How to Save $10,000 in a Year
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Is there something you would like to save up money for? Maybe you would like to trade in your old car and replace it with something newer – or perhaps you would like to save up for a down payment on a home. Whatever it is, you need to save $10,000 in a year and you are wondering how you can do it.
There are two components to saving $10,000 in a year – earning enough money and reducing your expenses. We’ll cover each of these, but if I had to rank the two, I would say that earning enough money is the most important. It’s kind of hard to save $10k a year, for example, if you only earn $22k and you are barely scraping by.
While saving $10,000 in a year can certainly be challenging, it’s not impossible. If you are truly determined to save that much in twelve months, there are ways to make it happen.
How much do you need to save per month to save $10,000 in a year?
It’s actually not as much as you might think. It comes to a savings of $834 per month. While $10,000 may sound like a lot, it doesn’t sound so bad when you think of it in terms of saving $834 per month. It’s all a matter of perspective.
Before we cover how to save $10,000 in a year, I do want to point out that you may have to combine some of these strategies to achieve your goal. It depends on your personal financial situation – everyone is different.
Earn More Money
The first thing you want to consider if you want to save $10k in a year is how much money you make. Do you currently earn enough to cover your bills – or do you struggle each month to make ends meet?
If you’re like most people, money doesn’t grow on trees for you. You work very hard for what you have. And if you are currently earning as much as possible in your current job, you need a way to earn some extra money – a side hustle.
A side hustle is a part-time job or business that you do in your spare time when you are not working at your regular job. The following are some great side hustle ideas to consider to earn more money. Who knows, you may enjoy your new side hustle so much you end up turning it into a full-time business.
1. Sell Products on Amazon
One of the most popular side hustles these days is to sell products on Amazon, the world’s largest online retailer.
How is this possible?
Many of the products sold on Amazon are actually sold by third-party retailers, many of which are small businesses operated out of people’s homes. People sell products on the platform through the Fulfillment by Amazon program (FBA).
Through FBA, you can ship your products to the company’s warehouses, and your products will be listed for sale on its website. When someone orders one of your products, Amazon takes care of picking, packing, and shipping the product for you.
There is a monthly fee to participate in FBA, and the company does charge additional fees for each product it sells on your behalf.
Still, the advantages of selling through FBA are incredible when compared to many traditional brick and mortar businesses. You don’t have to lease an expensive store, hire employees, and sit around worrying about whether people are going to visit your store.
To start a successful Amazon FBA business, you need a strategy. You can’t just wing it. Thankfully, there’s a great online course you can take that shows you everything you need to know about starting and running your own successful Amazon FBA business – The Proven Amazon Course.
The Proven Amazon Course is one of the most popular FBA courses for a good reason – it gets results. It teaches you how to get started, source profitable inventory, and scale your business to replace your current job (if you want to do that).
Check out the Proven Amazon Course to see why it has been the foundation for so many successful FBA businesses.
2. Flip Used Things for Profit
Another side hustle idea worth considering is to flip used things for profit on eBay. Many people do their shopping on eBay to save money with used items instead of buying pricey new things.
There are several great benefits to this side hustle.
The first benefit is the fact that many people sell things for much less than they are actually worth all the time. The key to success with this side hustle, for example, is to buy and flip products that are worth a lot of money. By doing this, you can make more money with fewer flips.
The next benefit is that this is a very inexpensive side hustle to get started with. You just need enough money to buy your first few used items. Some people have purchased and flipped one item, for example, and reinvested the profit to buy more and more items.
The next great benefit of flipping used items is that it is very easy to source products. You can even do it from the comfort of your home by checking Craigslist, Facebook Marketplace, OfferUp, and other places.
If you are interested in learning more about this great side hustle opportunity, Flipper University is an online course that teaches you everything you need to know about getting started as a flipper, sourcing products, growing your business, and other things.
Check out Flipper University to see why flipping used items is such a great side hustle.
3. Be a Virtual Assistant
Another potential side hustle to consider is to offer your services as a virtual assistant. A virtual assistant is someone who does various services for businesses from a remote location. Just a few things you could do as a virtual assistant include:
- Responding to customer inquiries
- Processing orders
- Data entry
- Scheduling appointments
- Social media management
How much you earn as a virtual assistant depends on how good of a job you do, how hard you work, and of course, how many clients you take on. You could take on just a couple of clients, for example, if you only want to earn a little extra money on the side, or you could land more clients to grow your virtual assistant business into a full-time work-from-home career.
If you would like to learn more about becoming a virtual assistant, the online course $10k VA teaches you everything you need to know to get started, land clients, and grow your business.
The course $10k VA gets its name, by the way, because the person who teaches it, Kayla Sloan, has grown her own virtual assistant business into a five-figure per month business. That’s six-figures per year working from home. Yes, it’s definitely possible!
Check out $10k VA to see how this side hustle may help you earn extra money working from home.
4. Be a Freelance Writer
Are you a good writer? Maybe you like to write short stories? Or perhaps you honed your writing skills by writing a lot of papers in college. You don’t have to write like Ernest Hemingway, but if you are a decent writer, you may be able to earn some extra money by writing for companies and blogs.
Why do businesses use freelance writers?
Many companies prefer to use freelancers because they only have to pay them for the work they do. They don’t have to pay them any benefits like health insurance, vacation time, sick days, and others. Many small and medium-size companies prefer to use freelancers because they may not have enough work to keep a writer busy full-time.
What kind of work do freelance writers do?
Freelance writers are used to write many marketing and sales materials including website pages, white papers, case studies, ebooks, blog posts, and others. Writing blog posts for a company is good work to get because blogs need to be continually updated, thus resulting in long-term work for you.
5. Be a Virtual Bookkeeper
Are you good with numbers? If so, you may be able to earn extra money by offering virtual bookkeeping services. This opportunity is similar to being a virtual assistant except you focus exclusively on bookkeeping.
Many companies use virtual bookkeepers because they are more affordable than keeping someone on staff to do the work. Many companies, in fact, don’t have enough bookkeeping work to keep a full-time bookkeeper busy. They mainly just need someone to update their books from the previous day’s transactions.
Like being a virtual assistant, how much you can earn as a virtual bookkeeper depends on a variety of factors like how well you market your services, how many clients you take on, and how good you are at your work.
If you would like to learn more about this opportunity, Bookkeeper Launch is an online course that teaches you everything you need to know about becoming a virtual bookkeeper, landing clients, and growing your business.
Check out Bookkeeper Launch to see how being a virtual bookkeeper can help you earn more money to help you save $10,000 a year.
6. Offer Lawn Care Services
Lawn care is big business. Many homeowners need someone to mow their lawns, trim weeds and bushes, do landscaping, and other things. Many businesses need these services, too.
If you have a way to transport a lawn mower and other yard and gardening tools, you may be able to earn some extra money during the warm season as a lawn care professional.
The great thing about this business is that once you land a client, that person will typically continue to use your services throughout the season. And if you land enough clients, it’s definitely possible to earn up to $1,000 a week. It depends on how much you market your services, how hard you work, and how good of a job you do.
7. Sell Stuff You Aren’t Using
Selling stuff you are no longer using is a great way to get some quick cash. Many are surprised by how much stuff they’ve accumulated over the years when they go to clean out their closets, garages, attics, and other storage spaces.
You may be able to sell your old stuff for money on Craigslist, eBay, OfferUp, and Facebook Marketplace. Another option is to hold a yard or garage sale if the weather is warm.
In addition to earning some money from selling old things you are no longer using, this is also a good way to eliminate clutter and clear out some additional storage space.
8. Do Odd Jobs in Your Community
Another way you may be able to earn money to go toward your goal of saving $10,000 in a year is to do odd jobs in your community. There are many possibilities with this one. A few include:
- Wash and wax vehicles
- Shampoo carpets
- Help people move
- Do simple repair jobs
- Paint walls
- Walk dogs
- Pet sit
- Tutoring/private lessons
- Waterproof/stain wood decks
- Clean sidewalks with a high pressure washer
- Seal driveways
- Clean gutters
- Wash windows
- Clean garages
- Run errands for seniors
To advertise your services, you can post an ad on Craigslist and other local publications.
9. Repair and Flip Used Appliances
Flipping used appliances is another way you may be able to earn some extra money. For this opportunity, you need to be good at fixing things, have access to a truck, and be able to lift appliances in and out of your truck.
The used appliance market is very strong. That’s because when people’s stove, washer, dryer, or something else breaks, they may not have the money to run out and buy a new one. They often shop the used market to see if they can find a good deal.
You may be able to source broken used appliances for free by placing an ad in Craigslist. Many people are glad to give them away just to get them out of their homes. You can then source the necessary parts to repair them and list them for sale on Craigslist, OfferUp, Facebook Marketplace, and other places.
10. Turn Your Vehicle into a Mobile Billboard
Have you ever seen a vehicle that has been wrapped in vinyl with an advertisement for a product or company? Those most likely aren’t company cars. They are usually just ordinary people who contracted with a business like Carvertise to earn money by having advertisements placed on their vehicles.
This opportunity is only available in select places. There are certain requirements you must meet to qualify. Advertisers prefer people who drive certain routes, for example. They also prefer that you drive a late model vehicle with no damage. There may be other requirements.
How much money you can earn by turning your vehicle into a mobile billboard depends on a variety of factors like the type of vinyl wrap you choose (partial, full, etc.), your driving habits, and others.
Earning more money is one half of the equation when it comes to saving $10,000 in a year. The other half is cutting unnecessary expenses so you can keep more of the hard-earned money you make.
Many are surprised by how much they can save just by making some simple changes to their lifestyles. All of those little daily expenses can really add up when you do the math. The savings can be substantial.
1. Compare Insurance Rates
If you’ve been with the same insurance provider for several years, it might be worth your time to shop around to get some quotes from other companies. The insurance market is very competitive, and it’s possible you may be able to get a better deal from another company. You’ll never know unless you check and see what’s available.
This is something I learned the hard way a few years ago. I had been with the same auto insurance company for over twenty years and didn’t think I could save much money by shopping around.
Boy, was I ever wrong.
I checked with several different insurance companies and ended up switching to a new plan with a different company that gave me more coverage for half of what I had been paying.
I cut my auto insurance rate in half.
It pays to shop around and look for deals regardless of what it is you are buying.
2. Trim Your Entertainment Spending
Do you enjoy going out every weekend to a restaurant, movie, event, or something else? If so, you may be able to save money by staying home or looking for free events in your community instead.
Going to the movies, for example, is very expensive. Movie tickets, drinks, and snacks for two people can easily be $40 – $50. Crazy, huh? Instead of watching a movie at a theater, consider waiting for it to come out on video and watching it at home instead. You could curl up on your sofa with some fresh popcorn you made and enjoy a relaxing evening at home.
Many communities have free events that are open to the public. You may be able to attend free concerts, plays, comedy shows, magic shows, fireworks displays and other things without having to pay an admission fee. Be sure to keep tabs on the free events in your community so you will always have something fun to do.
3. Buy Used Whenever Possible
If you need to buy something, you may be able to save money by purchasing that item used instead of new, especially if it’s a big-ticket item like a washer, dryer, TV, stove, refrigerator, furniture, or something else.
People sell used items that are still in great shape all the time. They do it for different reasons. It could be that they just got tired of their current sofa and wanted something different. Or maybe they are moving and can’t take all of their furniture with them.
Instead of heading to your local store when you need to buy something, see what’s available used first. There are several great sites you can use to shop for used products in your community including Facebook Marketplace, Craigslist, OfferUp, and others.
4. Save Money on Groceries
Groceries are a major expense for most, but we have to eat, right? It’s not like we can just stop buying food.
Although buying groceries is not something that is optional, there are some simple ways you may be able to save money when you are shopping.
Skip the Name Brands – Name brand groceries are often much more expensive than store brands. Store brands are often just as good, and many won’t notice a difference in taste.
Shop at Discount Grocery Stores – Discount grocery stores (Aldi, Save-A-Lot, Fairway, etc.) often have better prices than the big chain stores for a simple reason: their stores aren’t fancy and they have fewer employees. These stores pass on the savings to their customers.
Use a Shopping List – When many people go shopping, they do so without a written shopping list. In other words, they wing it. This can result in buying more groceries than needed and giving in to impulse buys. Sticking to a shopping list helps you to only buy the items you know you need.
Pay Attention to Sales – Grocery stores occasionally put many of their items on sale to clear out some of their inventory to make way for newer products. These sales are also used to get shoppers in their stores so they will buy other things. When grocery stores in your neighborhood have a sale, be sure to check out one of their flyers to see if there is anything you need.
Buy Frozen Vegetables – Frozen vegetables are usually much more affordable than fresh vegetables in the produce section. It’s much more affordable to freeze vegetables and transport them to grocery stores than it is to transport fresh produce from the farm to stores. Whether fresh vegetables actually taste better than frozen vegetables is debatable.
5. Ditch Cable TV
Cable TV packages are a major expense for most families. Most cable TV providers try to get you to sign up for a bundle where they tie TV, internet, and phone in one package.
But do you really need all of those services? Do you really need all of those channels? Do you really need the expense?
I don’t know about you, but I only watch a handful of channels on a regular basis. The rest of the channels I don’t care about.
An option to consider if you are thinking about ditching your cable TV package is to buy an internet streaming device and stream video content to your TV. You may also be able to receive some TV channels by using an antenna. Many communities have several hi-def channels you can receive over-the-air without having to pay for a cable package.
Another option to consider is to visit your local public library. Most libraries have a good selection of movies, TV shows, and other things you can check out and watch at home. This is a great way to catch up on that TV series you always wanted to watch!
6. Switch to a Discount Cell Phone Service Provider
Do you have your cell phone service with one of the big-name providers? If so, you may be able to save some money by switching to a discount or prepaid cell phone service provider. It depends on how much you use your phone.
The service provided by discount cell phone providers these days is nearly indistinguishable from the big brands. There’s a reason for that. Most discount cell phone companies don’t own their own towers. Instead, they lease the right to use existing towers owned by the big companies.
Depending on your cell phone usage, you may be able to save money by switching to a discount carrier. It’s definitely worth shopping around to see what other companies offer.
7. Track Your Spending
An important strategy to help you save $10,000 in a year is to keep track of your spending. Write everything down for a month so you can see exactly where all of your money is going.
Fair warning though: the results of doing this may be shocking.
Many people don’t realize how much they spend each month on non-essential purchases. “It’s just a few dollars” they think as they make their fourteenth non-essential purchase for the month.
But all of those little purchases can really add up.
Reviewing your spending for a month can be an eye-opener. It can reveal areas you can cut back on or eliminate to save money.
8. Ditch the Vices
Using tobacco products and drinking alcohol aren’t just bad for you, they also cost a lot of money. If you need to save $10k in a year, one way you may be able to save some money to help you reach your goal is to ditch your vices (if you have any). Your body will thank you.
The average cost of a pack of cigarettes in the United States is about $6.00. If you smoke one pack a day, that’s $2,190 a year you are spending on your smoking habit. Double that amount if you smoke two packs a day.
The average cost of a six-pack of beer in the United States is $9.00. If you drink one six-pack of beer a day, that comes to $3,285 in a year. Liquor and wine can be more expensive, depending on how much you consume.
It isn’t hard to see how the savings can really add up by quitting alcohol and tobacco products, is it? If you use either of these products on a daily basis (or both), the savings can be substantial if you quit.
9. Take a Staycation
Going on an annual vacation somewhere is a time-honored tradition. There’s nothing quite like heading out on an epic road trip to some far-off destination or flying somewhere you’ve never been before – like another country – for a week or two of fun, sightseeing, and adventure.
But vacations can be expensive.
It’s not uncommon for many to spend thousands on their vacations. Typical expenses include hotels, travel, food and drink, and expenses at your destination like theme park fees, attraction fees, souvenirs, and others.
If you are trying to save $10,000 in a year, why not skip vacations that year and stay home instead? You could have a staycation and relax at home or in your community. In addition to saving money, you may also rest better at home than in a hotel room.
10. Pack Your Lunch
Do you eat out a lot for lunch? If so, you may be able to save a lot of money by packing your lunch instead. Depending on where you eat, you can easily spend $5 – $10 per meal at restaurants for lunch. Even if you just spend $5 and you eat out for lunch every day of the year, that’s $1,825 you are spending that you could be saving instead.
In addition to saving money towards your goal of $10,000 in a year, packing your lunch can also be healthier than eating out. You’ll know exactly which ingredients were used to prepare your lunch, and you can eat foods that are better for you.
Small Changes, Big Savings
It’s definitely possible to save $10,000 in a year. There are several ways you can both earn more money and trim your expenses to save money.
Whether you are successful in saving $10,000 in a year depends entirely on you. It depends on how determined you are to achieve your goal and whether you are willing to do whatever it takes to make it happen.