Earning a salary is just one way to get money and if it’s the only way you get it, you probably don’t have enough of it. Why do I say that? Because finding new ways to get money—including alternate streams of income—are essential now and even more so when you retire and stop getting a weekly paycheck. That’s why you need to think outside the box now, figure out how to increase your financial cache, learn how to save $10,000 in a year, and save as much as you can for your future self.
You start with the money you earn at your everyday job and build from there. It won’t be easy, but when you get serious about it, it will fall into place in a short period of time. When should you start? Yesterday! But since you can’t start then, start now with these 17 ways to save. You can save $10,000 by saving extra money or simply not spending extra money this year! Here’s how…
17 Ways on How to Save $10,000 in a Year
1. Adjust your W-4
Adjust your W-4 at work and increase your paycheck each time. Save that money each week automatically into your high-yield savings account and you won’t miss that interest-free refund you got that was your own money in the first place! Get about $1,800 a year in your weekly paychecks this way (based on a $40K annual salary) and gain the interest earned on it every day.
2. Do a money savers review
Update your budget and trim and track expenses against your financial goals. Save $1,200 a year trimming unnecessary expenses.
3. Meal planning home-cooked meals
Plan your meals for the week in advance and save money by eating at home. Plus there’s no tax or tip. Save $160 a month by eliminating just one dining out meal a week for a family of four (per year that is $1,920).
4. Cut the cord, or trim it a little
Cut back or cut out cable and change to streaming services like Hulu, Netflix, and Amazon Prime for a fraction of the cost of cable TV. Save $480 per year.
5. Cancel your gym membership
Cancel your gym membership and do you own program outdoors like jogging, walking, and bike riding! This beats having to pay for monthly a membership (especially if you’re not using it regularly). Save $240.
6. Celebrate on a budget
Host a potluck for your next big birthday or anniversary or bash/party. You can save money you’d spend the restaurant extras—such as tax, tip, and parking—and have a more intimate meal too. Just one time can save you $250.
7. Go vegetarian a little
Make at least one meatless dinner meal a week and substitute salads, veggies, pasta, or other items. You will help your health as well as the environment, and save $480 a year when you do so.
8. Make your morning coffee at home
By making your morning coffee at home, you save $4 to $5 on coffee and treat. Do it just twice a week and save over $550 a year.
9. Get creative with gifts
DIY when you find creative ways to express your love to friends and family members with free, lower-cost, handmade birthday and holiday gifts and greeting cards. People will appreciate the thought behind your gifts more than anything, and you can save over $100 a year at least doing so.
10. Go interest free
Consolidate your credit card debt on a new no-interest credit card for 18 months and save.
11. Save on gasoline
12. Shop around for insurance
Consider a new insurance company for your auto, home, or renter’s insurance. They’re all dying for your business and chances are that switching will save you $300 a year. Check your auto coverage for ways to save and you may find even more.
13. Save on healthcare
Review your healthcare costs and re-evaluate your plan. A better plan can save you and/or your family when renewal comes up. Savings could be hundreds of dollars a year on premiums, medicines, and doctor bills. Average savings are $600 a year.
14. Conserve energy
Save on your electric and gas bills when you conserve energy. Adjust heating and cooling temps on a programmable thermostat and save $120 a year on just 1 or 2 degrees adjustments.
15. Online bill pay
Pay your bills with online banking. Save on stamps and envelopes. You will save on average $84 a year.
16. Skip the drinks when dining out
Avoid buying drinks when you dine out. Ask for water—it’s free and saves you at least $3 each time you do it. For a family of four that adds up to $600 a year based on one dining out trip per week. BYOB (bring your own bottle, where allowed) instead of buying alcoholic drinks or wine at dinner when dining out and save up to $250 a year on drinks per year.
17. Clip coupons
Use coupons when you shop for groceries or any household items. Clipless/digital, manufacturer’s paper, mailers you receive, or any that will save you money along with rewards and loyalty cards that are offered for free to you where you shop! Save $1,000 a year when you do.
Each of these tips may save just a few dollars at a time, but practice them together and it shows you how to save $10,000 in a year!
None of these items on the list are difficult to do, but it seems that most go ignored on a day to day basis. Some people think it won’t add up, and some people think if you watch your pennies you are a cheapskate. If that’s the case then there are a lot of wealthy cheapskates around and I want to be one of them!
I learned a long time ago that earning money, saving money and not spending money needlessly all go into the same pot. That’s the money pot that gets you through all of the times of your life and when things get really difficult, you still have a little something there you can depend on. If you didn’t learn that before the pandemic, you should have learned from it. There will be other emergencies you will face and the question is this: Will you be financially prepared for it?