How To Save $10,000 in 3 Months

A woman smiles as she sits at her dining room table with her laptop and financial reports doing her monthly budget.
RichVintage / Getty Images/iStockphoto

When you don’t pay close attention, money can easily slip out of your wallet or hemorrhage from your accounts. Whether it’s an automatic monthly payment or excess spending, tuning into your financial state will ultimately help you save money.

Budgeting for Better Savings

With all of your daily expenditures, saving money may seem like a daunting task. However, an added cushion of saved money may not be out of reach. By following these steps and tricks, you could save up to $10,000 in three months.

  1. Set a goal and a budget
  2. Pay down your debt
  3. Evaluate and limit spending
  4. Increase income streams
  5. Make lifestyle edits

1. Set a Goal and a Budget

If you are writing a story, it is sometimes easier to write the ending first and work backward from there. This is much like setting a financial goal, as it helps you hone in on what it will take to get you where you want to be financially.

For example, if you want to save $10,000 in three months, you have to mathematically work backward in both your spending and time budgets. Saving $10,000 in three months would have the following breakdown of what you must save during your timeline:

  • $3,333 per month
  • $833 per week
  • $119 per day

Breaking it down like this could help you budget accordingly and see where you can make cuts or increase revenue. It is also a good idea to find the right savings account to keep your money in, preferably a high-yield account with a decent APR and other benefits.

Make Your Money Work for You

2. Pay Down Your Debt 

This may seem obvious, but focusing on ridding yourself of debt first can compound how quickly you can save once they are paid off. There are two general methods for paying off debt.

  • Snowball method: The snowball debt method focuses on paying off your smallest debts first. You would do this while simultaneously making minimum payments on other debts. Once the smallest debt is paid off, you move to the next smallest debt, then on to the larger ones — and it snowballs from there, until you have crossed all payments off of your list.
  • Avalanche method: The avalanche debt method focuses on paying off your debts in order of the highest interest rate to the lowest interest rate. This can feel like a lot at once, but it does save you money in the long run.

3. Evaluate and Limit Spending 

Spending can get away from you if you don’t get a handle on it. Small expenditures here and there may not seem like a big deal, but they really add up over time. Below are some areas where you can shave unnecessary excess expenses.

  • Do your own hair or nails instead of going to salons
  • Cancel your gym membership and work out at home
  • Cook at home and meal prep instead of eating out
  • Cancel any unused subscriptions that are on autopay
  • Make your own coffee or cold brew at home instead of going to cafés

4. Increase Income Streams

It is not uncommon for people who have full-time jobs to also have side hustles. Picking up odd jobs is a great way to make some additional income or quick cash. It is more work, but there are many easy ways to add multiple income streams. Here are some examples:

  • Focus groups: Online focus groups can pay their participants anywhere between $20 to $200 an hour, depending on the level of difficulty. These often range from filling out surveys, answering questions about a product or doing other market research.
  • Transcribe Files: Transcriptionists transcribe and type up anything from medical reports of physicians to audio and video files for a range of companies and can make around $34,220 annually.
  • YouTube Channel: You can make money from ads or brand sponsorships by starting your own YouTube channel and gaining at least 1,000 subscribers.
Make Your Money Work for You

5. Make Lifestyle Edits

When you’re trying to save a lot of money, it may be time to reevaluate some of your lifestyle choices. There are always ways to cut back on spending, even if that means temporarily sacrificing your creature comforts. Here are some ways you can shave a lot of money off of your monthly expenses:

  • Sell your car and take public transportation or ride a bike.
  • Move to a less expensive neighborhood.
  • Get a roommate for your current living situation.
  • Switch to generic brands as opposed to name brands for things such as food, clothing or medications.

Final Take

There is not just one way to save money, but if you combine many aspects of your financial situation, you may be surprised at how quickly you can increase your savings. Saving $10,000 in three months is an undertaking, but it’s not impossible if you stick to your goals, budget and limited expense allowances.


  • How can I save $10,000 fast?
    • You can save money fast by combining several habits and practices. Some key ones are:
    • Set a goal
    • Pay down debt
    • Evaluate and limit your spending
    • Increase your income streams
    • Find the right savings account
    • Set a budget
    • Make some lifestyle edits
  • How can I save $10,000 in a few months?
    • When trying to save $10,000 in a few months it helps to break into smaller, more achievable chunks to figure out where you need to cut back. For example, to save $10,000 in three months, the breakdown would look like this:
    • $3,333 per month
    • $833 per week
    • $119 per day
  • How long would it take to save $10,000?
    • Saving money depends on factors such as income streams, amount of debt and commitment to cutting back. If you set this goal, make sure to cut back on expenses and stick to your budget. If you follow these guidelines, it is possible to save $10,000 in three months.
  • How can I save $5,000 in three months?
    • If you follow the guidelines above to save $10,000 in three months, it will also easily apply to helping you save $5,000 in three months:
    • Set a goal
    • Pay down your debt
    • Evaluate and limit your spending
    • Increase your income streams
    • Find the right savings account
    • Set a budget
    • Make some lifestyle edits
Make Your Money Work for You

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.


See Today's Best
Banking Offers