How to Save $10,000 in a Year [2024] Save 10000! 

Things have gotten expensive. A gallon of milk goes for $3.97, and even more insanely, the average monthly rent is $1,163. 

In this kind of environment, saving money is more important than ever. And $10,000 is a fantastic target. It’s ambitious – but it’s 100% achievable!

So, how can you go about it? What are the secrets for consistently saving more than you spend?

Below, I’ll give you some expert tips on how to save $10,000 in a year. 

Your financial targets are within reach. So let’s go get them!

How to Save $10,000 in a Year

Saving $10,000 is no easy feat, but you can do it with hard work and determination.

In this article, you’ll find killer ideas for how to save $10,000 in a year. But let’s be real. You probably won’t reach $10k if you only do one of them.

So make sure you mix and match. With the right blend of saving strategies, you should be able to reach your goals and solidify your financial future!

1 – Set Realistic Goals

If you’re wondering how to save $10,000 in a year, you’re already on the right track. 

Setting aside $10k is an ambitious goal, but it’s still realistic. Sure, you could plan to save even more, but you run the risk of falling short. And that can be so demoralizing that you stop saving altogether.

Does “saving $10k in a year” sound too lofty? Then, try breaking it into smaller, shorter-term goals.

Are your friends all getting married this year? Then, set a lower monthly goal during the wedding season. Are you hunkering down for winter? Then, get a bit more ambitious and try to save even more.

Just make sure your “mini goals” add up to give you the long-term savings you need. 

2 – Build a Budget

To reach your savings goals, you need to understand how you’re earning and spending your money. To do that, you’ll need to build a budget.

Recording your income is usually pretty straightforward. It’s tracking your expenses that can get tricky. But trust me, it’s worth the time and effort.

When you understand where your money is going, you can decide where to lower expenses. 

Maybe you see your water bill has been rising, so you decide to cut back on watering the lawn. Or you realize that your daily visits to the local coffee shop are boosting your energy levels but at the expense of draining your bank account.

This sort of detail-oriented budgeting might sound like a lot of work, but there are apps and platforms that make it easier. 

Check out Monarch Money, an app that measures your spending and alerts you when you’re going over budget. You could also try Current, a banking app with built-in savings features. 

3 – Lower Your Expenses

So you’re wondering how to save $10,000 in a year. And I know “spend less” might sound obvious, but it really is the key to meeting your financial goals.

You might be surprised by how much you can save with just a few minor lifestyle changes. $10 here, $20 there – and next thing you know, your bank account will be growing instead of shrinking.

This is an area where modern technology can be super helpful.

Check out Rocket Money. It’s a budgeting app that specializes in tracking your subscriptions and helping you negotiate or cancel them. Here’s a full review of Rocket Money, which used to be called “Truebill.”

Also see how much you could save by learning how to cancel all subscriptions on your debit card or credit card yourself. 

Car insurance is another area where you could seriously lower your costs. Try downloading SteadyDrive, an app that measures your driving habits and then helps you get better deals on insurance. Some users save hundreds of dollars per year.  

4 – Save Effortlessly

You can’t think about saving money 24/7. You’d end up going crazy! That’s why you need to find ways to put savings on autopilot. 

And thanks to some modern banking options, it’s surprisingly easy. 

There are lots of online-only banks that offer amazing interest rates. Take CIT Bank, for example. If you have a balance of $5,000 or more, you can earn a 5.05% annual percentage yield (APY) on your savings (rate valid at the time of publication). Is that enough to single-handedly get to $10,000? No, but every little bit helps!

Chime is another digital banking option to consider. Not only will you benefit from the APY of 2.00% (rate valid at the time of publication), but you can also take advantage of the app’s automatic savings features, which include:

• Save When You Spend – Your purchases are “rounded up,” and the change is sent to your savings account.
• Save When You Get Paid – A portion of every paycheck is sent directly to your savings account.

And then there’s Vanguard, a company that offers cash investments and money market accounts. Check out this Vanguard Cash Plus Account review.

Want more options? Here’s a list of 7% interest savings account options. Just remember that APYs are accurate at the time of writing, and they’re always subject to change.  

5 – Invest Your Money

Investing is one way to get closer to your savings goals. When people say that “money makes money,” this is what they’re talking about. 

And yes, there’s risk involved – but you can make smart choices to minimize it.

There are all sorts of investment opportunities out there. Some of the most common include:

• Bonds
• Real estate 
• Exchange-traded funds (ETFs)
• Individual stocks
• Crypto

The key is to diversify your investments. That way, a collapse in a single area won’t totally ruin your finances.

But how can you actually go about investing logistically? With an app or digital platform!

Here are some great investment apps to consider:

• Stash – The “automated investing” feature makes it easy to build a diversified portfolio. 
• Fierce – You can spread your money between cash investments, stocks, and crypto.
• Public – Along with traditional options like stocks and bonds, you can invest in art and collectibles.

And if you’d like to boost your bank balance fast just by opening an account, check out these banks with immediate sign-up bonus.

6 – Boost Your Income

I know you’re asking how to save $10,000 in a year – but saving money and making money amounts to the same thing. After all, it’s the wealth you end up with that matters!

So, how can you boost your income? The first step is to find as lucrative a job as possible. And no, a fancy degree is not required. Check out these jobs that pay $100K a year without a degree.

You can also add to your income by finding a lucrative side hustle. Popular options include:

• Completing online surveys with Survey Junkie
• Delivering for DoorDash
• Finding babysitting or pet-care gigs on Care.com

And don’t forget to keep your eyes peeled for the chance to earn “free money.” You can pad your income here or there by playing games and using cash-back apps.

You can even play games to win gift cards.

For more ways to complete tasks like playing games, taking surveys, and signing up for subscriptions to make money, check out Is Flash Rewards Legit? and Is Rewards Giant USA Legit?

And for more ways to make some extra cash in your spare time, check out these side hustles from your phone.

Here are more amazing free-money opportunities.

7 – Spend Wisely

Wondering how to save $10,000 in a year? Spending less is obviously crucial– but it can be just as important to spend wisely.

You can stretch the money you spend by taking advantage of offers, promotions, and cash-back programs. 

Let’s say you have two credit cards. One of them might offer cash back on groceries, while the other is super generous with points for travel-related expenses. So when you book your trip to Hawaii and then hit the supermarket after, make sure you use the right card for each purchase!

You can also use cash-back platforms to your advantage. Rakuten is a service that will send you cash via Paypal in exchange for shopping through their app or browser extension. Check out this full Rakuten review to learn more. 

And then there’s Fetch, an app that gives you points in exchange for uploading pictures of receipts. Once you’ve amassed enough points in your Fetch account, you can exchange them for gift cards to popular retailers like Target. And by using those gift cards, you’ll avoid spending money – which will ultimately help you grow your savings. 

Got gift cards you don’t want? Learn how to get instant cash for gift cards.

Commonly Asked Questions About How to Save $10,000 in a Year

Saving 10K in a Year?

Here are some ideas for how to save $10,000 in a year:

• Build a budget with Current
• Lower your expenses by using Rocket Money
• Invest with Stash, Fierce, or Public
• Boost your income with DoorDash
• Spend wisely to earn cash back with Rakuten and Fetch

And to learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

• Rocket Money vs YNAB
• Rocket Money vs Simplifi
• Rocket Money vs Copilot

Then use a net worth tracker to see how your new financial strategies are paying off. 

Do you get paid twice a month and find yourself struggling to account for that in your budgeting? Learn how to budget biweekly paycheck. And if you need to ramp up your savings fast, learn how to save $3000 in 3 months.

Save 10K in a Year?

You can save $10k in a year if you make a plan and stick to it. Start by building a budget, noticing where you spend your money, and eliminating wasteful purchases. Consider using Current to simplify the process. Also, try to boost your income through investments with Stash or side hustles.

Is it Possible to Save 10K in a Year?

It’s 100% possible to save $10k in a year – but that doesn’t mean it’s easy. You’ll have to make a budget, eliminate wasteful spending, and find ways to grow your savings through high-yield savings accounts and maybe even investments. Utilize tools like Chime and Rocket Money to help you succeed. 

How to Save $10,000 Dollars in 1 Year? 

You can save $10,000 in a year if you create a budget and follow it closely. Look for areas where you can cut spending, and then stay disciplined enough to follow through with your plans. Current makes building and sticking to a budget easy.

How to Save $10,000 Quickly?

Saving $10,000 quickly will require some extreme budgeting. Look at where you’re spending your money, and then eliminate all but the most necessary expenses. Rocket Money helps users negotiate bills and eliminate unnecessary subscriptions. You can also add to your savings by working a side hustle like DoorDash or investing in stocks with Public.

How Much Money Do I Need to Save to Have 10000 in a Year? 

There’s no set amount that you need in order to end up with $10,000 in a year. The more you have, the easier it will be – but you’ll just have to be ambitious with your budgeting and disciplined with your spending. Apps like Current can help you do this. 

How to Save $10,000 in 2 Years?

Saving $10,000 in 2 years is a super reachable goal. Start by creating a budget and looking for places to slash your spending. Consider using Rocket Money to find hidden expenses. Then, do what you can to add to your income like looking for side hustles and investments.

How to Save $10,000 in 3 Months?

Saving $10,000 in 3 months is an ambitious goal, so you’ll have to be aggressive in your tactics. Take a look at your normal spending, and cut everything that’s not 100% essential. Then, look for side hustles and investments that could boost your income quickly. Use tools like Rocket Money and Chime to help you.