as you’d expect. Depending on your salary, you might be able to save more or less than this amount, but the principles are still the same. (And any amount saved is an awesome accomplishment!)
Read on to find out they keys to saving $10,000 (or more!) in a year! Plus, I’ve rounded-up some of other awesome savings plans from finance-savvy bloggers that fit every budget!
I’ve included affiliate links to services that I love and use in my own life; read my disclosure policy here.
1. Start with a clean slate
If you are carrying debt (other than the normal car payment or mortgage), pay that off first! It’s harder to save a large amount in the long run if part of your income is sucked up by interest payments.
You definitely want to have an emergency fund, but before you embark on a large-scale savings project, erase all the debt you can!
2. Pick an amount and frequency to save
My husband and I both worked full-time while we were saving $10,000 in a year, so we decided to each contribute $100 a week to our savings plan. We kept the number the same each time because it was easy to remember and we took weekly trips to the bank, which is why we chose that frequency. If you’re paid bi-weekly or monthly, you might make a larger deposit on a less frequent basis.
3. Choose a number that is do-able
My husband and I choose $100 because it was a nice even number, would allow us to reach our goal, and it was a number that we could afford at that time. Your number might vary based on what your own earnings and expenses.
My husband did not have direct deposit, so we took weekly trips to the bank. When we made our deposits we simply told the teller to put $100 from each of our checks into the savings account.
However, it is much easier to use the automation services that may be offered by your employer and/or financial institution. See if you have the option to deposit part of your check directly into your savings account each payday.
PS- I use the Ibotta app to get instant cash back on groceries, toiletries, home goods…just about anything really! Sign up with my link and get $10 as a bonus!
5. Don’t touch it!
Once the money is in our savings account, my husband and I pretend it isn’t even there. We don’t spend that money for anything but an unavoidable emergency expense. If you’ve automated and your savings are growing without you thinking about it, you might even forget you have that money! Perfect! You’ll be less likely to sabotage your savings efforts.
One More Thing…
In order to maintain our savings while living on once income, my husband and I had to make some adjustments to our spending habits. Read more on my most popular blog post ever about the ONE lifestyle change that was crucial for us.
Since this was a topic that truly resonated with a lot of my readers, I wrote an ebook which discusses ALL the ways we saved enough money for me to be a stay at home mom. CLICK HERE to check it out!
More Clever Savings and Budget Plans:
- Create a “Mom Emergency Fund” – Simple Home Blessings
- The $1000 Baby Budget Challenge – Kara Carrero and the Extremely Good Parenting Podcast
- 26 week, $1000 Christmas savings plan – What Mommy Does
- 52-week savings challenge (starting with only 50 cents!) – What Mommy Does
- Free Printable Budget Planner – Redefining Mom
Read more: 4 Keys to Living Well as a One Income Family
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Last updated on August 11th, 2017 at 03:39 pm
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