Save $1000

How to save $10,000 in 2021?

 

New Year New Goal- Save $10,000 in 2021

Do you guys still make resolutions?
Looking at my 2019 resolutions for 2020, I guess I am going to change my yearly family traditions of making new year resolutions.
This year has made us all realize that resolutions can go out the window when a Pandemic strikes. Agree it happens in once a decade ( or two- don’t quote me on that- I like to be optimistic) but still from 2021 I want to start taking actions than resolutions or planning.


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Those of you who still make resolutions, don’t fret. I have something special for you in this article. Just scroll down to the headline- Make 2021 Resolutions Count.. or just click on the topic in the table below.

So, as you all know this blog is all about saving money, getting out of debt, and staying out of debt, all my 2021 actions are revolved around money. Well not all, but most. Without a substantial saving, all other actions can not be accomplished wisely.

There are 2 main goals I want to focus on in 2021.

  1. Keep staying out of debt in 2021
  2. Invest Wisely in 2021 to get more benefits for years ahead

Let’s break these 2 goals into actions and slap a due date on each action

GOAL 1. Keep staying out of debt

Action- Save $10000/- in cash by December 31st, 2021.

Steps – Just one step- Transfer $10000 from a bank account to savings account that I cant access very easily. check on this goal and forget about it.

Simple. no planning, no drama, no excuses.

Now you’ll say what kind of a person has $10000/- in bank account sitting and waiting for saving like this?
The answer is any person who has been diligent about money management for the past few years.

If you’re not that kind of person, don’t hate me for letting you realize that. Instead, turn that anger or frustration into an opportunity to find out what’s stopped you from being that kind of person.
But, don’t dwell on that for too long. We don’t need any pity party here on December 31st for Goodness sake!

If it makes you feel any better, I’ve been that kind of a person once. Read my story here. But if I can turn my life around and be calm with my money choices, you can too!

So, without further ado- here are the simple action steps for ya.

Option 1.

If you are a two-person family like me and both of you are on the same page about finances ( which you should be- no doubt about it), break this 10k goal in half. Each of you saves 5k in 12 months. That just lifts the weight off so much. ain’t it?
For saving $5000 in 12 months, you need to save $416.66 per month or $96.15 per week. To make things easy just save $100/ week for 52 weeks.


Best Saving Tip-  AUTOMATE THIS ACTION ONCE ON JAN 1st 2021, and forget about it.


The fun part, both of you sit together and get this done on December 31st, as part of your new year’s eve celebration. And enjoy the rest of the night and year!

If you are a 4 people 4 income family, this just gets better. Each of you can just save $2500 in 12 months.
For saving $2500 in 12 months, you need to save $208.33 per month or $48.07 per week. To make things easy, just save $50/week for 52 weeks.
TIP- AUTOMATE THIS ACTION ONCE ON JAN 1st 2021, and forget about it.
The fun part, all of you in the family sit together and get this done on December 31st, as part of your new year’s eve celebration. And enjoy the rest of the night and year!

PS- I’m doing this tonight with hubby as we celebrate another year of our lovely blessed marriage 😉

Option 2.

For 10 months, save $1000 every month. This is the simplest option out there. I love it. Do you?
AUTOMATE to save $1000 at the start or the end of the month or the day you get your monthly paycheck. Set it and forget it.

If saving $1000 per month makes you nervous ( I don’t know what that is, since it’s your money and you’ve access to it), make it simpler. Break it in half, save $500 on the first day of the month and $500 on the last day of the month.

With this simple option, you will have $5000 saved up by May 2021 and $10000 by October 2021. Just imagine that. so last 2 months of 2021 you can relax and enjoy. Just don’t spend that $10000 on Thanksgiving and Christmas. We have a separate plan for that.

Related ArticleThanksgiving 2020 Money Savings Challenge


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Comments

    • James
    • January 1, 2021
    Reply

    Nice article and good tips on saving $10000. I am going to follow this procedure. I have started my automatic transfer to a saving account that can’t withdraw money from until I physically go there. Thank you.

      • Dee
      • January 1, 2021
      Reply

      Thank you James. That is a very smart choice! Having an easy access to the savings back account is too tempting when you feel like spending the money you worked so hard to save up in the first place. I can’t wait to see your progress! Happy New Year.

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