10 Ways You Can Save $10.000 in a Year
There are many ways to save $10.000 in a year. In this post, we’ve compiled some of these ways! Once you learn them, it will be easier to save money!
1. Find Ways To Earn Extra Money
The number one rule of saving money is to find ways to earn extra money. Because if you depend on a single income, you can’t reach your financial goals (Saving $10.000 in a year!)
Finding ways to generate different sources of income helps you to meet your saving goals. Consider your abilities and experience to find ways to make extra money and check our content on 40 Ways To Make $100 A Day. You should give them a chance. We assure you one of these methods or more will work for you and you will make extra money on the side!
2. Decide How Much To Save Each Week or Month
Deciding the amount of money you save each week or month will help you to control yourself. So, you should determine how much money you’ll save. According to researchers, you need to save 20 percent of your income every month.
If you are interested in saving money before, you may know the 50/20/30 rule. According to this rule, 50% of your income should be used for living expenses such as rent, transportation and groceries. 20% of your income should go to financial goals like savings and investments. 30% of your income should be used for flexible spending that means you want but don’t necessarily need vacation.
Keep in mind this rule. Because it will keep your personal finances simple so you can save money!
SEE ALSO: How to Reach Financial Freedom: These 10 Habits Will Help You to Achieve It
3. Start Investing With Little Money
If you want to save $10.000 in a year, you should start investing today! You can start investing with very small amounts like $50 per month. The key thing to remember is consistency. You should build a saving and investing habit and regularly put money away every week or month.
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4. Find Ways To Increase Income
Even if you are working a full-time day job, you can find ways to earn extra money. Besides, you can advance your career to earn more money. To speed up your career progression, you should create a career roadmap. By doing this, you can reach the role that you aim for and achieve your money goals.
5. Change Your Home (If You Find Cheaper Home)
It is a common belief that people shouldn’t spend no more than 30 percent of their monthly income on housing. It doesn’t matter whether you’re a renter or an owner (If you are an owner, it includes mortgage payments)
If your housing expense is one of the biggest monthly expenses, you should consider moving to a cheaper home if you find one.
6. Never Touch Savings
You should make your savings account untouchable. You shouldn’t use it when you are strapped for cash. In order to do this, you can keep your savings in a separate account.
If you want to save money, you should never touch your savings for insignificant reasons.
7. Save Money On Transportation
You can save money on transportation whether you’re traveling by car, bus, subway or bike. For instance, even if you have a car, you can use public transport sometimes. Because it saves you money on gas and parking. Another way to save money on transportation is to use a bike on sunny days if you work a short distance from your home.
8. Stop The Brand Name Obsession
If you would like to save $10.000 in a year, you should break the brand name obsession. Because you pay more money due to the brand name, and this costs you a huge amount of money.
9. Get Serious About Budgeting
You should follow a budget to keep your finances on track. If you get serious about it, you are able to estimate your income and expenses for a set period of time like weekly, monthly or yearly.
10. Save Money on Food
Because eating out costs serious money, you shouldn’t eat out often. It can be delicious and relaxing to eat out but the cost is a lot. Therefore, you may eat out once a week if you want to save money. Besides, you can bring food to work to save money.
If you follow these 10 ways that we listed above, it will be easy to save $10.000 in a year!
