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welcome to the frugal genius where you master your finances and learn all about money learning how to save ten thousand dollars in a year can put you on top of your financial gain saving that much in a year can certainly make some financial goals easier ten thousand dollars may seem like an arbitrary number but it is in fact a big milestone on your financial journey saving five figures shows that you are willing to make major lifestyle changes to reach your goals ten thousand dollars can be a rainy day fund a down payment on a house a car and more before we jump into the video if you could please invest in hitting the like button so that we can get this video in front of other viewers looking for information just like this also be sure to subscribe so that you can be up to date on all our future videos so let's get into it ten ways on how to save ten thousand dollars in a year coming up number one commit to your savings goal just like any other life goal saving takes commitment you need to make a decision and understand why saving ten thousand dollars a year is important to you is it because you are saving for a house do you want to stop spending so much money on takeout or have you never saved before and you're ready to make a change whatever the reason you need to stay committed number two take your goal and break it down into smaller pieces making a huge goal like saving ten thousand dollars in a year can be daunting at first in order to be successful you'll want to break down your goal into smaller pieces this is done so that you won't feel so overwhelmed at the task ahead of you try to divide ten thousand dollars into weekly or bi-weekly increments this way you can see how little changes can add up in big ways saving 190 dollars a week seems less daunting than 834 dollars a month even though the number is the same in fact you may find it easier than you think to cut down on weekly expenses and easily reach your goal number three start a budget budget doesn't have to be a four letter word it's one of the best financial tools that you can have no matter your situation budgets are useful when you're trying to understand your expenses how much income you actually bring in a month and how much you are spending on discretionary and non-discretionary purchases using a spreadsheet track your monthly income your mandatory monthly purchases rent mortgage bills groceries etc and your non-mandatory purchases subscriptions going out to eat coffee etc consider tracking your purchases for a month or two so you can get a good idea of exactly where your money is going before we jump into number four please hit the like button and be sure to subscribe for more videos just like this number four cut unnecessary expenses once you've created and nailed down your budget you can begin to cut down on unnecessary expenses these expenses can be anything from going out to eat to your monthly subscription services it doesn't mean that you have to cut all the fun out of your life but it does mean that you should consider what you can go without instead of meeting your friends out for dinner and drinks once or twice a week take turns hosting each other at your homes have everyone provide a side snack or drink and don't let anyone spend over fifteen dollars you can have a fun night with lots of food and drinks for a fraction of the cost if you can't live without netflix or hulu swap passwords with your friends and family you pay for netflix and your parents can pay for hulu then you can use each other's accounts these services allow a certain number of users on at a time so you'll be good to go number five automate your savings you've already done the math and know how much money you need to save on a weekly bi-weekly or monthly basis and you've also made a budget and have tracked your expenses now you can automate your savings so you don't have to think about them most banks and credit unions allow you to schedule a certain amount of money on a specific date or every time you get paid because your monthly savings goal of 834 dollars is quite a bit of money consider automating your savings on a bi-weekly basis just like your check it's less of a hit on your account to put that money into savings every paycheck number six shop around and ask for discounted insurance rates saving on your insurance premiums every month can lead to major savings in your pocket and get you that much closer to saving ten thousand dollars in a year you can reach out to an independent agency to review your insurance policies from car insurance to homeowners insurance and more number seven try no buy days weeks or months mark on your calendar days that you won't spend money on unnecessary purchases some people like to do entire months of this like no buy july others make a goal to not spend during the work week this is a simple way to add up your savings fast spending money on lunch or coffees adds up quickly and sometimes it is a much needed pick-me-up during the day this can be solved by packing your lunch bringing a treat with you and if your workplace doesn't provide coffee you can even bring a mini coffee maker or keurig and leave it on your desk this way you can take the afternoon break that helps you stay focused but not spend money on take out coffee and other goodies number eight make extra cash easier said than done but adding extra income is a way to help you reach ten thousand dollars saved in a year you may find that even if you cut corners you just can't save eight hundred and thirty four dollars in a month this is where making more money comes in there are several ways you can go about doing this start a side hustle do you have a particular talent that you could use to plump up your income this could be extending your day job into freelance or contract work maybe you like to cross stitch in the evenings when you're watching tv whatever it is that you are good at and enjoy use it to your advantage platforms like upwork and fiverr are great for freelancers and online retailers like etsy are perfect for your creative endeavors get a part-time job working a second job may sound like a drag but it will drastically help improve your savings if you're looking at how to save ten thousand dollars in a year a part-time job will get you there quicker than just saving a loan part-time work is also a way to get involved in your community and meet new people number nine let yourself have some fun money it's important not to get burnt out when you're in the midst of your lifestyle change adding built-in fun money to do what you want with will help you in the long run beginning a major lifestyle change often comes with bursts of motivation this motivation eventually goes by the wayside when reality kicks in to stay disciplined when motivation flees you need to set yourself up for success from the get-go allocate a certain amount of money per month from your budget that you can use on anything this is your fun money use it and spend it without guilt if you're missing your daily starbucks habit use your fun money on getting it as a treat once or twice a week craving dinner with friends your fun money has you covered number 10 celebrate your wins life may seem a little monotonous once you start saving and it's important to recognize all of the hard work that you have put in self-care is a wonderful reward a spa day or a new book are cheap ways to reward yourself even splurging on a cheap bottle of champagne to celebrate five thousand dollars in the bank will work these little celebrations will make a big difference in whether or not you reach your goal motivation is fleeting and you need reasons to stay disciplined looking forward to special treats will help we hope you enjoyed our 10 ways on how to save ten thousand dollars on a low income throughout your savings journey remember why you are saving in the first place whether it's an emergency fund a down payment on a house or a car remember that it will be worth it in the long run when you are making choices on how to save ten thousand dollars a year you're putting yourself and your financial future first by cutting expenses making a little extra cash and learning to stay on target a year will pass in no time