How To Save 10000 In a Year And Get 10,000 Year Chart

Did you ask yourself how to save 10000 in a year?

If yes and you are serious then you can make your dream come true but how?

If you went through the 52 money savings challenge I listed there how to save 10000 in 52 weeks or the penny saving challenge successfully then you would be familiar with that kind of savings

My point is before you start saving $10,000 in a year, it is highly recommended to practice saving less amount than that like $5,000

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how to save 10000 in a year
saving $10,000 in a year challenge

What I wanted to say how to save 10000 in one year is like a marathon where you practice with less distance

Below I will discuss the main points on how to put yourself on track on the 10000 saving challenge

Pay yourself first

One of the best way on how to save 10000 in one year is to pay yourself first

Paying yourself first means to save and invest what you cut when you get paid

It is not a magic but if you cut from your paycheck, let's say 10% then manage what is left is way easier than trying to save your 10% with all your paycheck money

Find a goal and stick to it

Nothing can force you to save 10000 in 1 year without a goal

A goal can be saving for buying a home instead of renting, buying a new car or replacing your existing one

I always believe on writing your goals and hang it to the wall or put it on your fridge

Break your goal to small traceable plans

I talked about the importance of setting your goals

I find one of the best way on how to save 10000 dollars in a year is to break your goal to small traceable plans

For example, if you start by saving $830 in one single month and you manage to make it through

There is a high chance that you can reach out to your planned goal

Keep in mind when setting up a small traceable plans that not all months are the same

For example, in summer you can save less than $800 and still compensate it on other months

Celebrate your success

Nothing in this world is better than enjoying your success

Don't let it pass by without celebrating it

If you don't pamper yourself and enjoy your own ability to reach out for your goals

Then nobody will do it for you

Stick to a budget

One of the best way of how to save 10000 dollars in a year is by creating a budget for your household and sticking to it

Actually when creating a family budget you will realize all the gaps you have in your budget

For example, if you lay down all the numbers and analyze your expenditures you may spot some expenses that you can cut immediately

Without budgeting it is impossible to retrieve all your expenses in your head and find ways to save money

I hope I was able to convince you

Cut unnecessary expenses

I can say boldly it is almost impossible in North America to have a household with no expenses to cut

Check your monthly expenses and you may find a lot of things to cut and you are totally not aware of

One of the best way on how to save 10000 in 1 year is by cutting recurring expenses that you don't need or not aware of

Yes I used to have so many expenses I was not aware of like magazine subscriptions or home phone you are not using

It can even be a maintenance plan that is being added to your heating bill like the protection plans – may be you are not aware of

Make room for fun to avoid burnout

Although I was discussing possible way to cut expenses

I am totally against cutting all entertainment

Do I have a paranoia? definitely no

I am not against having some fun for yourself but I am against exaggerating in your entertainment spending

That's why I recommend to keep some entertainment to cheer you up

An example in my life, I am a coffee addict and I was buying Starbucks coffee daily

I monitored my spending and I realized I can reduce my consumption

At least I can reduce this expense and keep reducing but I would keep it for my own leisure

Pursue a side hustle

Although you can reduce your expenses and cut your unnecessary ones, you can do that to a certain limit

On the other side, you can increase your income with unlimited cap

That's why I wrote so many posts about side income like

16 Extra Income Ideas for Working Moms Along With Many Side Hustles for Single Moms

How to Make an Extra 1000 a Month From Home Doing Easy Side Hustles

How to Make 500 Dollars Fast Cash Free Today Within a Week

12 Smart Ways to Make Money From Your Hobbies

How To Make 200 Dollars In One Day – Starting Now

Discover Best PayPal Surveys For Money – Updated List

How To Make 1000 A Month After One Year Blogging  

Go for money saving challenges

Some people believe in the how to save 10000 in a year chart like the one below

They can go with a schedule chart and stick to it

Although following a chart can be very helpful but on the other side it forces you to follow a chart without a step by step recipe on how to save the 10000 in a year

money saving plan for $10,000

I am not against the money saving charts but it does not provide you with direction

It is like cooking a recipe, the chart is like the ingredients but you are still missing the cooking steps

Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.