Save $1000

How to save $10,000 in 2021?

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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 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 action 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

Option 3.

If you earn a weekly paycheck, then save $192.3 per week for 52 weeks. If there are 2 of you in the family, each of you just saves $96.5/ week for 52 weeks. By the end of December 2021, you both will have $10,000 in your savings account.

But what if you can’t save $192.3/week, fret not. Here comes option no 4.

Option 4.

Do 12 weeks challenge like this – My Thanksgiving challenge for 4 times in 2021. Don’t worry about the name of the challenge. Just give a different name to it, if that matters to you, and make it a year-long money-saving challenge.

With this option, each quarter you save $1000. That will be done 4 times saving you a total of $4000 just by doing 12-week money-saving challenges 4 times a year. It is a little harder for the one-income families to save $10000 doing just this challenge unless you can save $1500/ week for the remaining 4 weeks.  You can still do this if you take up extra work during the holiday season or earn side income throughout the year. 

Read the related article 5 ways to earn an extra Side income

If there are 2 people in your family, it will be $4000 times 2= $8000 saved up in 48 weeks. That leaves a balance goal is $2000 to save in the rest of 4 weeks. Save $500/ week for 4 weeks.
That’s it, you will have $10000/- saved up by December 31st, 2020

How does that make you feel? sweet. Ain’t it?

Still not possible? you are just looking for excuses now.

So here are more options for ya. I told you, I will make it impossible to say NO to saving for 2021.

Option 5.

If you are a one-income family, save $200 per week for 52 weeks. This will give your $10,400 by December 31st, 2021.

I will make it easier for you. Save $100 every Monday and $100 every Friday.
AUTOMATE the darn thing.
How much spoon-feeding do you need really?
There are 52 Mondays in 2021 starting on January 4th and ending on December 27th.
Similarly, there are 53 Fridays in 2021 starting on January 1st and ending on December 31st. Set automatic savings on these days in one sitting.


for those of you who now see the value of automatic saving and having fun reading all the options, here are some more- Have fun!

Option 6.

This option is more tedious and very easy to forget for lazy folks like me. Hence I kept it at last. If you are NOT lazy and trust your money-saving habits, go for it!

Every day Save $27.39. In one year, you will have $10000/- in savings.
If you are a two-income family, each of you saves $10. By end of 2021, you will have $3650. So for both of you, the saving will be $7300 by end of 2021.

But, our goal is $10000/- right? Don’t worry, you still have $2700 more to save.
For this, do a few no-spend weekend challenges in 2021. By few I mean, 18 weekends if you spend $150 a weekend on your grocery trips. If you spend $200 per grocery shopping trip, you just need to NOT go grocery shopping for 13.5 weeks.

That’s crazy.

No, it’s not. Try one of our no-spend weekend challenges for once and you will see how easy this is.

It’s not that I’m suggesting doing a month-long no-spend challenge. That for me is crazy.

For those of you who joined me in the $1000 thanksgiving saving challenge this year, you already have saved up $1000. So you only have $9000 to save.

For 51 weeks, that’s about a $176.47 / week saving goal.
If you are a two-income family, that’s about $88.23 per week. Just make it easy for you and save $100/ week for both of you. Pick up any set date that’s comfortable for you. For us, it’s Monday. So next 51 Mondays starting Jan 4th, the automatic saving plan is easy to set.

So which option sounds good to you? Tell me about it in the comments below.

Now don’t forget the next big goal. It will accelerate our money goals in 2021.

GOAL 2. Invest Wisely

The reason I do not want to give the set amount and set a due date for this goal is that look at what 2020 did to us. Very few of us can be absolutely sure about where the economy goes in 2021. If you are sure, forgive me and if you don’t mind sharing, please enlighten me and many others like me.


I want to be conservative in my investments. But not be too conservative. What’s the fun in that really?
But we don’t want too much risk-taking fun either. So, I am investing my time wisely to learn about investing wisely!

No pun intended.

Time is money for us. Do you agree? So, investing my time to learn basic and advanced financial principles makes sense. Let’s be honest. Some basics will never change- pandemic or not. But there are some new changes happening in the financial markets- are you hearing me Bitcoin?

I better learn them before it’s too late. How about you?

So to make this goal happen, my only action step is- learn every week about bitcoins, cryptocurrencies, foreign exchange and start some practice with paper money. In fact, in January, I will document my journey on this very topic. What I’m learning, what I’m implementing, what’s working, and what’s failing miserably. Do you all want me to document that journey here on this blog or create another blog just for this topic?

Let me know what you think, I would be happy to create another distraction-free blog., not that there are many distractions here on this blog- but it’s more like a lifestyle blog- a frugal lifestyle I mean. It can get distracting pretty quickly if you are into frugal stuff.

For those of you who are still waiting for a resolution topic, I’m sorry I waited this long to write about it.

Here you go!

Making your 2021 resolutions count!

I want to take a different spin on the topic of the resolution this year. In fact, I want to rename it as 2021 kick-ass habits. If you are new here- know that I like to name all my goals weirdly- so that they will sound odd to you but they make sense to me and my family.

Read how we are making our 2021 resolutions work for us here.

How to save $10000 in 2021 infographic

In Conclusion

This year we are accelerating our saving goals more than any year in the past. One of the biggest steps towards it is to commit our saving resolution here. Choose any one of the options I suggested here. You do not need to pick up just one, you can combine them as they suit your life and the season of your life. Just start now before it’s too late. I will be documenting various ways we are going to reach the $10,000 saving goal on this website. Stay Tuned!

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    • James
    • January 1, 2021

    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

      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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