15 Ways to Save an Extra $10,000 This Year

It's natural to set different savings goals for different purposes. And whether you're trying to buy a home, build an emergency fund, or kick-start your retirement nest egg, aiming to sock away $10,000 is a solid objective to aim for. Here are some strategies that could help you succeed.

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Following a budget could make it easier to track your spending. And so that simple step alone could help you achieve your savings goal. You can set up a budget on paper or a laptop -- or find an app that syncs up with your bank and credit card accounts for even easier tracking.

ALSO READ: The Best Budgeting Apps for 2022

Saving money requires discipline. If you don't trust yourself to stay on track, automate the process so that some money moves from your checking account to your savings account each month. And if you're set with near-term savings, find an IRA with an automatic savings feature, or boost your 401(k) plan contributions at work.

Have a tax refund on the way? Sticking it into savings is a smart bet -- especially since, contrary to popular belief, a refund is not free money. Rather, it's money you earned already but never collected up front.

Does your grandmother tend to spoil you on your birthday? Or send you the occasional check just because? If you have the lofty goal of saving $10,000 this year, every bit of money counts -- so make sure you're sticking those checks into the bank.

Housing is a lot of people's greatest monthly expense. If you're able to move from a costlier home to a cheaper one, it could free up a fair amount of cash that you can then save.

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Maybe downsizing your living space isn't an option, either because you already live in a tiny apartment or there aren't small houses in your neighborhood and you want to stay where you are. If that's the case, try getting a roommate so you can split your rental costs. And if you own a home, look into renting a portion of it out.

Although mortgage rates aren't as low right now as they were last year, they're still quite competitive. Refinancing your mortgage could be your ticket to lower monthly home loan payments, and that could free up a lot of cash.

ALSO READ: Best Mortgage Refinance Lenders of March 2022

If you live someplace where it's possible to get by without a car, ditch yours. You stand to save a bundle with auto insurance, maintenance, and repairs. And with gas prices being so high right now, you're better off getting places on foot if possible.

Restaurant meals may be something you enjoy, but they can eat up a lot of your income. If you make a point to cut back, you can free up quite a bit of money for savings purposes.

Limiting the extent to which you dine out could help you save money on food costs. But so can shopping strategically. If you plan out your meals ahead of time and stick to specific grocery shopping lists, you might spend a lot less to feed yourself -- and then you can bank the difference.

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The gym membership you keep paying for but use twice a month? It may be time to pull the plug. The same holds true for the cable plan with 152 channels you've never so much as turned on. Rather than pay for those services, take the money you're not spending and add it to your savings.

If you're carrying credit card debt, you may be losing a lot of money to interest. And the less you spend on interest, the more you can save. It pays to see if consolidating your debt via a personal loan or balance transfer is an option, because it could have a big impact on your ability to save.

ALSO READ: Ask Yourself These 3 Questions Before Doing a Balance Transfer

Own a home or car? It may be possible to spend less on insurance. If you haven't rate-shopped in quite some time, do a little research to see if there's a better deal out there -- especially if you're willing to bundle homeowners and auto insurance. Doing so could free up a nice amount of cash.

During a no-spend week, you pay for nothing other than essentials. The more no-spend weeks you're willing to have during the year, the more money you're apt to save.

Healthcare expenses can eat into your budget and make saving money difficult. If you're sitting on a string of expensive bills, see if your providers are willing to negotiate. Just as importantly, make sure you're not being billed incorrectly. Sometimes, a simple mistake could leave you owing more than you're really liable for, and if you're able to whittle medical bills down, it could help you save more.

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Presented by Motley Fool Stock Advisor
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Saving $10,000 in the course of a year may not be easy, but it can be done. Employ these tips, and with any luck, you'll be well on your way to meeting your goal -- and having something to celebrate big time.

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