8 Money Resolutions To Make If You Want To Save $10,000 Next Year
Written by
Gabrielle Olya
Edited by
Elizabeth Constantineau
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Many Americans are hoping to save more money next year. A recent GOBankingRates survey found that 25% of Americans see saving more money as their primary financial goal for 2024, making it the top choice for financial priorities in the new year. As for how much they want to save, 24% are hoping to save $10,000 or more in 2024.
While this might seem like a lofty goal, you can set yourself up for success by working toward it throughout the year. If you want to save $10,000 (or more) next year, here are the money resolutions you should make.
Set Smaller Targets
Ten thousand is a large number, so you need to break it down into smaller goals that make it feel more tangible. Taylor Kovar, CFP, CEO at Kovar Wealth Management, recommends breaking an annual goal into monthly targets.
“To save $10,000 in a year, you need to save approximately $833 per month,” he said. “Having a monthly target makes the goal more manageable and trackable.”
If a monthly goal still feels unmanageable, try breaking it down by week. If you want to save $10,000 in a year, you would have to set aside about $193 per week.
Automate Your Savings
Once you figure out how much you need to save every week or month, make the savings process automatic.
“Set up automatic transfers from your checking account to a savings account,” Kovar said. “Schedule these transfers right after you receive your paycheck to prioritize savings as a non-negotiable expense.”
Spend Less
If you want to save more, this likely means you will need to resolve to spend less.
“Review your spending habits and identify areas where you can cut back,” Kovar said. “This might include dining out less, canceling unused subscriptions or reducing discretionary spending.”
It’s a good idea to be proactive about eliminating any spending temptations.
“If you can’t resist a sale, unsubscribe from store newsletters and turn off push notifications in deal apps,” said money saving expert Andrea Woroch. “Deleting payment info from online accounts as well as social media accounts can also keep you from buying on impulse. While you’re at it, avoid stores that cause you to [spend] more than others. You can always order online and choose curbside pickup to avoid those in-store temptations. Paying with cash is also key to avoiding unnecessary spending.”
Earn More
You’ll hit your savings goal easier and faster if you have more money to put toward it.
“Consider ways to boost your income, such as taking on a part-time job, freelancing or selling items you no longer need,” Kovar said. “Apply all additional income directly to your savings goal.”
If you go the part-time or freelance route, note that you have plenty of options.
“There are many side hustles you can do in your spare time and from home that don’t have to impede on your day-to-day life,” Woroch said. “For example, you can sign up as a virtual tutor on nights and weekends via Varsity Tutors for hourly rates between $20 and $50 depending on the subject.
“Meanwhile, pet sitting could help you rake in up to an additional $1,000 per month by signing up at Rover.com. Other ideas include helping with odd jobs around town via TaskRabbit, grocery shopping for others via Instacart or running errands for others via Postmates.”
Stick to a Budget
Creating a budget is a money resolution you should make every year, no matter what your ultimate goal is. Your financial situation changes from year to year, so now is a good time to revisit yours if you have an existing budget or to create a new one if you’ve never budgeted before.
“Create a strict budget and stick to it,” Kovar said. “Use budgeting tools or apps to track your spending and stay within your limits.”
Avoid Racking Up Debt
If you have a habit of swiping your credit card and buying more than you can afford, resolve to change that this year. Instead, ensure that you can pay in full for anything you buy.
“Avoid accumulating high-interest debt, such as credit card debt, as it can significantly hinder your ability to save,” Kovar said.
If you must use a credit card, opt for a balance transfer card.
“Using a balance transfer card could give you some breathing room to put extra cash towards your savings without interest fees piling up,” Woroch said. “Balance transfer cards give you up to 21 months to pay off your debt without interest, and this will allow you to stash away more money towards your $10,000 goal.”
Schedule Monthly or Quarterly Financial Check-Ins
It’s very easy to make money resolutions on Jan. 1 and then quickly forget about them. To make sure you stay on track with your goal of saving $10,000 by the end of the year, put monthly or quarterly check-ins on your calendar now.
“Regularly review your progress towards your savings goal,” Kovar said. “If you find yourself falling short, adjust your spending habits or look for additional ways to save or earn money.”
Save Any Windfalls
Make a resolution now that you will put any unexpected windfalls you receive throughout the year — or at least a portion of these windfalls — toward your savings goals.
These can include “tax refunds, bonuses or gifts,” Kovar said.
Survey methodology: GOBankingRates surveyed 1,039 Americans ages 18 and older from across the country between Nov. 9 and Nov. 13, 2023, asking 10 questions: (1) How would you rate your financial well-being/situation at the end of 2023?; (2) How much do you want to realistically save in the next year?; (3) What types of investments are you considering for 2024? (Select all that apply.); (4) Will you be in debt in 2024?; (5) Will you have an emergency fund going into 2024 and how many months will/would it cover?; (6) Which best describes your top financial goal for 2024?; (7) Are you planning for any of these major milestones in 2024? (Select all that apply.); (8) What is your top financial stressor heading into the new year?; (9) Are you planning for any major job changes in 2024?; and (10) What would you like to have happen the most in 2024? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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