How to Save $10,000 in a Year
Whether you need to save for an emergency, bulk up your retirement account or just stop living hand-to-mouth, saving $10,000 in a year is no small goal. But it can be done with a little effort and dedication.
How to save ¬£10000 in a year first step to saving $10,000 is full awareness of how much you have coming in and going out. That means reviewing your bank and credit card statements to see what your true cash flow is, which will give you a clear picture of what you need to do to hit your savings goal.
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Once you have your budget in place, take a close look at every expense. Using apps like YNAB or Truebill to cancel unnecessary subscriptions, lowering your cable bill and finding cheaper options for home internet and cell phone services can add up to thousands in savings each month.
Another way to save $10,000 in a year is to invest some of your savings. Taking an active approach to investing can increase your returns, but be sure to research the market and pick investments that align with your risk tolerance and time horizon.
It is also important to make your savings a priority by making it a line item in your budget and paying yourself before any other bills or expenses each paycheck. This will help ensure that your savings doesn’t get pushed to the side when other emergencies or unexpected spending arises. You can even automate your savings so that money is automatically transferred from your checking to your savings account each month.