4 Ways to Save $10,000 in 2023

It's a tricky feat, but it can be done.

Now that a new year is underway, a lot of people are focused on meeting different financial goals. And one of yours might be to grow your savings considerably.

In fact, you may be eager to see your savings get a $10,000 boost in the course of 2023. And if you're thinking that's impossible, hold up for a second. Yes, $10,000 is a lot of money. But on a monthly basis, it's about $833.

Now if you only earn, say, $40,000 a year, saving 25% of your income may not be so feasible, especially with inflation still soaring. But if you earn more like $80,000 a year, then saving $10,000 in 2023 becomes much more doable -- especially if you stick to these tips.

1. Put yourself on a budget

It may be possible to carve out $833 a month for savings purposes. But to do so, you'll need to spend your money very carefully. And so a good bet is to put yourself on a budget that limits you to a certain amount of spending in different categories. If you stick to those thresholds, you may find that you're able to free up a lot of cash.

2. Put your savings on autopilot

A big reason some people fail at saving money is that they don't prioritize it. Instead, they collect their paychecks, pay bills, treat themselves to different splurges, and hope there's enough money for savings left over at the end of the month.

If you're serious about meeting a big savings goal for 2023, put the savings process on autopilot. Arrange for $833 to bounce from your checking account over to your savings account at the start of each month so you're not tempted to spend that cash.

3. Don't waste money on anything you don't get great value from

There are different expenses we all pay for each month. But are you really getting your money's worth from each and every one? If not, cut out those bills that aren't doing much for your quality of life.

Canceling a gym membership that costs $80 on a monthly basis will give you about 10% of your monthly savings goal. If you haven't been frequenting the gym, you're better off not spending the money.

4. Find the right home for your savings

At long last, savings accounts are finally paying more generously. So take the time to compare savings options and find the right account for your money. The higher an interest rate you can snag on your savings, the more free money you'll earn in the bank to get closer to your $10,000 goal.

If saving $10,000 in the course of 2023 isn't in the cards for you, don't sweat it. Saving any amount of money could do great things for your financial picture. But if $10,000 in savings is within your reach, it pays to push yourself to make that happen.

An extra $10,000 could buy you a world of financial protection in the face of emergencies, and it could also help you move closer to a major goal, like buying a home. And if you commit to that target early on, you may find yourself $10,000 richer by December 31.