Money management is the key to success. This is especially true for young adults who are in your 20’s and 30’s.

Although money doesn’t solve everything, but not having money can be a big problem.

$10,000 may just be what you need to pay the down payment of your dream home. Or simply repay all the student loan debt and avoid that high interest once and for all.

Having a 5 figure safety net can help you to overcome your financial worries.

Just follow the simple 5 steps saving plan that I’ll be showing you in this article and you can achieve your financial goals.

Many millionaires used these 5 steps to save over $100,000 per year.

For a start:

Saving $10,000 a year, because it is simple and possible for almost anyone.


Let’s start your save 10k in a year challenge now!

How to save money Fast

Saving $10,000 in a year can be ambitious for some readers. But with these 5 steps, everyone can save $10,000, or even $100,000 in a year.

Let’s dive in!

1. Break Down the Numbers

Break down your saving goal into easily digestible numbers. Breaking down the numbers allow us to easily understand the smaller goals that is required for us to achieve to reach our final goal of saving $10,000 a year.


Because all big goals are made from hundreds or thousands of smaller goals.

Breaking down the goal will guide us to take appropriate actions.

Break the goal of your target saving into easily digestible numbers. Breaking down the numbers allow us to easily understand the smaller goals that is required for us to achieve to reach our final goal of saving $10,000 a year.


Because all big goals are made from hundreds or thousands of smaller goals.

Breaking down the goal will guide us to take appropriate actions.

Example on breaking down your goal

Let’s say someone want to save $1000, $10,000 or $100,000 a year.

Each of these goal is larger than the previous, thus it is separated into 3 levels of difficulty.

  • Low: Saving $1,000 per year
  • Mid: Saving $10,000 per year
  • High: Saving $100,000 per year

Each difficulty levels requires different set of actions for us to achieve them.

Let’s break down the numbers into:

  • Amount ($) Saved per Year
  • Amount ($) Saved per Month
  • Amount ($) Saved per Week
  • Amount ($) Saved per Day

Break down of your saving goal per Year (Approx.)

Saving Goals Breakdown
Year Month Week Day
$1,000 $83 $19 $3
$2,000 $167 $38 $5
$3,000 $250 $58 $8
$4,000 $333 $77 $11
$5,000 $417 $96 $14
$6,000 $500 $115 $16
$7,000 $583 $135 $19
$8,000 $667 $154 $22
$9,000 $750 $173 $25
$10,000 $833 $192 $28
$15,000 $1,250 $288 $41
$20,000 $1,667 $385 $55
$50,000 $4,167 $962 $137
$100,000 $8,333 $1,923 $275

Saving $100,000 per year will require you to save $8,333 per month, $1923 per week, or $275 per day.

Saving $20,000 per year will require you to save $1,667 per month, $385 per week, or $55 per day.

Saving $10,000 per year will require you to save $833 per month, $192 per week, or $28 per day.

Saving $28 per day sounds pretty achievable don’t you think?

Saving - How to Save $10,000 per Year - Break It Down

2. Save on Monthly Bills

Saving on monthly bills is one of the fastest and easiest way to save $10,000 in a year, and $28 per day. Every month, you need to pay your bills on both the essentials and non-essentials in life. 

Essential Bills:

  • Rental (If applicable)
  • Utilities
  • Hand-phone
  • Transportation

Non-Essential Bills:

  • Credit Card
  • Gym membership

How can we cut our spending on our monthly bills?

Essentials Bills

A place call home is essential, but are you sure you need that swimming pool for the house you rent? Or that facility which you almost never use? Maybe it is a good idea to look for a place where the rental can be much lower. By simply doing this, you can probably save a couple of hundred bucks per month.


  • Current rental of $1,200 per month
  • You can easily rent a place which cost $1,000 per month in a similar location, this will probably save you $200 per month.

Utility bills is a must to pay, but maybe you can consider using electronics which have a higher energy savings, this will probably cut your electrical bills by few hundred bucks per month. (My utility bills reduce from $362 per month to $78 per month just by changing my air-con and refrigerator to an energy saving version.)


Hand-phone is almost as important as our wallet, and the hand-phone bills can actually range from the low $10’s to over $100 dollars per month. If you find yourself, overspending on this, you may probably want to look for a change of the hand-phone plans.


Getting from point A to B requires us to take some form of transport. We can take a public transport, a reliable family car, or a luxurious car BMW 320 Series with leather seat and tainted glass.

The difference is the simply the amount you need to spend for the transport. And depending on your needs, public transport almost always gives you the most savings.


  • Public transport cost average of $200 per month
  • An reliable family car with petrol and maintenance fee cost $600 per month
  • A luxurious car BMW 320 Series with leather seat, tainted glass with 360 all surround sound sounds system with petrol and maintenance fee cost $2500 per month.
Non-essentials Bills:
Credit Cards

Credit cards can be handy at times of need. But if you are spending more than what you earn and not paying the credit card debts. The bill you will get will probably give you a shock and a run for your life. Credit cards are know to have high interest rate if you didn’t pay your dues promptly.

With the power of compounding, these interest can become a fairly huge number, which will take you a long time to pay down the debt.

Check out our article on how to pay down your debt fast.

Gym Membership

Having a goal to live health is great and most people took up gym membership because they want to become healthier. But do you know we can do exercise outside of a gym as well?

If you seldom go for a gym (less than 3 times a week) probably you may want to consider cancelling your gym membership.

Choose to jog around the neighborhood or go to the beach, it is free.

You can probably save $100 to $300 per month by doing this simple change.


After saving on these monthly bills and making all these changes to your spending habits.

You can essentially save $500 to $1000 per month ($6,000 to $12,000 per year) depending on your current lifestyle and your willingness to change them.

But if you have not reach your goal of saving $10,000 per year even after these changes, we will proceed to the next step.

3. Reduce Luxury Spending

We love to be pampered and enjoy the good stuff. I understand as well.

Don’t worry, we are not suggesting to take away all the good stuff in life, but to strike a balance between achieving your saving goal and enjoying what we love.

Here is the famous coffee example.

I believe most of us love to grab a cup of coffee from the café to start our day, or during our break.

It is like a ritual to us and spending that $6 bucks for the coffee seems so normal.

With a little math magic, you will find just how much are you spending on that coffee.


  • Total coffee per day: 2 cups of coffee
  • Cost of each cup of coffee: $6
  • Spending on Coffee per day: $12
  • Spending on Coffee per week: $84
  • Spending on Coffee per month: $360
  • Spending on Coffee per month: $4,320

If your goal is to save $10,000 per year ($833 per month), you coffee habit of buying from a café isn’t going to help you much.

You may consider making your own coffee for just $0.50 per cup.

This simple change can probably save you hundreds per month and thousands (approx. $4,000 with this example) per year!

Reduce luxury spending applies to eating out, or buying a new handbag every month.

If you are unsure how much should you spend on an luxury item or service.

You may follow this simple rule on spending:

Rule on luxury spending: Set aside not more than 10% of your salary on luxury service or items.

4. Increase Your Income

Some of you may not have $833 per month to cut from your expenses. And this applies to many whom are from the lower income group. If cutting on spending doesn’t work, the only other way is to increase your income. Earning an higher income might not be an easy task, but if you have the will, it is possible.

Just to refresh you memory, with the goal to get $10,000 savings per year, you will only need the following:

  • Saving $10,000 per year
    • Saving/earning $833 more per month
    • Saving/earning $192 more per week
    • Saving/earning $28 more per day

Do you think you can earn $28 more per day?

I surely do think so.

How to earn extra income?

Method 1: Get a part-time job.

Working a part-time give you on average of $15 per hour, which means, you will just need to work 2 more hours per day and you will able to save an extra $10,000 per year.

Here is also an article from you can learn how to ace that first interview and get hired.

Method 2: Negotiate or get an higher income job.

A work day is usually 8 hours. The goal of earning $28 per day means you need to earn $3.50 more per hour.

Simply find a job which earns you $3.50 more per hour and you will be able to save an extra $10,000 per year.

You can probably check out this article from on how to get a pay raise, I find this article quite entertaining and probably helpful to you. 

5. Act Now

Act now means that you will stop procrastinating and start working towards your goal.

Take massive action and start working on your saving plan by creating a home budget.

  • Break down your saving goals into smaller numbers.
  • Cut your monthly bills and increase your savings.
  • Reduce your luxury expenses.
  • Get a part-time job to earn an extra income.

Without action, you can never achieve your goal!

“Act now” is probably, this is the most important step to achieve your saving goal.

You can read 100’s of article about saving $10,000 per year, or even $100,000 per year.

You can be reading all our articles on personal finance, getting that passive income, investing or getting to know how to be a good dividend investor.

But if you do not act now, you will be just reading lots. Nothing will change on your finance and income.

No, I am not asking you not to read.

Reading allows you to learn from the experience of the most successful people.

Multi-millionaire like CEOs of big companies and billionaire like Warren Buffett read at least 1 book per week.

Books found in My Library are some of the best books which I think you should read.

I am humbly requesting that you to take action, in additional to reading our articles.


By taking action you can help to improve your finance and reach your saving goal of saving $10,000, or $100,000 per year.

Hey Buddies!

We love writing these articles because we want to help each other in our financial success.

If you are looking to save for your retirement, you may want to check out How much do you really need to Retire?

Oh, just before I forget, we are currently building a forum for our Buddies to gather and share their BIG ideas.

Join us in the conversation at our forum when it is up!

Till Next Time!

Kopi Buddy Signing Out!

Step-By-Step Guide on How to Save $10,000 Per Year


How to Save $10,000 Per Year

Step-By-Step Guide

Saving $10,000 per year can be tough for some, but with determination and following our 5 steps guide, you will definitely achieve your financial goal.

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Disclaimer: I am not your financial adviser or lawyer, information found in our website are just my opinions. You should always ask your financial adviser or lawyer for any financial or law related advice.

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