17 Tips to Help you Save $10,000
Did you know if you manage to put just $27.40 per day into an account, in 1 year it will be $10,000 plus any interest you earn?
Sounds simple, right? But how do you do it? Here are 17 ways to make or save an extra $27.40. Remember, it doesn’t need to be the same thing done every day.
Disclosure: This post may contain affiliate links to products and services I use. Read the full disclosure.
1. Open a Bank Account with a Bonus
Look for bank accounts with opening bonuses. I’m not talking about credit cards unless you are extremely disciplined. I mean bank accounts. Many offer $5 through to $300.
2. Sell Something
Look around your house for something or a few things to sell. Put that money straight into a savings account. Check out how I made over $10,000 in a month buying things to resell for tips on how to do this.
Check out the $2 to Millionaire challenge on Aspiring Millionaire to see buying and reselling in action.
3. Negotiate a Discount
Ask your bank to reduce the interest on your loan. Call your various bill providers and see what discounts you can get. For any amount you save, put it straight in the $10,000 account.
4. Eat From Home Instead of Takeaway
Next time you are tempted to get takeaway if you can resist, put the amount you would have spent into savings. For us, this is more like $80 whenever we resist.
Even better, plan ahead and have pizza bases or premade pizzas in the freezer, taco mince ready to go, butter chicken and similar options you enjoy. Many of the homemade version can be frozen ahead of time and defrosted quicker than you can get them delivered.
5. Quit Alcohol
How much are you really spending on alcohol? When you add it up, it’s probably more than you think. 1 sixpack, a bottle of wine or two cheap ones, half a bottle of vodka or similar per week easily add up to thousands.
Quit or cut back and put what you were spending on it into this account. If you want to keep drink, VINOMOFO has great prices on wine.
6. Compare Insurance
Never renew your insurance when it comes through. Instead, get a fresh quote and shop around. You don’t have to wait for renewal time either, do it whenever you want and check out the savings. Put whatever you save into this account.
7. Compare Electricity
When was the last time you compared providers? Chances are, you could be getting a better deal. Get a recent bill and do a comparison online.
8. Switch Phone Providers
Whether you’re prepaid or on a plan, there could be a better option out there for you. Think about how much you use and what you really use your phone for. Then search for options that match that.
Unless you are going super remote or in areas where only one provider works, you don’t need to stick to the ‘major’ companies. The smaller ones are backed by the big ones anyway or use the same network.
9. Compare Health Insurance
If you have health insurance, look at how much you are paying and what you really need. Many people are paying for obstetrics when they have finished having babies. Or they have a huge list of extras they never use.
Think about your needs and potential needs, then find a plan to match. Any money you save can be added to your $10,000 savings.
10. Check and Cancel Subscriptions
Go over your bank account, statements and PayPal to see what you are paying for that you don’t use. With so many streaming services, free for the first 30 day offers for various subscriptions and the ease of signing up, most of us have subscriptions we don’t use.
For each one you cancel, set up an automatic transfer of that amount to your $10,000 account to make it a real saving. Otherwise, you are likely to simply spend that money elsewhere.
11. Use Cash Back Apps
If you aren’t using them, you need to. Sign up and start getting cashback with your online shopping. Whenever you cash out the cash you get back, put it straight into your savings.
12. Online Surveys
I have a few favourites, some of which have paid more than $27.40 per survey. A couple of surveys will easily get you the $27.40 and doesn’t take long.
Do the surveys then cash out the money and put it straight into your $10,000 fund.
13. Switch to DIY Beauty
Whether it’s getting your nails done, facials or other treatments, learn to DIY if you can. Not everything can be done at home unless you are a professional but quite a few things can.
For example, I wax my lip, chin, sides of face etc. This is usually $30 in salons when I have checked. I can get a tub of wax for around $14 on sale (sensitive wax) which lasts for multiple uses, saving me well over $100.
14. Buy Your Glasses Online
Whatever you are paying to buy glasses, even if they are cheap, is too much. Check out Zenni Optical and similar sites to get prescription glasses for as little as $6.95. These are the same as the 2 for $99 ones you see.
15. Switch to Drinking Water Only
Give up coffee and other drinks to save a small fortune plus be healthier. Most drinks have too much sugar, caffeine and other nasties. Wean yourself off them and pocket the savings.
16. Use the Library
Most books are $20 to $30 brand new. Use your library instead and put the money into savings when you resist buying a book.
17. Transfer It!
The most important thing to do is actually transfer the savings. Often we do all these things to reduce expenses but don’t transfer those savings to an account or debt so they simply get used other ways.
Move the money to your designated account and watch it grow.
Here are the resources mentioned in this article