Make $10,000 With These Tips

How many times have you wished you had a little “nest egg”? How many times have family and friends asked to borrow money and you had to contemplate how to balance helping them with providing for your home? Or maybe you were the one who needed a little help…how does $10,000 sound? Financial freedom is something we all long for. But with a little education and discipline, you may be able to make small life-changes to get you closer to the goal.

No Better Time To Start Than Now

Here are some smart ways to curb your spending to save for your future:

  • Set a Goal

Be reasonable. You know best what you can/cannot afford to do and you have the willpower to make it happen.  $10,000 in savings may sound like ALOT. But being realistic, if you managed to save $28/day for a full year, you’d have $10,000 saved by New Years – that’s something to celebrate, isn’t it?!

$28 doesn’t sound so difficult, does it?

  • Setup An Untouchable Account – HANDS OFF!

This might sound crazy, but for a lot of people if they see it they’ll spend it! Out of sight is out of mind… but more importantly, what you can’t touch, you can’t take! SO… setup an account with a bank you aren’t already affiliated with, and go off the grid.

Sounds a little 007ish huh? Your version of an “offshore” account. 😉

Establish a savings or checking (preferably one with a decent interest rate to maximize growth), and setup an allotment with your payroll office to deposit into it automatically from your check.

If you’re using the $28/day model, and you get paid weekly – set $196/wk to be automatically withdrawn from your check and deposited into this account. If biweekly, $392/check. If that’s a bit high for you, evaluate your expenses, make the changes noted in the next few tips, and revisit the allotment to raise it higher as you save more. But the point is, setup something! Even $60 a week will yield you $3000 in a year if you let it. That’s less than $9 a day – you can do it!

Just start somewhere.

NOTE: DO NOT get a debit or check card, paper checks, or any other form of ability to withdraw from this account. This is intended to be your offshore money… your nest-egg in the making. Don’t touch it! Let it build!

(If you can’t setup a bank account, then get a piggy bank that allows deposit only. Get one that you’d literally have to break in order to retrieve the money from it. Like this one from Target (click it to purchase). Yes – you need to feel guilty about breaking the piggy bank… this is your future you’re supposed to be saving for.)

Slip a $20 bill in that piggy every morning and forget about it (in my scarface voice) 😉

  • Trim the Fat

Wants vs. Needs. Evaluate your spending habits and see where you can save and still satisfy the need. Do you need Starbucks coffee every morning?  For a 16-oz cup of joe, the average price is between $2.50 and $3.15. If you happen to indulge in flavors or lattes it may cost you around $5 a cup.

If you switched to brewing at home (or at work), you could enjoy 36 cups of coffee for 1/10th of the price! ($5 x 36 = $180 for starbucks versus $18 for 36 k-cups)

Keurig Coffee

San Francisco Bay OneCup, Decaf French Roast, 36 Count- Single Serve Coffee, Compatible with Keurig K-cup Brewers … with that alone, you saved over $150 in 36 days… which is the same as saving $27/day for 6 days. Money in your savings and no loss of your morning jolt!

Look for ways you can trim the fat in your day-to-day.

  • Get Paid to Save

Sign up for cashback offers at commonly used retailers. Many large retailers offer major credit or store cards that include cashback deals on your purchases. If you’re already shopping there regularly, why not save in the process? Grab your groceries or other items, and let them pay you back for your patronage! SAVE that cashback and use it to get closer to your goal.  Target offers a 5% incentive on qualifying purchases, click on the pic below to sign up today!

  • Buy In Bulk

I don’t know many people who actually enjoy grocery shopping. But whether you do or not, everyone likes to save time doing it. So whether you shop daily, weekly, or monthly, look for deals on non-perishable products to stretch your cash and save you time. Look for deals on bulk items such as paper and plastic products, bottled beverages, canned goods, etc. Cut down to buying them once a month, instead of daily or weekly.

New Home Rollbacks at Walmart.com!

  • Repeat steps above

You’d be surprised how much you can save when you really sit back and think about what you’re spending your money on. When you get your tax refund check, or a bonus at work, or a raise… those are all opportunities to take that “extra” money and save it! Learn to live at or below your means (what you bring home for a regular work week). Learn to budget your expenses based on a normal paycheck – without overtime, without bonus, without any of the extra add ons that may be on your base check.

  • Educate Yourself

For more tips, try these books for in-depth financial management tips, just start somewhere, click to purchase:

How To Save Money Without Really Trying: A Step-by-Step Guide To Saving $1,000 Per Month

Money Saving Tips For Low Income Families

Simple Savings: 274 Money-Saving Tips That Will Help You Save $1,000 or More Every Month (Wealth Building Series)

How to Manage Your Money When You Don’t Have Any (Second Edition)

There’s enough coin out here for all of us, we just need to use it wisely.

~Shed Light, Speak Life~

~D’Lorah Denise~

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