How do I save $10,000? If you want easy ways to start saving money and have savings goals you're trying to meet, start with these 10 tips!

Make Saving Money Easy: 10 Lazy Ways to Save $10K

Do you ever think about saving a lot of money, say $10,000, and immediately feel overwhelmed at how much work it will take? Same! My default setting is panic and I become overwhelmed, which usually causes inaction on my part. That’s why, as someone who has struggled my entire life to save money, I wanted to share some of my best (and easiest) tips for saving more money. These are methods that have worked, with my undiagnosed ADHD brain, living on one income, and while raising kids. Of course, we are all living different lifestyles, which means saving money will look different for all of us. You might not end up with $10K in the bank as fast as someone else, but I promise these easy saving methods will help you increase your savings without a lot of extra work! Each of the following money saving tips will build off one another so you can gradually work your way up to saving even more.

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Tip 1: Start with $100

Remember how I said the idea of saving $10,000 can feel really overwhelming? That’s because most of us will do the math, and then give up.

When we set a goal for saving $10,000, we can trick ourselves into thinking this means that we have to save around $1,000 per month. I know I’m not the only one whose brain works that way…

If I want to save $10,000 this year, that would mean I have to set aside $834 per month. I can’t do that! I have bills to pay.

Yes, the idea of carving out $834 each month feels overwhelming, so why not start with $100 instead?

Sure, you won’t end the year with an extra $10K in your back pocket, but you will have actually saved money and what’s more, if you open the right kind of saving account, you can actually earn interest on the money you save!

There are savings accounts like, Savings Connect, which are currently paying around 5% for each dollar you save when you commit to saving $100 per month! But, I’m getting ahead of myself. We’ll talk about getting paid to save a little bit later.

If you are not in the habit of saving money right now, making a smaller commitment of $100 per month can be a great way to ease into building your savings and helping you adapt a wealth-building mindset. Click here to commit to saving $100 each month with Savings Connect.

Tip 2: Get paid to save

Did you know most people’s savings accounts are barely allowing them to earn interest on their savings? I’m talking like .01%.

These basic savings accounts were the kind I was in the habit of using for years. I didn’t know there were any better options available! Accounts like Savings Connect, as I mentioned earlier, actually pay people to save money. Right now, Savings Connect is paying nearly 10 times more than the majority of savings accounts.

If you’re someone who is terrified of investing, but really likes the idea of your money making more money, then starting with a high-yield savings account, like Savings Connect, is a great place to start! Plus, as an added bonus, Savings Connect is a high-yield savings account that pays you compounding interest!

What is compounding interest?

Think about it like this:

  1. You save $100.
  2. Savings Connect pays you $5 in interest for saving.
  3. Now you have $105.
  4. Next month you save $100 more.
  5. Now you have $205.
  6. Saving Connect now pays you $10.25 in interest for saving. (They are now paying you interest on the money they gave you when you saved money!)
  7. Now you have $215.25
  8. Twelve months later, you’ve made an extra $60

I didn’t feel like doing the math, so I plugged it into NerdWallet’s compounding interest calculator to see how much interest you could potentially earn at the end of one year. I don’t know about you, but $333 in interest seems like a pretty good deal to me! Click here to start earning interest with Savings Connect.

Tip 3: Make savings automatic

Another way to make sure you are working toward saving $10,000 or more is to set up automatic payments for your savings. You can do this through your current bank account savings — we’ll talk more on why I don’t recommend this in the next tip, or you can open a separate high-yield savings account, like the Savings Connect account I mentioned above.

Just like you might set up automatic payments for your monthly bills, setting up an automatic payment for your savings is a great way to save money without even having to think about it!

Even if you’re nervous to commit to saving money each month, you would be surprised how quickly you adjust when that money is being taken out automatically. What’s more, as you adapt to that money being saved each month, this can encourage you to continue to increase the amount you save, thereby helping you get closer to that $10,000 savings goal. (Again, we’ll touch on this more later.) Click here to set up automatic savings with Savings Connect

How do I save $10,000? If you want easy ways to start saving money and have savings goals you're trying to meet, start with these 10 tips!

Tip 4: Set up “off shore” savings

One of the biggest things that has helped me save more money is by setting up what I call “off-shore” savings. Not only does this make it sound like I’m way wealthier than I am, it helps paint a picture of exactly what I mean.

You see, for years, I would attempt to save money through the savings account that was attached to my checking account. This meant transferring money out of savings was way too easy. It wasn’t until I had coffee with a friend, who told me that, in order to make payments for her wedding that she was planning, she had to drive to her bank that was 45 minutes away in order to make withdrawals.

This was her “off-shore” way of saving money. In other words, she had found a way to make withdrawing money for silly reasons really, really difficult. Now, you don’t necessarily have to set yourself up with a 45-minute drive, but opening a high-yield savings account that’s separate from your checking is a good place to start. Click here to open an “off shore” account with Savings Connect.

Tip 5: Take baby step increases

The first time I heard of the idea of taking baby steps, to increase the amount of money you were saving every month, was when I read the book, Smart Women Finish Rich.

In the book, the author talks about how to start small with savings (Okay, he’s focused more on investing, but it’s the same concept). He emphasizes the importance of starting small and then gradually increasing your savings as you adapt.

That means, if you commit to saving $100 and get used to having that money come out every month, maybe it’s time to think about increasing the amount you’re saving to say, $150 per month!

It might not sound like a lot, but an extra $50 per month is an additional $600 per year! Who knows, maybe you’ll even be able to continually increase the amount you’re saving until you hit that $834 mark!

Tip 6: Hack your shopping cart

As a recovering shopaholic, one of the best things I have done to slow my spending impulses and increase the amount of money I am able to save is by doing something I call hacking my shopping cart.

Hacking your shopping cart is simply looking at your purchases before you check out and removing a certain dollar amount from your cart. As a rule, I usually stick with $20. It’s an easy enough number to stick with, doesn’t take too much time, and makes transferring to savings feel like not that big of a deal.

I should clarify, after I remove $20 worth of products from my cart, I then transfer my $20 savings directly to my high-yield savings account or to a travel fund –cuz a girl’s gotta have fun, am I right? Speaking of having more fun…

Tip 7: Create a F*ck it Fund

One of the biggest money saving hacks of my life has been giving myself full permission to spend with a F*ck It Fund.

Basically a F*ck it Fund is money that you set aside to help you stay on track with your spending budget. This is perfect for those of us who struggle with overspending on impulse buys and want to reign it in a little bit.

Having carefree spending money on hand can help you avoid those little slipups that are currently causing you to pull money out of savings, and create more flexibility in being able to set aside cash for savings each month. Click here to learn my method for building a F*ck it Fund.

How do I save $10,000? If you want easy ways to start saving money and have savings goals you're trying to meet, start with these 10 tips!

Tip 8: Save with cash envelopes

Another big block to saving money for most people (myself included) is that so much of our money is not even handled by us anymore. In a world that is run mostly electronically, saving our cash can feel a little, well, hands-off.

That’s why I was so freaking excited to find the 100 Envelope Money Saving Challenge that I bought for me and my kids. Yes, even one of the adult ones.

Yes, I highly recommend saving your money through a high-yield savings account so that it’s harder to get to, and you earn interest on it, but, with the 100 Envelope Money Saving Challenge, by simply setting aside spare cash for 100 days, you will end up with $5,500!!

You could use this saved money to put toward a big purchase you want to make, or you could apply it as a helpful way to save money that you can then transfer to your high-yield savings account. The options are pretty unlimited. Click here to save $5,500 with 100 envelopes.

Tip 9: Reduce your debt

Let’s face it, saving money can be crazy difficult if you are in the middle of trying to pay off debt. Building up a $10K savings can feel almost impossible, if all of your extra cash seems to constantly be going toward debt. If this is the boat you are in, never fear, I have a debt payoff method that helped our family pay off $6,000 of debt in 6 months. Click here to learn how.

By intentionally focusing on paying off debt as quickly as possible, you stand the chance of increasing your monthly income, which therefore will allow you to save more money!

What do I mean? Consider this:

  • You currently pay $500 per month toward debt
  • You work to pay off debt faster
  • You get $500 per month back into your pocket to put toward savings

Not only that, but if you are able to pay off your debt faster than normal, you’ll save yourself tons of money in interest payments! Who wants to pay money to debtors in interest when you could be making money in interest?

Tip 10: Find easy ways to increase your income

I saved this money-saving tip for last because, well, it can be kind of a silly one. One of my biggest mindset blocks when I was first trying to learn how to save money was that I believed I had to earn more in order to save.

This isn’t exactly true. One of the biggest blocks to our being able to save money starts with our mindset around saving. That’s why I highly recommend applying the first 9 money saving tips to your life so that you can gradually shake your scarcity mindset and start getting money in the bank.

As you begin to do this, you just might find your mind working towards ways to make more money, rather than just save. No, I’m not talking about getting a part-time job. I’m talking about finding creative ways to make extra cash without putting in a lot of extra effort. 10 ways for making more money without working more.

Once you start getting creative with new ways to make money, you can now start to increase the amount of money that you are saving every month! This is where that $834 savings goal begins to feel not so far-fetched after all!

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How do I save $10,000? If you want easy ways to start saving money and have savings goals you're trying to meet, start with these 10 tips!

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