My finance background has me on a constant budgeting kick. I’m always trying to figure out money saving tips that can help me as well as other people.

As many people as I’ve met, I’ve never known anyone to be against saving money. Even some of the wealthiest people I know hold on to their dollars very tightly. Today, I’m going to share a few tips that’ll help you build up your savings to $10,000 in just one year.

5 of the best money saving tips, especially if you're on a budget.

It’s totally do-able, even if you’re on a middle class salary. I was – single mom, mediocre job, California housing market-, and all of these tips were completely in my budget.

Plan it out. Write it down.

You need a plan. It doesn’t matter who you are or what you do. You need to develop a savings plan and stick to it. Saving money isn’t hard. The hard part is coming up next. Right now, grab a pen and paper, and write down these things or use the Free Budget Planner below that I created just for you. Plus, there’s a 7-Day Savings Challenge to help you get started saving right away! Sign up below.

  • I will save $_____ this year.
  • I will make $______ this year.
  • My necessary monthly expenses are:
    • Rent/Mortgage
    • Utilities
    • Gas/Transportation
    • Credit payments
    • Groceries
    • Other important expense

Budget the heck out of your expenses.

When creating your budget, you need to be honest with your self. Don’t overestimate. Be extremely critical with your expenses. Ask yourself: Do I really need this to live? 

  • I will save $10,000 this year.
  • I will make $40,000 this year.
  • My necessary monthly expenses are:
    • Rent: $1,200
    • Utilities: $100
    • Gas/Transportation: $120
    • Credit payments: $200
    • Groceries: $300
    • Other important expense: none

Substitute costly conveniences.

In this generation, we’ve become so used to “the easy way”. However, this easy way comes at a cost – most of the time, it’s more expensive, because convenience has a price. I encourage you, as you plan to build up your savings to $10,000 more this year, to consider the sacrifices you are making as blessings.

Substitute eating out for quality time at home, enhancing your awesome cooking skills, and if you have children, take the time to teach them how. Eventually, they will have to feed themselves, and as parents, we best prepare them to survive the world out there.

If you need to cut out some entertainment costs, reinvent game nights, crafts, and reading time. Also, if you’re itching to leave the house, there are so many things you can do for free that also enrich your soul. For instance, exercise is so good for you. Go for a walk or a run, watch the stars, watch people. People watching is pretty fun. Just make sure you don’t have a RBF, aka, don’t forget to smile to look less creepy stalker-like.

There are countless activities that you can do for free. Think about it. You’re throwing money at things that you really could do without. In return, you’re gaining time with yourself and with your family. Time is priceless and very limited. You’ll realize that the sacrifices you’ll make aren’t really sacrifices at all, but blessings in disguise.

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Watch it grow.

For me, the best part is being able to watch my savings account grow. It’s like a seed that I planted, and after taking care of it, watering it, and feeding it, my seed turns into a beautiful plant that is ready to bear fruit. The fruit of my hard work and sacrifices is my savings. Watch the numbers, and notice how excited you get every time those numbers rise. It’s amazing, isn’t it?

Get addicted.

Saving money is addicting. I promise you this. Once you see how much money you can save, you’ll be saving like a boss forever. Your mind does this magical thing – it realizes that you really were throwing money away when you could’ve been saving it for more important things. You’ll never want to throw money away again.

Are you ready to grow your savings to over $10,000 in one year? I challenge you to implement these money saving tips, and if you give it your best shot, I know you’ll exceed it. Let’s watch those numbers grow!

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