Saving $10,000 dollars in a year may seem like an impossible goal but with the right tips you will be on your way to success in no time! Below are tips to ensure success in saving $10,000 in a year.
1. Figure out how much you will have to save and can afford to save after bills are paid to accomplish this goal. For instance, let’s say you’re making $50,000 a year, around $4,100 a month after taxes but monthly bills add up to around $2,500 a month. You could save around $1,000 every month.
2. Exercise self-control. It is very tempting to spend on items while out so make sure to plan spending before going out. If planning to shop for clothing, set a budget for that trip. It also will help if you bring the exact cash of what you plan to spend. Setting limits on spending allows you to stay focused and saving more money.
3. Skip restaurants and events. It is wonderful to be able to go out every now and then, but spending money on going out to eat can sometimes be too costly. Instead, try ordering a free movie on Netflix versus going to the movie theater. Try looking for free events online in your city that will be fun and also entertaining. Also, it helps if you pack a lunch instead of ordering out. Every dollar you don’t spend is increasing your money you can save for the future.
4. Shop at second hand stores to save money. Many second had stores such as the Salvation Army and Thrift Store offer designer clothing at a discounted price. The money you can save from an item of clothing can range from $5-100 on some pieces. Every dollar you save will be leading you closer to achieving this goal.
5. Create a vision board. For instance, if you have a goal to buy a home, post a picture of that house on your way to remind yourself everyday of the goal you are striving to accomplish. Sometimes it helps to have a purpose and reason that keeps you determined and focused on achieving this goal.
6. Stay away from negative people that think your goal is unreachable. Make an effort to speak positive and believe in yourself that you will achieve this goal.
7. Look into different investment resources such as Mutual Funds