How To Save $10,000 (When There Are So Many Bills To Pay)

How To Save $10,000 (When There Are So Many Bills To Pay)

Balancing your financial goals, wants and needs isn’t easy. There always seems to be something else popping up, keeping you from setting aside the money you intended to save at the beginning of the month. If you’re trying to reach a money milestone – like saving up $10,000, for instance – here are some strategies that can help.

Find Your Motivation

In many ways, this is the ultimate money question: How do you balance everything so that you’re making responsible financial decisions, saving for goals and still having fun?

It’s a question I ask myself on a daily basis. And the truth is, saving for any goal is going to be hard. Unless you were born into a wealthy family, the chances are you probably can’t do it all. I want to save for at least three different “big” goals at any one time, plus pay my rent on time, eat well, maybe take some classes to progress my career, explore the city, hang out with friends, etc.

Financially, I’m doing OK for my age, but I’m certainly not making what a lot of people in my city make. So something’s gotta give.

There are always trade-offs. To succeed with any goal, you’re going to have to build the habit, and you’re going to have to remind yourself, often, why you’re doing it. Then, you’re going to need to find a way to motivate yourself.

The last part, to me, is key. It’s so easy to fall behind, especially when it comes to saving, and then to reassure ourselves that it’s OK and we’ll make up for it next month. And then next month rolls around, and there’s a concert we want to go to, and suddenly we haven’t saved anything for two months. And then the next month passes, and there were a few shiny things we decided to buy, and then three months have passed and we haven’t made any progress. And on and on.

The truth is, there will always be something tempting us, something that we think we need, something that we hadn’t planned for. But when you have the right motivation to focus on, you’re less likely to get distracted by all of the shiny things floating around.

So consider: What are you actually saving for? Work out what is important to you. Write it down somewhere, and then write down some concrete steps you can take to reach it.


Do the Work

The hardest part of all of this is actually doing the work. Often people circle the same problem day after day, year after year, and they don’t change anything. Then they complain and want simple solutions. But there are no shortcuts – if you want to pay off your loan debt, for example, you have to make your monthly payments until you’ve repaid what you borrowed. Every month, you have to slowly, but steadily, chip away at it. Similarly, if you want to save $10,000, you can’t just will the money into existence; you have to actually save $10,000, bit by bit. It’s a grind.

After accepting that it will take a while to reach a big savings goal or pay off debt or start your own business, the best things you can for yourself now are:

  • Live within your means.
  • Build a savings habit.
  • Put aside something (anything!) for retirement.
  • Pay off any debts you have.
  • Learn the basics of investing and building wealth.
  • Work towards your goal.

Once you have those building blocks in place, you’ll be able to better meet your goals. It might not happen overnight, or even within a year or two years. But with consistency, you’ll get there.

To stay motivated, divide your one Big Goal down into smaller goals. As Jocelyn K. Glei, creator of the Hurry Slowly podcast, writes on her blog, people are goal oriented. We need to finish something, check it off our list, to feel a sense of accomplishment. Doing so gives us the hit of dopamine we need to keep going. So if you’re goal is to save $10,000, break it up into smaller weekly or monthly goals to keep the dopamine hits coming.

Then keep track of your progress, in a journal or app. Glei suggests making a post-it grid of all of your tasks, tracking your progress on a daily calendar, or writing in your diary or journal for five minutes each day. Whatever you choose, remember consistency is key.

Along the way, you’ll cut things out that aren’t as important to you. You’ll learn this by trial and error. Everyone messes up – but it’s the ability to rebound from that, to circle back to your motivation and make real changes to progress to your goal, that will ultimately get you there. You might go three months without saving a penny, but as long as you can find your motivation that fourth month to make some progress toward your goal, you’ll be OK.


  • I think theres a fairly simple way to meet your goals.

    Look at your income, toss it into a Home Loan calculator and see what you might be able to borrow. Then see what the repayments are, take any rental/mortgage costs off that, and put the difference into a second account for 4 to 6 weeks.

    If you can get used to not having that money, keep it going and you can save whatever you want. And live with the knowledge that you can afford a mortgage to the point the banks say you can.

    Friend of mine is saving for their wedding next year. Its basically an amount on top of his rent that would add up to a mortgage payment where he lives. I suggested that once he’s saved enough to pay for the wedding that he keeps putting that money aside.

    He will have done the hard work of getting used to not having that money on tap, he may as well keep going and get ahead even more. Plus he establishes good habits for the day he might want to buy a place.

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