How to save 10k a year

Do you know that almost 70% of American adults have less than a thousand dollars in their savings account? So how do we go from nothing to saving up ten thousand dollars inside of one year? I know, this probably sounds difficult, especially when you’re starting from zero dollars, but I have done this myself, and all it comes down to following some simple steps, setting it as a goal, and writing it down.

It all starts with our mindset. You are 40% more likely to achieve your goal if you write it down, so take a minute and think about: why this is important for you? It will alleviate stress, you won’t be living paycheck to paycheck if you get fired it won’t put you into debt.. for a lot of us this can be a life-changing amount of money; if you’re trying to get out of debt reduce some of the financial stress that you have, or start investing, and once you know what that why behind your goal is, write it down.

Do not skip the step of finding your why! It will help you stay strong and motivated when you will feel that you can’t do it. Don’t do the same thing that everybody does with fitness, where after a month you just like giving up already, put your money somewhere where you can’t get to it. So before we get into exactly where the money’s gonna come from, we have to decide where the money is going to go.

So you can set up to have part of your paycheck get transferred directly into another account (maybe a saving account with some interests), or you can have a monthly amount taken out of your account, or if you’re okay with a little more risk and you don’t think you’re going to need to take that money out, you could invest it into the stock market or in the crypto market. If you’re going for the stock market, I wouldn’t recommend just picking stocks, because on average most people who pick stocks underperform the market and end up losing money, so I would prefer getting something like an index fund or ETFs, it’s also way more simple and less stressful, and you don’t have to think about it.

I would recommend using an app like TradeRepublic, and just keeping it simple. It is not a sponsor but if you sign up with this link you can get 50$ in stocks for free, so you’re getting at least a little kickstart, and it’s free money, so that’s a great way to have your money working for you and really taking advantage of compound interest while you’re saving up.

If you decide to go for the crypto market, which is riskier but also more profitable, I share with you how I let the money work for me.

Best Crypto Platform for Passive gains

Whatever way you choose, let the money stay there and gain interest, and just pretend that they do not exist.

When you’re getting started, you’re you might not be making a ton of money or as much as you need or you might need. So comes the idea of using a side hustle to earn extra money, and keeping all of that money that you earn from the side hustle and putting it into savings. If you never have made a lot of money like me, I think it’s one of the best ways to earn some extra money, and really could be the thing that catapults you into building wealth and getting out of debt. If you need some ideas for a side hustle here are some good tips:

Need money? Here are some tips to make $100 per day

8 Online companies that are going to pay you every single day

A dollar saved is a dollar earned.

That is not necessarily true. If you save one dollar and you do not spend that dollar, you then have a dollar, but if you earn one dollar, you have to pay taxes on that dollar, and then you have 70 cents left over. So a dollar earned is 70 cents earned.

One of the things that can make the biggest impact right away is being frugal and saving money which is as important as earning more money.

When you break down that goal of 10000$ what you need to save every month is:- 833 dollars a month, which still sounds like a lot but when you break that down, that’s just- 27,4 dollars a day, and when you break that down, it might look like this:- making coffee at home, 3$/day,- stop buying clothes that you don’t need: 150 a month or 5$/day- bringing food and water to work instead of going out to lunch 10$/day- be careful to switch off lights when not needed 1$/day- cancel one unused subscription 12$/month → 0.40$ day- go out to dinner a few times less per month up to 125$/month → 4$/day

Then you can earn something from your side hustle, like 5$/day, that’s pretty doable, I earned even more than 5$/day (see the articles above), and that’s it, you’re at 27.40$/day.

Even if you can’t save that much a day, if you invest and let the money you saved work for you, you will reach your goal anyway, so how you want to reach the goal is up to you, but saving 10000$ in a year is possible!

So what you have to do is:

• - Saving by making smart decisions
• - Finding new side hustles

• - Invest
• - Stay strong and consistent

At the end of the year, you’re gonna have 10000$ all from making these little decisions every day. Then let those compounds over a year will completely change your life.