Saving money, earning more money – it’s a continuous cycle of making the most of your dollars. But when you want to learn how to save a lot of money, like how to save 10000 in 6 months then you probably need some help.
Learning how to save big sums in a short space of time means doing things differently. It’s not enough to just cut your coffee habit or pack the odd home lunch.
In this article we’re going to find some innovative tips and tricks that will help you save a considerable amount of cash in just six months.
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1. Set Your Goals And Commit To Them
In order to accomplish something, you must set a specific target. It could be $10,000 or $10,000 dollars over the next six months, or $1,000 a month. Break down the goal into smaller steps so you know exactly what you need to save every paycheck.
Make your savings goal realistic
If $10,000 is too big a goal right now (and it is a big goal) then set a goal to save $1000 in say 3 months instead. If you cannot save that amount, set a lower goal and work your way up.
The key is to set a realistic goal (it needs to be SMART), one that is stretching but still achievable if you do things right.
Because your goal is realistic, be confident that you will achieve the goal. Visualize yourself over the next 6 months doing what it takes to make that goal a reality. You could write yourself a check for $10,000, post-dated six months from now, and put it in a conspicuous place on your desk.
Looking at that check will keep you focus on your plan and keep you connected if you find your resolve weakening. Finally, think about how you will feel once you have achieved that goal. Imagine how great you will feel having all of your hard work pay off.
Tip: If you need a visual savings tracker then check out the how to save 10000 in 6 months chart in my free resource library.
2. Plan A Spending Freeze Or Long No Spend Challenge
The easiest way to save money is to not spend it! To kick start your 10000 in 6 months savings challenge set another challenge. To spend no money, or a spending freeze.
A no spend challenge (or freeze) is where you spend nothing on anything that isn’t essential. Yur mortgage and utility bills are essential. Clothes, going out and entertainment costs are not. Don’t spend on them.
It’s actually really difficult to spend only on the essentials you need. Food is essential but meals out, drive thru are not. So you don’t spend on them.
Many people are not used to not spending money and they quickly get bored and start spending money again. The key to not spending money is to plan for it.
If you want to not spend money on clothing, don’t spend money on clothes. If you want to not spend money on household supplies, don’t spend money on household supplies. Easy to say, harder to do
I suggest you have a no spend challenge to kick start your savings plan but only for a set period. A 6 month no spend challenge is super hard and has a high failure rate.
If you are going to save 10k in 6 months, you need lots of success, not failure.
3. Pay Yourself First
Don’t save what is left after spending; spend what is left after saving.Warren Buffet
Now that you have a plan, you need to pay yourself first. What do we mean by that? Pay yourself first, before you pay for anything else. This is the most important rule for anyone who wants to save a lot of money.
It’s easy to get into the habit of paying the bills first, and putting the money away second. This is a mistake. You should always put the money away before you pay your bills.
You need to work on having an abundance mindset. This means you are of the mind that you have enough in order to pay yourself first, to save money. An abundance mindset is about being positive about having enough money, enough to eat, enough love.
How do you pay yourself first?
Make a plan for your first few paydays and put the money away in a high interest savings account. If you pay yourself first, it’s like you are getting interest for the money you save. If you put it away first, you are getting interest for the time you have saved.
Many people struggle to save money because they spend it first. It’s like you are working for the money you save.
4. Monitor Your Progress
Achieving any goal takes hard work. Make a plan to monitor your progress. Track your progress by keeping a spreadsheet of your savings.
If you don’t have a budget (then please make one ASAP) you can use a spreadsheet to track how much you are spending on essentials, entertainment, food, etc. If you are going to save 10k in 6 months, you need to keep track of what you are spending on.
5. Reward yourself
Reward yourself for achieving your goals. Rewards don’t have to be big things, they can be small things like going to the cinema, or going out for dinner with friends. Rewards don’t have to be material, they can be a reward of a little time for yourself, reading a book, a meditation. Something that makes you feel good.
6. Keep Your Savings Separate
Paying yourself first is about saving first them paying bills afterwards. To do that successfully you need the money you are saving to be out of sight as quickly as possible. What does this mean?
It means that you n to make sure that your money goes directly into your savings account as soon as you get paid. That way, there is no temptation to spend a little of it. It’s out of sight, out of mind. Exactly what you need if you are going to successfully save 10000 in 6 months.
There are plenty of ways to save money and start building wealth, but this is the simplest way to start.If you’re going to save $10,000 this year, you need to make sure that you start the year off right by putting that money into a savings account.
7. Make More Money
So you’ve decided that you want to save 10000 in 6 months. Now you need to do something about it. That means you need to earn more money.
Now you might be thinking, “Why should I have to earn more money to save more money?” Well the truth is, if you want to save 10000 in 6 months you need to earn more money.
But before you go getting all jealous and bitter, let’s make sure you know why. The fact is, if you earn more money you are in a better position to save more money. And that means that you are in a better position to achieve your goals.
Savings calculator when you make more money
For example, let’s say that you have a goal of saving $10,000 by the end of the year. If you earn $20,000, you are in a better position to achieve that goal than if you only earn $10,000.
That’s because $10,000 isn’t going to be enough to save $10,000. However, if you earn $20,000, you could save $10,000.
That means that you can save 10,000 dollars more than you could if you only earned $10,000. It’s a simple equation:
If you earn more money, you can save more money. It doesn’t matter what you want to achieve, you need to earn more money to achieve it.
How to make more money
There are lots of ways to earn more money. You can get a better paying job, work harder, sell more stuff on eBay, make more money, get a side hustle, increase your savings rate, start an online business, save more, etc.
The point is, there are lots of ways to earn more money. The question is, which one do you want to use to earn more money?
Do you want to earn more money? Or do you want to save more money?
Because if you want to earn more money, you’re going to need to do something about it. You need to do something to earn more money. If you want to save 10000 in 6 months, you need to have more money available in order to save it.
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How Much Do I Have To Save To Get 10000 In 6 Months?
- Per week you need to save $384.16
- Monthly you need $1666.66
As you can see, these numbers are not small, hence the steps you need to take are not small either. Big goals require big actions, for big rewards.
If you are looking for the how to save 10000 in 6 months envelope challenge then head over to my post on the 100 envelope money challenge. It starts at $5000 in 100 days but also includes tips on how to save 10000 in 6 months using the envelope challenge method.
How to save 10000 in 6 months bi weekly
You may be one of the many people who don’t get paid conveniently every month or every week. Instead you get paid bi weekly. Which can make it hard to follow many savings plans because bi-weekly budgeting is not the same as monthly. But you can still set your sights on saving $10000 in 6 months.
If you need to know how to save 10000 in 6 months bi weekly because that is your regular paycheck period then bi-weekly it will be $769.23. It’s simply double the weekly savings amount. But it’s nice to have it spelled out as well isn’t it?
how to save 10000 in 6 months chart
If you are a very visual person then seeing your savings deposits add up helps you to keep striving for your savings goal. Savings tips are super useful but so is seeing your progress mount up.
That’s why I have created a savings tracker so you can your success stories as they happen! Grab your copy of the 10000 savings challenge in my free resource library.
How Can I Save $10000 Fast?
The quickest way to save $10000 fast is to combine having a no spend challenge with making more money. All the extra money you make can be thrown straight into your new savings account and go towards your savings goal.
When you goal is to save 10000 very quickly you need to be willing to do whatever it takes to achieve your goal.
You can buy clothes once you’ve achieved your goal. You can have a meal out after you’ve hit the magical 10k. Until you do, spend nothing except on essentials. That’s the fastest way to save money very quickly.
How Long Will It Take To Save Up $10000?
If you goal is to save 10000 in 6 months then it’s going to take 6 months! Because you are going to make a plan and do what it takes to achieve your goal within the timeframe set.
If 6 months isn’t doable then aim for 12 months or even 2 years. It’s your goal, your money and your actions that will prove you successful.
How Can I Save 5k In 6 Months?
Saving 5k in 6 months is half the 10k challenge you were thinking of. The steps are the same, but perhaps not so difficult to accomplish because you have more wriggle room.
To save 5000 in 6 months you will need to save the following amounts:
- Per week you need to save $192.30
- Bi-weekly it will be $384.62
- Monthly you need $833.33
As you can see, these numbers are still not that small, hence the steps you need to take are not very small either. Saving 5000 in 6 months is still a big goal. Big goals require big actions, for big rewards.
how to save $10000 in 6 months conclusion
To save $10000 in 6 months, you need to start saving a lot more money. You can do this by lowering your spending or increasing your income, or both.
To lower the amount of spending you do, think about every purchase before you make it. Consider whether it is is essential to buy that item today. Is there a cheaper alternative or could you make do instead?
Every penny you don’t spend is a penny saved towards your goal.
To increase the amount of income you should look for opportunities for work outside the home as well dig deep into things you can do at home to make money online.
Every action you take will help you make your goal a reality!
Start taking back control of your money by grabbing your copy of the Money Saving Starter Guide today.
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Last Updated on 2nd December 2021 by Emma