For many people, saving is a big financial goal. Having extra money set aside can help you feel more prepared for when life happens. But saving money can feel challenging, especially when everyday life costs more each year. You're not alone if you struggle to stay motivated as you save. It may be time to consider what strategies will help you be more successful along the way. I'll outline some strategies below that could help you reach your $10,000 savings goal sooner.
1. Pay yourself first
Many people struggle to reach their savings goals because they use up the funds in their checking account before they realize it, and there's no extra money left to save. One thing you can do to ensure you stay on top of your savings goals is to pay yourself first. Every time you get paid, immediately transfer money to your savings account. When you pay yourself first, you'll be unable to spend it all before some of it reaches your savings account.
2. Focus on smaller goals
A significant savings goal can feel overwhelming. $10,000 is a lot of money to save, no matter who you are! But breaking your savings goal into smaller, more manageable goals may feel more achievable. There are many ways to do this, but choose a method that works for you.
Here are a few smaller goal options to consider:
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SoFi Checking and Savings
APY up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. Min. to earn $0 Open Account for SoFi Checking and Savings Member FDIC. | APY up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. | Min. to earn $0 |
Synchrony Bank High Yield Savings
APY 4.75% Rate infoOur Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC Min. to earn $0 Open Account for Synchrony Bank High Yield Savings Member FDIC. | APY 4.75% Rate infoOur Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC | Min. to earn $0 |
American Express® High Yield Savings
APY 4.25% Rate info4.25% annual percentage yield as of June 12, 2024 Min. to earn $1 Open Account for American Express® High Yield Savings Member FDIC. | APY 4.25% Rate info4.25% annual percentage yield as of June 12, 2024 | Min. to earn $1 |
- Save $2,500 every quarter
- Save $833.34 every month
- Save $384.62 every two weeks
- Save $192.31 every week
3. Automate your savings
Many people struggle to save because they forget. It can be easy to neglect your personal finance goals when life gets busy. If you're hoping to save $10,000 this year, you may want to consider automating your savings. You can set up automatic transfers so money is transferred from your checking account to your savings account regularly. Doing this can save time and eliminate forgetfulness, so you stay on track and don't fall behind.
4. Pay yourself when you get a deal
If you're working hard to increase your high-yield savings account balance, you may be looking for ways to save money on everyday expenses. Shopping on-sale items at the grocery store and negotiating your home internet bill are two examples of how to get a deal.
You can take these savings opportunities one step further by immediately paying yourself when you get a discount. Instead of allowing the money you would have saved to sit in your checking account where it can be spent, move it over to your savings account so you're closer to reaching your goal. While it may not always feel like a lot, every extra dollar saved adds up.
5. Reward yourself for your continued efforts
When working on a savings goal, avoiding overspending on unnecessary purchases can be beneficial as it frees up more money to save. But that doesn't mean you must deprive yourself of fun. For some, gamifying the savings process can be helpful.
If you need help staying motivated, find a way to make the process more fun by rewarding yourself with treats throughout your journey. You don't have to spend money -- it can be as simple as giving yourself extra time to enjoy a hobby when you hit your monthly goal.
But spending some money is okay if treating yourself to something special will help keep you motivated as you continue saving. A visit to your favorite ice cream shop is one affordable way to reward yourself for your progress.
Don't give up on your financial goals
If you have a big savings goal of $10,000, first of all -- congratulations! It takes dedication to prioritize your finances, and you've already made great strides by establishing an impressive savings goal like this. You can do it! By utilizing some of the techniques above, you can reach your savings goal sooner than you realize. No matter how long it takes you to save $10,000, be sure to thank yourself for putting in the work. Your hard work deserves acknowledgement.
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