If you want to save $10,000 in 2023, why not make a game out of it?
Would having an extra $10,000 in your savings account make you more financially secure? This is an ideal amount of money for many people to have in their emergency fund. And now is an excellent time to start making a plan so you know what steps to take to get there. Keep reading to learn how to make your $10,000 savings goal happen.
Your path to saving $10,000 may look different
No one savings plan works best for everyone because we’re different people with different personal and financial situations. Only you can decide if a particular savings strategy works for your lifestyle, income, and financial goals.
There are many ways to make your $10,000 savings goal a reality, whether making smaller contributions each week, sporadic larger contributions throughout the year, following a savings challenge, or another strategy altogether.
If you need inspiration, this savings challenge offers a fun way to achieve your goals. Remember that your path to saving $10,000 may differ, and that’s more than okay.
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Give this 52-week challenge a try
If you want to make a game out of saving money, you may want to try following a savings challenge. This is an excellent way to make the process more fun as you work hard to make your personal finance goals happen. Here are the amounts to save over the 52 weeks that make up a year:
| Week | Amount to Save | Total Contributions |
|---|---|---|
| 1 | $100 | $100 |
| 2 | $200 | $300 |
| 3 | $250 | $550 |
| 4 | $300 | $850 |
| 5 | $100 | $950 |
| 6 | $200 | $1,150 |
| 7 | $250 | $1,400 |
| 8 | $200 | $1,600 |
| 9 | $100 | $1,700 |
| 10 | $200 | $1,900 |
| 11 | $250 | $2,150 |
| 12 | $300 | $2,450 |
| 13 | $100 | $2,550 |
| 14 | $200 | $2,750 |
| 15 | $250 | $3,000 |
| 16 | $200 | $3,200 |
| 17 | $100 | $3,300 |
| 18 | $200 | $3,500 |
| 19 | $250 | $3,750 |
| 20 | $300 | $4,050 |
| 21 | $100 | $4,150 |
| 22 | $200 | $4,350 |
| 23 | $250 | $4,600 |
| 24 | $200 | $4,800 |
| 25 | $100 | $4,900 |
| 26 | $200 | $5,100 |
| 27 | $250 | $5,350 |
| 28 | $300 | $5,650 |
| 29 | $100 | $5,750 |
| 30 | $200 | $5,950 |
| 31 | $250 | $6,200 |
| 32 | $200 | $6,400 |
| 33 | $100 | $6,500 |
| 34 | $200 | $6,700 |
| 35 | $250 | $6,950 |
| 36 | $300 | $7,250 |
| 37 | $100 | $7,350 |
| 38 | $200 | $7,550 |
| 39 | $250 | $7,800 |
| 40 | $200 | $8,000 |
| 41 | $100 | $8,100 |
| 42 | $200 | $8,300 |
| 43 | $250 | $8,550 |
| 44 | $300 | $8,850 |
| 45 | $100 | $8,950 |
| 46 | $200 | $9,150 |
| 47 | $250 | $9,400 |
| 48 | $200 | $9,600 |
| 49 | $100 | $9,700 |
| 50 | $100 | $9,800 |
| 51 | $100 | $9,900 |
| 52 | $100 | $10,000 |
Data source: Author’s calculations.
If this strategy doesn’t work for you, feel free to outline your own weekly savings plan. You can have fun with it by keeping track of your progress along the way so you stay motivated.
Tips for success as you work to save more money
If you’ve struggled to meet your savings goals in years past, you may be looking for tips and tricks so you have better success in the year ahead. Here are a few suggestions:
- Automate the savings process: By automating the savings process, you can ensure you stay on track with your savings goals. You can schedule automatic transfers in advance. If weekly transfers feel like too much, consider making them bi-weekly or monthly.
- Follow a budget: You may be spending more than necessary, and a budget could help you stay on track with your spending so you can free up more cash for savings. If you want to simplify the budgeting process, here are a few of the best budgeting apps.
- Look for income-boosting opportunities: You may want to consider increasing your income, so it’s easier to reach your savings goals. One option is to work a side hustle in addition to your regular job. If you’re unsure which side hustle to pursue, take a look at these side hustles that could earn you $10,000 or more.
No matter what savings strategy you follow, ensure you’re putting your money into a savings account that earns interest. If you commit to setting aside $10,000 throughout the year and keep your money in an interest-earning bank account, you’ll have more than $10,000 set aside before 2024 begins. Review our list of best high-yield savings accounts to learn more.
