3 Steps to Grow Your Savings by $10,000 in 2026
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I love a good fresh-start goal, and according to new Motley Fool Money research, one of America's top money priorities in 2026 is saving more cash.
But just like my 3rd grade teacher, Mrs. Cope, used to say, "If you fail to plan, you plan to fail."
So here's a simple, three-step plan to grow your savings by $10,000 next year.
Step 1: Open a dedicated high-yield savings account
If you want to grow your savings in 2026, you need a separate home for that money -- one that pays real interest.
The best high-yield savings accounts (HYSAs) are fast to open, have no monthly fees, no minimums, and can pay up to 10X the interest of the national average savings account.
Earning high interest means all the money you're putting away is slowly growing and helping reach your goals.
HYSAs are also FDIC insured up to $250,000 like regular bank accounts, and you can access your cash anytime.
Having a new, separate savings account creates a psychological shift too. Once you mentally decide that this account will grow to $10,000, it suddenly becomes easier to protect that money rather than dip into it.
One of the top HYSAs right now is the SoFi Checking and Savings (Member FDIC) account. Read our full review here and see why I like it for beginners.
SoFi Checking and Savings
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
Step 2: Set a monthly auto-transfer to savings
To save up $10,000 in one year, you'd need to save around $800 a month. That number scares people off -- but don't let it intimidate you. Just start with an amount that's realistic today -- even $250 a month builds momentum.
It's not about the initial amount, it's more about creating the automatic savings habit. You can always increase your savings later.
The trick is avoiding the "I'll save whatever's left over" trap. Setting an automatic monthly transfer forces you to save, and live on a slightly leaner budget up front. You might feel a small pinch at first, but you'll adapt faster than you think.
Step 3: Cut (or shrink) one big expense
Let's be honest. You're not saving $10,000 in a year by skipping Netflix and making one fewer Starbucks run. Small cuts help, but they don't move mountains.
Big goals usually need one big change -- something meaningful enough to free up real cash.
That could mean sharing housing. If you're paying $1,600 a month in rent, getting a roommate could instantly free up $800. That's nearly the whole monthly amount you'd need for a $10K savings year. Big lifestyle shifts like this aren't fun to think about, but they're exactly the changes that unlock real savings.
Or maybe it's rethinking your car situation. AAA estimates it costs the average American $1,025 per month to own and operate a vehicle. If you work from home and mainly drive for errands, it might be cheaper to go car-free for a while.
Even if you need to take a handful of Uber rides -- say 10 a month at around $30 each -- that puts you closer to $300 instead of $1,025. If your own car costs less than AAA's average, trading it for ride-shares and the occasional favor from a friend could save hundreds.
Not everyone can make a move this large. But asking the question, "What's one big bill I could reduce?" might uncover an opportunity you didn't realize you had.
The bottom line
The hardest step is usually the first one -- opening a dedicated savings account and setting up that automatic transfer.
Once those two pieces are in place, the rest of your plan suddenly feels a lot more doable.
Whether you end 2026 with $10,000 saved or simply more than you've ever managed before, you'll have built a habit that pays you back for decades.
Just take the first step today. Seriously, it only takes 15-20 minutes and doesn't cost anything.
Don't wait: Check out today's best high-yield savings picks and get started on your 2026 savings plan right meow. 🐱
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.