How to Save $10,000 in 3 Months in 8 Simple Steps
Today. I’m going to share tips on how to save $10,000 in three months, based on my own experience. Getting to this point wasn't easy, as it took some sacrifices along the way, but it was well worth it! Let's get started.
1. Increase your income
If you have skills or can learn skills that a lot of people don’t have, you can be more competitive by using them to increase your income. You can also use these skills to get a new job or ask for a raise. You could even sell things you don’t need on Facebook Marketplace or other resale websites.
I was able to get a new job with higher pay and I continue to sell things I don’t need online as I go through my minimalist journey.
2. Determine your wants vs needs
Your wants and needs are based on budgeting and knowing where every dollar goes. We are constantly bombarded with advertisements on social media and television and signs in stores telling us we need something that’s on sale.
If you’re focused on saving money, don’t focus on trends or keeping up with the Joneses. Focus on your goals and what you’re saving for. I rarely go shopping and when I do, it’s because I am looking for something that I need in my home or wardrobe.
Focus on buying quality rather than quantity. I buy quality pieces of clothing and other items so I am not constantly repurchasing things that are not made well and wear out fast.
3. Reduce your expenses
Figure out ways to reduce your expenses. Our basic expenses were our rent, utilities, food, and gas. We then looked at areas where we could eliminate even a little bit.
My husband and I looked at our grocery bill and saw we were spending a lot of money for just two people. We weren’t using up all the items we bought or they were spoiling. Instead of going grocery shopping once a week, we decided to go every two weeks to make sure we use up all the ingredients we bought.
Other expenses that you could look at could be cable or a landline phone if you use your cell. Put the money you save into a savings account.
4. Cook at home
We used to eat out quite a few times a week. Cook a majority or all of your meals at home. You have a lot more control over costs and ingredients when you cook at home. You can cook what you want based on what you have in your pantry that you need to use up so the items won’t go bad. This one step helps save a lot of money that you can put towards savings.
5. Use cashback apps
Use cashback apps like eBates, Rakuten, or a credit card with points and rewards when buying anything. I used Rakuten whenever I purchased gifts for the holidays which saved us money.
I think I got about $70 cashback just from purchasing items I would have bought anyhow. I also use a President’s Choice MasterCard that gives me back points that I could use towards groceries, for example.
6. Pay yourself first
My next tip that I used to save $10,000 was to make sure I paid myself first. Whenever I got paid, I used the automatic deposit to put it into a different account. Then the money wasn’t there to tempt me to use it for something else. I kept the amount of money in my main account to cover basic expenses, which I had already determined by budgeting.
7. Have a savings goal
I like to know that I am working hard towards a goal that I can achieve. For me, my savings goal was to pay off my school loan within two years of graduating. I had that goal in sight and worked towards it every day by planning accordingly.
If you want to have some wiggle room, put some money aside for fun things and set the majority aside for your goal.
8. Sell items you don’t use anymore
I use Facebook Marketplace a lot to sell clothing, home decor, and appliances. I’ve sold things from my parent’s home and I get a little commission for that, too. I still make sure whatever money I get from those sales goes into savings.
How to save $10,000 in 3 months
Let me know if what I did to save $10,000 in three months can work for you. Why not turn your savings journey into a three-month savings challenge? Let me know what other areas in your life you can cut back on to reach your savings goal in the comment below.