M-O-N-E-Y: Saving $10K

I Saved $10K & Was Super Chill About It.

One of my goals for 2024 was to (randomly) save $10,000. I know I say that so casually but the randomness came from me wanting to save $10K in 2024, not by any particular date in 2024 if that makes sense. No pressure right? While I am very fluid with money, I do love spending it and making it. I am also not an expert with money or about money so please read the below lightly and remember these are the things that I have done to help ME achieve what was on my to do list… and what did I do? THAT.

*automatic savings really really really is that girl*

First and foremost I think you should really know yourself when it comes to your money. We have so much money/saving/investing content coming at us all the time which is great, however you really do have to look at yourself and know how you like to “feel your money in your hands”. For me, I honestly do not do well with manually transferring money anywhere so I really thank Jesus and all his friends for automatic transfers because if I don’t set up automatic transfers ….(i’m going to spend it )

If You Didn’t See It, Would You Notice It Was Gone? - what amount of money could go missing from your bank account without you noticing it and it wouldn’t impact your daily life? Whatever that number is that you come up with, that’s the amount that you can automatically transfer to your savings account every time you get paid. (whenever your pay cycle is) This will be the base and the bulk of your savings if you do not have a large sum to start off with.

High Yield Savings Account, But Make It Automatic - we have all heard of how important HYS accounts are when making your money work for you and I too agree; the monthly interest I earn in my HYSA has without a doubt contributed to me saving $10,000. There are many many banks that offer HYS accounts so please do your Googles. I have my HYSA with MARCUS by Goldman Sachs and I love how easy it has been to set up and keep track of my money. Remember interest rates fluctuate so what your rate is when you start may not be what it is as the year goes on)

Note - always make sure the bank or institution you choose to house your money in is FDIC insured.

If You Touch It, Automatically Put It Back - I’m never going to front and say that I haven’t had to dig in my savings because I have. In those moments where I do need to dip in my savings I make sure to automatically transfer back in, the exact amount I took out. This not only holds you accountable but it’s also just mess free money management. Just because you had to take money out of your savings doesn’t make you bad with money or you did anything wrong.

Relax, your savings are there to save you...

The Night Before Payday, Transfer What’s There - A great way to add more cushion to your savings as you strive to reach $10K is to transfer whatever is in your checking account the night before payday to your savings account. I get paid every Friday so on Thursday night when I’m in bed about to go to sleep I transfer whatever I have on the end of my money. Say you have $275 left the night before pay day, transfer that $75. Or if you have $100 left the night before pay day, transfer $50. I have also used this small task to pay off a credit card to a $0 balance.

CA$H RULES, If You Have It - while I don’t sway with the ideology of “if you can’t buy it twice you can’t afford it” I do try to do things and pay for things in cash as much as possible. This helps you not reach for your credit cards and also makes you take a step back and think for a second if you physically have cash on hand (which can slow down the desire to buy something )

Ask For a Raise Silly Goose! (Or Get A New Job w. A Higher Salary) - An increase in your income also awards you an increase in your savings. Now before you set up that meeting with your manager or director make sure you actually are set up (i.e-proven documented results) to make the case for you getting a raise. Once the raise kicks in, go back and examine the new amount of money that you can automatically save to help you reach your money goal.

I wish you nothing but the best on your road to $5k… $10K.. $20K and beyond!