Yes, it’s possible to save $10,000 in a year if you know how and what to do.
This article reveals some of the very important techniques and tips to help you easily achieve this.
Four zeroes after a number is a significant dollar figure.
Most likely, one would be hard-pressed to find anyone who would turn down that money or an opportunity to have those four zeros behind the number one sitting in their banking account within a year.
However, it is in the realm of personal financial possibilities.
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The key to successfully attaining this lofty financial goal is, in a word, determination. Remember the human spirit is an incredible force.
For a moment, stop reading this article and look around you.
Everything that you see ranging to the tablet that you are using to devour this article, to the television set that may be there in front of you, to the very chair that you are sitting on came into reality because someone was determined.
That determination began with their vision and then they proceeded to devise a plan and brought into creation a variety of things that surround you.
Importance of Saving $10,000 in a Year
So, the importance of working towards a goal of having $10,000 saved within a year is in itself an incredibly important decision.
Imagine your exhilaration when your bank or investment statement stares back at you, and you see in black-and-white the $ followed by the number 10,000.
In addition, to having this amount of money saved, reflect upon how good you would feel about yourself in that you set a goal and achieved it.
Can you imagine what you could do with $10,000?
An individual wishing to purchase their home could utilize this amount as a down payment.
Or if you promised yourself a much needed vacation, $10,000 would go a long way to provide that vacation experience for you.
Or perhaps, that old clunker that you’ve been driving now has two tires in the wreckage graveyard and this money will go towards purchasing a new car or buying a used car.
The possibilities are endless.
In all probability at the end of the year you will be so hyped that you will want to continue this money-saving discipline.
You will realize all of the sacrifice and effort you made into making this dream and vision a reality and honor those efforts.
Consequently, it is doubtful, that you will spend that money frivolously.
Money is a funny thing.
In my experience I, for a long period of time, had no focus as it related to money and planning our future.
However, as my personal financial education increased so did my appreciation, thinking towards money and my value of money beyond it being a commodity.
It was not picked off of a money tree, but was hard-earned; a reality that you most likely agree with.
Consequently, through a financial plan of action, discipline, consistent transfer of money into various investments, our goal of reaching a set amount of money was realized.
For me the take away was not only being astounded at the balance reflected in our investment portfolio but more importantly for the thrill that I experienced in a changed attitude towards money and honoring our life energy efforts expended to realize those financial goals.
11 Best Tips to Help You Save $10,000 in a Year
1: Have a Plan
You are about to go on an exciting financial journey. By journey’s end or when you reach the destination, you will have successfully achieved, within a year, the savings of $10,000.
As with the achievement of any successful journey there needs to be a plan or itinerary of how that individual is going to travel from point A to point B.
The plan for our journey includes certain key elements. Those key elements include a strategy, a goal and a plan of action.
Your strategy will be to look at your personal budget both the income and expense side of the ledger, in vision and focus on that goal of $10,000, and map specific steps that you will take.
The specific steps are part of these 10 or more tips that are offered to you
2: Determination Is Critical
Determination to see something through and not be satisfied with anything less than actual achievement is the paramount prerequisite to take as one of the initial first steps in working towards that financial goal.
Determination is defined as seeing something in one’s mind eye and focusing in on that particular goal.
Determination could also be defined as an obsession.
Therefore, everything that you do and say should have this goal in mind.
You are determined you are steadfast; you are resolute and nothing or anything will deter you from reaching that goal.
Remember, achieving a goal is 99% perspiration and 1% inspiration.
3: Budgeting With a Knife
With one’s prepared personal budget in hand, it’s time to pick up the surgeon’s scalpel.
This means that the laser focused individual is going to look at all of their expenses budgeted for on the expense side of their household budget.
Remember, going under the knife can be a painful experience but is often necessary to remove items that are not beneficial.
In looking at the budget, the goal is to free up $833 and change so that this money can be set aside in reaching the 12-month goal of having $10,000.
A good starting place on the budget is in the areas of entertainment, eating out, and the purchase of miscellaneous items.
Also, with nothing being off-limits, even the overhead household expenses can be pared back.
For example, you can refinance your mortgage to a lower interest rate, set the dial of the thermostat up or down a few degrees during the appropriate season, turning off any unneeded lights, etc.
All of these things add up towards that $883 needed.
Also, a powerful tip in wondering where some of the money goes is to record every single expenditure.
One may be surprised as to the amount of money spent on nonessential items such as candy bars, snacks, beverages, etc.
No one is saying that these items need to be cut out. Simply, by recording them will make one more aware of where some of those mysterious dollars are spent.
4: Habit Makes Perfect to Saving 10k in a Year
A key element to creating good and bad habits is by continually indulging in them over a 30 day period.
It has been proven and books have been written that a habit good or bad is developed during this timeframe.
Consequently, the first 30 days of going on to this savings of $10,000 a year may possibly be the most difficult.
Therefore, extreme and intense attention needs to be given during this time to your spending habits.
A strong recommendation is to question purchases during this timeframe as to whether or not they really need to be made.
For example, you’re standing in the grocery line, and you hear this whispering in your ear from the candy section of the checkout lane.
The whispering becomes louder and louder. During those moments, be determined and be resolute towards the achieving of your goal of $10,000 at the end of the year.
Eventually, those same whisperings will be less intense with each checkout experience.
5: Fasting Can Help You Save 10,000 Dollars in a Year
How about financial fasting?
If you’ve ever had an experience with trying to lose weight, part of the weight loss process is making sure that you exercise and eat properly.
Some diets even include a portion of the day or a full day to set aside as fasting.
In the same thinking vein, why not have a day or two set aside during the course of the week as fasting days financially.
Under no circumstances is any money to be spent on those days. Perhaps, the one or two days will extend into additional days so that the financial expense weight loss will be experienced.
6: Go To Work
Remember, there are two sides to your household and personal budget. There is the expense side and there is the income side.
In addition to paying attention to the expense side of the ledger, it is also important to pay attention to the income side of the ledger.
Therefore, in order to set aside $833 a month, perhaps the taking on of an odd job during the evening hours or on the weekends may be an option to explore.
There are many freelancing opportunities available to the individual and will certainly add to the revenue side of the budget.
7: Make Your Money Work
Seeing that you are going to work hard to successfully reach your goal of $10,000, why not make your money work just as hard as you are?
Rather than just simply putting your money into a separate savings account that may earn you a little bit of interest each month why not possibly invest in a CD or a money market.
With these particular vehicles of investment, the risk is minimal and although the interest may be low, it is still certainly higher than a normal savings account.
Additionally, if you’re particularly adventuresome, you can open up a separate investment vehicle and put that money in there and let it ride on the coattails of index funds or other investment options.
8: Financial Auto Pilot
As much as possible it is important to put your savings on automatic financial pilot.
This means that on an automatic regular basis, a transfer transaction is made possibly from your savings account or checking account to another investment account.
This is an automatic deduction, which doesn’t need to be remembered by you to make it happen. It just happens and eventually will help towards the achievement of your goal
9: Chart Your Progress to Save $10,000 in 1 Year
Another tip that may be beneficial to certain individuals, especially if they are visually motivated, is to create a graph.
The graph can be set up either by using a piece of paper and simply mapping out your progress as the balance continues to rise upward and to the right.
Another option is to use an Excel spreadsheet in which you can put the amounts deposited and the running total.
Then simply create a graph and update the graph as needed.
If wanting this to be a motivator for you, simply print it out and put it in a conspicuous place, such as the refrigerator that we frequent often. Use the graph to inspire, motivate, and reflect your progress.
10: Challenge Others
Another tip that may keep us motivated and continually determined to reach our goal is through competition.
Why not share with others about the challenge that you have taken for yourself and challenge them also to take on this same goal.
The competition enters in when the competing entities compare their progress at various intervals and reflect who is doing a bit better than the other.
A ground rule maybe that no one can save more than 10% over the $833 needed monthly.
This competition factor may be a motivation emphasis that you require in order to attain your goal and beat the competition.
11: Don’t Forget to Celebrate
One other important tip is to make sure that this doesn’t become a drudgery.
You are on an exhilarating path towards achieving your goal and ultimately becoming more financially independent.
Therefore, enjoy the excitement of the adventure, be thrilled by your progress and congratulate yourself as often as possible.
Consequently, make sure that you don’t forget to celebrate.
When a certain milestone is reached say perhaps one third of the way there, enjoy a night out and celebrate what you have done, and then the following day go back to your focused efforts on marching toward your $10,000 goal.
10,001 Reasons to Save 10k In a Year
There are 10,001 reasons why you should do this and why you can do this.
10,000 of those reasons all bear the face of the first president of the United States. The successful realization of these 10,000 one dollar bills is a significant endeavor.
Not only will they represent your goal of being financially secure but perhaps modify your attitude towards money and placing money in its proper perspective in importance.
The one reason in addition to the 10,000 reasons is the personal benefit.
The successful achievement of this financial goal will be an extreme boost in your confidence as a person who can achieve whatever they want in life if they only set their mind towards it.