How To Save $10,000 in a Year

Do you want to learn how to save $10,000 in a year?

Saving $10,000 in a year might sound hard, but it’s a goal you can reach with some planning and work. By breaking down this big target into smaller steps, you can make steady progress and watch your savings grow (and learn great ways to save money!).

You can save $10,000 in a year by setting aside about $833 each month or $192 per week. This may seem like a lot at first, but there are many ways to cut costs and increase your income to hit this goal. With some smart money moves and a bit of dedication, you’ll be amazed at how much you can save in just 12 months.

Best Ways To Save $10,000 in a Year

Below are the best ways to save $10,000 in one year.

1. Set a monthly savings goal

Saving $10,000 in a year might seem like a big task. But breaking it down into smaller steps can make it easier.

To reach your goal, you need to save about $833 each month. This amount comes from dividing $10,000 by 12 months in a year. If $833 feels too much, you can break it down even more. You could aim to save $192 every week. Or you could try to save $27 each day.

Choose the time frame that works best for you. Some people like to save a little bit every day. Others prefer to set aside money once a week or once a month.

And, it’s okay to start small. Even saving a little bit regularly can add up over time. As you get better at saving, you can increase your monthly goal.

2. Create a budget

Making a budget is important if you want to save $10,000 in one year.

1. You can start by listing all your income sources, such as your job, side gigs, and any other money you get.
2. Next, write down all your expenses, things like rent or mortgage, food, bills, and fun activities. Be honest about what you spend.
3. Now, look at where you can cut back. Maybe you can eat out less or cancel some subscriptions. Every little bit helps!

I think it’s helpful to use a budgeting app (like YNAB) or spreadsheet to track your spending because this helps you see where your money is going and stick to your plan.

3. Automate your savings

Setting up automatic savings transfers can make reaching your $10,000 goal much easier. You won’t have to remember to move money each month, so it’s like paying a bill to yourself.

Most banks let you set up automatic transfers. You can choose how much and how often you’d like to move money to your savings account. For example, you can try setting it up for right after payday.

Start small if you need to – even $50 or $100 per paycheck adds up over time.

Also, related to this, I recommend putting your money into a high-yield savings account if you can. A high-yield savings account helps your money grow faster with better interest rates than regular accounts (you may be able to earn around $300+ each year just by putting your savings into a high-yield account). I use Marcus by Goldman Sachs, which currently offers up to 3.90%. Check to see how much your current checking account is giving you and if you can beat the rate by looking at other banks or by putting it into a CD.

4. Cancel gym memberships

Gym memberships can be a big drain on your budget. If you don’t use yours often, it’s time to say goodbye. Many people pay for gym memberships they rarely use.

You can save a lot of money by canceling. Some gyms charge $50, $100, or more per month. That adds up to $600 a year!

Before you cancel, check your contract as some gyms make it hard to leave. You might need to visit in person or send a letter, but please don’t let that stop you from saving money.

Think about working out at home instead. You can find free exercise videos online. Or try jogging in your neighborhood. These options cost nothing and can be just as good for your health.

5. Use cash back sites

Cash back apps are a great way to save money on things you already buy. These sites give you money back when you shop at stores, eat at restaurants, or buy gas.

My favorite cash back apps are:

• Fetch Rewards – You just take pictures of your grocery receipts from any store. The app gives you points for your purchases, which you can trade for gift cards.
• Rakuten – You can use it to get money back when you shop online or in stores. Just sign up, shop through their app or website, and watch the savings add up.
• Upside – For saving money on gas, try Upside. This app shows you nearby gas stations with cash back offers. You can save up to 25 cents per gallon, which adds up fast!

I use all of these cash back sites above on a regular basis, and they are very easy to use.

6. Buy generic brands

Generic brands usually cost way less than name-brand stuff – you can save about 30% on average.

Generic products are usually just as good as the fancy brands. This is true for medicine, food, and household items. For example, generic pain pills work the same as the pricey ones.

Stores like CVS and Walmart have their own brands. These are usually cheaper than name brands. You might save $1 or $2 on each item. That adds up fast!

7. Host a clothing swap

Hosting a clothing swap can be a fun way to save money and get new-to-you clothes.

Here’s how they work: Invite friends, family, or neighbors to bring clean, gently used items they no longer want. Set up a space in your home or a community center (sometimes libraries even host these!) where everyone can display their clothes.

Make it a social event with snacks and music. Guests can browse and “shop” for free, taking home items they like.

By swapping instead of shopping, you could save hundreds of dollars on clothes each year. That’s money you can put straight toward your $10,000 goal!

8. Use the library instead of buying books

I am all for supporting our favorite authors, but buying books can add up fast. The library is a great place to save money.

We visit the library usually once a week, and I check out so many great books for me and my daughter.

Plus, libraries have more than just books. Many lend movies, music, and even video games. Some even let you borrow tools, hiking gear, park passes, and more.

Ebooks from the library are another option. You can borrow them without leaving home, so this saves time and gas money too.

Recommended reading: 13 Ways To Get Free Books Online and Sent to You

9. Negotiate your bills

Calling your service providers, such as your phone, internet, and TV companies can help you save money.

When you call (many times you can even just start an online chat!), be polite but firm. Ask if they have any current promotions or discounts. Sometimes, just asking can lead to savings.

If they won’t budge, think about switching providers. Many companies offer deals to new customers, and you can use this as leverage with your current provider.

I recently noticed that my internet bill had shot up to over double what it was just 3 years ago (they increased it slowly by about $15 a month each year). So, I started an online chat and asked them to match the rate that I had when I first signed up. They said yes with no questions. I regret not asking sooner as the savings was around $50 a month!

10. Pack snacks for outings

Bringing your own snacks when you go out can help you save money as you won’t be tempted to buy expensive food when you’re hungry. Store-bought snacks and drinks can be expensive, especially at events or tourist spots.

I have a toddler, so I’m always bringing snacks with me. But before this, I used to keep granola bars in my purse as well.

Good options include fruit, nuts, granola bars, or homemade sandwiches. Don’t forget to bring a water bottle too – you can refill it for free instead of buying drinks.

11. Use public transportation

Using public transportation can save you a lot of money – usually at least a couple hundred dollars each month.

This big saving comes from not having to buy, maintain, or fuel a car. Gas prices and car costs have gone up a lot lately, making public transit an even better deal.

Also, in some cities, you may even be able to get a free or really cheap monthly pass, such as if you are a student or over the age of 65.

If you live in a place with public transportation, then this is definitely something to look into.

12. Start a side hustle

A side hustle is a way to make extra money outside of your main job. Starting a side hustle can help you reach your $10,000 savings goal faster.

You could try freelance writing (such as on Upwork), driving for Lyft or Uber, dog walking, babysitting, selling items online, getting a part-time job, and more.

Some side hustles can be done from home such as playing games on your phone or taking online surveys. These might not make a lot of money, but they are easy.

For me, I have done a lot of side hustles in my life. In fact, I was able to pay off my $40,000 in student loan debt in just 7 months due to side hustling. You can read about them at I’ve Done Over 20 Side Hustles in My Life: Here’s What I Think of Each.

Recommended reading: 75 Ways To Make Extra Money

13. Switch to a cheaper phone plan

Cell phone plans are expensive. You can easily spend $1,000 to $2,000 a year on your cell phone plan, which is a lot of money!

I recommend that you take a look at your cell phone bill and see if you can switch to a cheaper cell phone plan or even switch phone companies to one that is a better value. I know that many people don’t like to switch because they think it can be a pain, but this move can easily save you hundreds of dollars each year!

Recommended reading: 11 Ways To Get A Free Cell Phone And Plan

14. Have no spend days

No-spend days are exactly what the name implies – they are days where you don’t spend money.

Of course, you still pay your rent, utility bills, etc., but you then either only eat the food that you already have in your house or set rules like “no spending on clothing for the next 3 months.”

Or, you can pick one or two days each week to avoid buying anything. Don’t eat out, shop online, or grab a coffee. Use what you have at home instead.

Recommended reading: The Power Of A No Spend Challenge

15. Switch off electronics when not in use

Turning off your electronics when you’re not using them can help you save money. This simple habit can lower your electric bill.

Some things to remember to turn off include:

• Power strips
• Chargers
• Small appliances like toasters and coffee makers
• Turning off lights when you leave a room

Recommended reading: How To Lower Your Electric Bill: 10+ Ways To Save Money

16. Compare insurance rates

Car, home, and health insurance can be a big expense and you might save money by comparing rates from different companies.

Start by getting quotes from multiple insurers. You can do this online or by calling them directly. Make sure you’re comparing the same coverage levels.

Don’t forget to ask about discounts. Many companies give savings for things like bundling policies or having a good driving record.

You may also want to see what your payment will be like if you raise your deductible. This can lower your monthly payments. Just make sure you can afford the higher out-of-pocket cost if you need to file a claim. Sometimes it may not be worth it to change the deductible, but other times you may be able to save hundreds of dollars each year by changing it.

17. Use coupons wisely

Coupons can help you save money on things you already buy. Look for coupons in newspapers, magazines, and online. Many stores have apps with digital coupons you can use.

Before you use a coupon, ask yourself if you really need the item. Don’t buy things just because you have a coupon. That’s not saving money. And, make sure you compare prices even with coupons because sometimes a different brand might be cheaper without a coupon.

One easy way to find coupons that I’ve been doing a lot lately is logging into the site for my grocery store and “clipping” their digital coupons. There are usually coupons for fresh fruit, meat, toilet paper, and more. Plus, they usually have a cash back option that you need to activate each month. I just activated one for this month, and it was for 7% cash back on everything I buy this month – that’s a lot of money!

Here are my favorite coupon sites:

18. Look for employer retirement matches

If your employer gives you a 401(k) match, definitely think about using this! This is like free money for your future.

For example, if you make $50,000 a year and your employer matches 6%, that’s $3,000 in free money. This can really increase your savings.

Try to save enough to get the full match if you can. It might mean cutting back on other things, but it’s worth it.

If you’re not sure how your company’s match works, ask someone in HR. They can explain the details and help you sign up.

Recommended reading: How To Save For Retirement – Answers To 13 Of The Most Common Questions

19. Make your own coffee

I’m not a coffee drinker (odd, I know!), but my husband drinks coffee every day, and so does pretty much every person I know.

Buying coffee from cafés can cost a lot of money, as I’m sure you know. You can save hundreds of dollars each month by making coffee at home.

A cup of coffee from a coffee shop might cost $4 or more. But making it at home can cost less than 50 cents per cup.

If you drink coffee every day, this small change can add up fast. You could save over $100 a month just by switching to homemade coffee.

Plus, it’s easier and you don’t have to wait in line or drive anywhere.

You can find affordable coffee makers on Amazon here.

20. Cook in bulk and freeze meals

Cooking in bulk can save you lots of money because you can have food to easily eat another time (such as when you don’t feel like cooking).

I cook in bulk and then save leftovers for lunch the next day all the time.

You can try making big batches of soups, stews, or casseroles. These dishes freeze well and are easy to reheat. You can portion them out and store them in the freezer for quick meals later.

Don’t forget about breakfast and snacks. Make a big batch of muffins or energy bars. Freeze them and grab one when you need a quick bite.

Recommended reading: 10 Easy Freezer Meal Recipes

21. Limit cell phone upgrades

Keeping your old phone can save you a lot of money. New phones cost hundreds of dollars and you don’t need the latest model every year.

I have many friends who upgrade their phones every year, and I think that can be a big waste of money. For me, I pretty much only upgrade if it’s been years since the last time I got a new phone (and my phone may be slow) or if I break mine. I typically have my cell phone for 3-4 years at a time.

When you do need a new phone, look for deals. Buy last year’s model instead of the newest one, and it will still work great but cost less. You can also buy refurbished phones that work like new ones for a lower price.

22. Invest in a slow cooker

A slow cooker can help you save money and time because it can help you make meals with little effort.

I personally love using my slow cooker and I make a slow cooker meal a few times each week. It’s a great way to not feel tired of cooking because it is so easy. I just dump all the ingredients in, let it cook all day, and then it’s ready by the time my daughter gets home from school.

Personally, I have this Instant Pot (a slow cooker, pressure cooker, and air fryer all in one). If you want something more affordable, a Crock-Pot can usually be found for around $30 on Amazon – here’s a popular slow cooker.

Recommended reading:

23. Switch to cloth napkins

Cloth napkins can help you save money and reduce waste. They might cost more up front (but just barely because paper napkins are so expensive these days!), but they last much longer than paper napkins.

You can use cloth napkins for years, saving you money in the long run. They’re easy to wash with your regular laundry, so you won’t have extra costs.

We use cloth napkins every day and have for years. It’s such an easy switch to make!

You can find cloth napkins on Amazon by clicking here.

Recommended reading: How To Reduce, Reuse, And Save More Cash

Frequently Asked Questions

Below are answers to common questions about how to save $10,000 in a year.

Is it possible to save $10K in one year?

Yes, you can save $10,000 in a year! It takes hard work and planning, but many people have done it.

What are some tips for saving $10,000 in a year?

To save $10,000, try these tips:

1. Make a budget and track your spending.
2. Cut back on eating out and shopping.
3. Use cash back apps when you buy things.
4. Cancel unused subscriptions like gym memberships.
5. Sell items you don’t need anymore.
6. Find ways to make extra money.

How much do I need to save to have $10,000 in a year?

To reach $10,000 in a year, you’ll need to save:

• $833.33 per month
• $192.31 per week
• $27.40 per day

Pick the time frame that works best for you and start saving!

How much money should I put aside each month to reach my $10,000 savings goal?

You should aim to save $833.33 each month to hit your $10,000 goal in a year. If that’s too much, start smaller and work your way up.

Are there any good strategies for saving $10,000 in a year on a tight budget?

Even on a tight budget, you can save $10,000 with these tips:

1. Get a side job or freelance gig.
2. Rent out a spare room or parking space.
3. Cut cable and use cheaper streaming services.
4. Cook at home instead of eating out.
5. Use public transit or carpool to save on gas.
6. Save your tax refund or any bonuses/windfalls you receive throughout the year.
7. Put your money in a high-interest savings account.

How To Save $10,000 in a Year – Summary

I hope you enjoyed my article on how to save $10,000 in a year.

Saving $10,000 in a year might seem impossible, but with the right strategies, it can be doable. By setting a clear goal, creating a budget, and making small changes to your daily habits, you can make progress toward this milestone.

From automating your savings to cutting unnecessary expenses and even starting a side hustle, there are plenty of ways to build up your savings without feeling overwhelmed.

Whether you’re saving for an emergency fund, a big purchase like a down payment on a house, a dream vacation, or financial freedom, these tips can help you make it happen.

Why do you want to save $10,000 in a year? What are you saving for?

Recommended reading: 23 Money Saving Hacks That Work