13 Outstanding Ways To Save $10,000 in 6 Months

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If you find yourself in need of saving $10,000 or would just like to put some money aside in a short amount of time, then this article will help you get there. For most people, this is a pretty tricky undertaking and can become overwhelming if you’re not sure where to start.

Luckily, there are a few simple but effective things you can do to help achieve your savings goals. 

In this article, you’ll learn 13 ways to save $10,000 in 6 months.

1. Set a Savings Goal

Financial experts recommend starting a nest egg as early on as you can. This can help you to feel more secure and prepared for any unexpected expenses. Saying that you want to save money is one thing, however. Actually saving $10,000 in just 6 months is a whole other matter. 

Nevertheless, this is definitely a goal you may want to consider pursuing — just think about the benefits that having this kind of money saved in a 6 month period can do for you. Especially if you can repeat it.

To help you get started, why not break down the amount into something more manageable and realistic? You can start with short-term goals. Every month, try to save around $1,666.67, which equates to about $417 each week.

Next, it’s time to actually visualize yourself achieving your goal — it might help to write yourself a  $10,000 check that’s dated six months from now and place it somewhere where you can always see it to stay motivated.

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2. Consider a Spending Freeze for Part of Each Month

To free up $417 every week, you can begin by carefully watching how you spend to free up as much money as possible. It only makes sense that the quickest way to save money is to stop spending it — so, to get started towards your $10,000 saving goal, consider a spending freeze.

A spending freeze, also known as a no-spend challenge, refers to keeping your spending to just the essentials, which includes your utility bills, food, and mortgage. Entertainment, clothes, and going out, however, are out of the equation.

If you attempt this for the whole month, you may get bored of the idea quickly and return to your usual spending habits. The key to succeeding is to plan this out carefully. Experts suggest only doing the challenge for a set amount of time, such as one week out of every month.

If you’re able to do the challenge for even one week a month, you can enjoy bigger savings and achieve your long-term goals more quickly.

3. Get on a Budget and Track Your Spending

Even if you’re managing to fight off the temptation to buy unnecessary things, following a steady plan can be difficult without a set budget. Creating a realistic budget can help you towards putting money into your savings while allowing you to track incoming money and how you spend it.

To help you save money every month, you can use tools as simple as a piece of paper and pen to list down your budget or you can try digital tools such as a spreadsheet or an app like Personal Capital. 

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When filling out your budget, logging accurate amounts for your spending on a monthly basis is beneficial. This can help you get an estimate of whether or not you will be able to achieve your goal.

You may also want to place a focus on cutting back on unnecessary spending, which in turn can help you put more money toward your savings. 

While it might be hard to stick to a tight budget at first, looking at your $10,000 post-dated check every now and then to remind you why you started in the first place can be helpful.

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4. Automate Your Savings

Now that you’ve organized and decided on your budget, you’ve likely figured out how much money you need for necessities such as food, housing, utilities, and gas. The next thing you can do is schedule an automatic transfer from your checking account to your savings account every time you get paid.

When automating your savings, consider starting small so that you’re able to adhere to the changes in your usual spending. Once you get used to the adjustments in your cash flow, you can increase the amount you save gradually.

5. Use a Round-Up Savings App

A round-up app can be connected to your credit card and bank accounts to help you monitor your transactions. Whenever you buy something, the app will round up to the nearest dollar and transfer the difference to your savings. You likely won’t even notice it’s gone because the savings is done on autopilot.

For instance, if you buy lunch with your card and spend $8.70, the app will automatically round up that amount to $9.00 and transfer 30 cents from your checking account to your savings account. Acorns is an example of an app that can help you save and invest in this manner.

Acorns is a simple investment app that rounds up your everyday purchases and automatically invests the difference. Your investments are then diversified across more than 7,000 stocks and bonds, while the app keeps everything balanced for you.

Acorns also offers a checking account and debit card so you can save, invest, and earn while you spend.

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6. Pay Yourself First

At this point, you likely have a pretty solid plan, but consider this idea. Pay yourself before anything else. This means getting into the habit of putting money into savings before paying any other expense. 

Then, pay your bills and finally, only after paying yourself and your bills, then spend some money on entertainment and other fun activities..

Paying yourself first develops a mindset of abundance and can teach you that there is enough to pay for everything within reason and still enough to save.

To get started on paying yourself first, you can plan out the next few paydays to come and then put your money in a high-interest savings account. By paying yourself first, you’re effectively getting more interest on the extra money you’ve saved up.

7. Pay Down Credit Card Debt To Avoid Paying Interest

Paying off your credit card debt may help you avoid interest and increase your chances of achieving your financial goals. The snowball method is one way to pay off small loans as fast as possible and can help you avoid paying interest.

This method essentially involves paying off your debt with the smallest balance first and then when it’s been paid, you can take the money you were using to pay it and roll it into the next smallest balance debt you need to pay off. 

You can then continue this process until all of your debt has been paid off.

There are plenty of benefits to being debt-free from your credit cards, including:

  • It helps to increase your credit score.
  • You’ll pay no credit card interest if you pay down your credit cards to $0 each month.
  • Allows you to focus on building wealth once debt is repaid.
  • Clears you of emotional stress related to your finances.

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8. Minimize Online Shopping

Minimizing online shopping can be tough to do for some. It’s far too easy to overspend when you’re online shopping, which is why minimizing online shopping or stopping completely can be beneficial. 

To help you do this, experts suggest deleting your credit card details from the online stores you usually shop from to reduce the chance of impulse buying.

Avoiding buying things you don’t need can help to save more money in the long run and may also get rid of an unhealthy habit. 

One thing that some people find helpful is adhering to the 7-day rule, which is simply waiting 7 days before buying something. If you no longer have the desire to buy it after a week, you probably don’t need it.

9. Lower Your Living Expenses

Another solution that may help with your financial efforts is to lower your living expenses. For example, you could potentially save on your internet service by reducing its speed. You can also look into cooking more of your food at home rather than going out or getting take-out.

This doesn’t necessarily mean that you need to skimp out on good meals — it simply means planning what to eat each day so that you can stick to your food budget. 

Don’t worry if you’re not a great cook as all you need are a few of your favorite simple recipes and follow them as closely as you can.

As mentioned above, it can also help to pay off your credit cards to cut back on interest. Other things you can do to lower expenses are cutting ATM fees, monthly subscriptions, and gym memberships.

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10. Pick Up a Side Hustle

A positive effect of the pandemic is that it made side jobs more accessible than ever and has made it easier for everyone to make a little extra money. If you’re looking to add another stream of income apart from your full-time job, below are some of the most in-demand side hustles to look into.

Virtual Assistant

A job as a virtual assistant can earn you a decent amount depending on how many hours you’re willing to put in and the kind of responsibilities you handle. From customer service to social media management, scheduling appointments, and even moderating chat rooms, there is a myriad of tasks associated with being a virtual assistant.

Drive for Lyft or Uber

Uber and Lyft are just a few of the options you can choose from if you want to take up a side hustle to make more money. Individuals who have a clean driving record and a dependable car can make extra cash as a driver while working flexible hours.

Deliver Food With Instacart or DoorDash

If you’re looking for a job in the food industry, Instacart, DoorDash, and Uber Eats are a few options you can consider. With just a simple click, customers can send in their orders — you can pick them up and deliver them to their location.

Do Yard Work

For some people, mowing lawns and landscaping comes naturally to them. If this is you, you can use your talent and hard work to earn more money. Because everyone is too busy to make their yards look presentable, doing it for them could help you earn and save.

Start an Online Business

Starting an online business can be challenging but is also one of the most rewarding kinds of side hustle. From dropshipping, print-on-demand, and blogging to selling arts and crafts and building print-on-demand businesses, anything is possible, especially with the help of a digital store such as Shopify, Amazon, and Etsy.

11. Ask For a Raise at Work

If you find that you’re still a bit far off from your goal of $10,000, you can try asking your boss for a raise, which can help to boost your earnings and therefore, your savings. Here are a few things you could do to help persuade them that you deserve a raise.

  • Solving problems that would usually be up to your boss
  • Putting in the extra mile for your team
  • Become someone that brings money to your company
  • Stand out from the rest of your coworkers

When you’re ready to negotiate your raise, it’s a good idea to mention all the things you’ve achieved along with the value you bring to your company. It can also help if you do research into your desired salary ahead of time — this will allow you to justify why you picked a certain amount.

12. Use a Cash Back App

These days, you can get cash back on a wide range of items. This can be done by downloading an app like Swagbucks or InboxDollars that will allow you to scroll through various cashback offers and coupons from many of your favorite stores.

Using these apps, you can get as much as 1% to 6% cash back depending on the things you buy and where you buy them. These useful apps can also be used to collect points from your purchases that can then be used to redeem gift cards for well-known stores such as Amazon, Starbucks, and Walmart.

13. Give Up Unhealthy Habits

With 2023 soon approaching, it may be about time to get rid of unhealthy habits. Even if you don’t plan to eliminate them permanently, you might want to consider doing so to help with your financial goals

Whether it’s alcohol, cigarettes, or lottery tickets, any kind of vice has no room in your life if you truly wish to save $10,000 in 6 months, which is already a tall order.

Wrapping It Up

If you’re aiming to save $10,000 in 6 months, it will take a lot of dedication and hard work at first but as you slowly but surely inch toward your goals, you’ll likely thank yourself for starting now rather than later. A few tweaks and adjustments to your current lifestyle is all it takes, and if you ever feel discouraged, just remember your vision of freedom once you achieve this goal.

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