It can feel daunting at first to start from zero when learning how to save. Google searches are advising you to save 30% of your monthly income, as if you have that kind of money to spare. And then like most New Yorkers, you are probably struggling to keep up with the rising rents and pinching pennies to pay off previous major loans or credit card debt. Really... saving anything can feel like an annoying chore, however it's a necessary step towards achieving financial success.
I always question, how can I save all of what I need to survive? Yet alone how can I actually save $10,000.00 in one year. If you're working on low income it's definitely a reach but NOT impossible to achieve. 47% of Americans surveyed by the Federal Reserve Board say they don’t have the cash to cover a $400 emergency and truly that's ridiculous.
Similar to weight loss, starting small with your money saving habits, can amount to an enormous profit. Don't get discouraged, as a black woman I earn on average 61 cents to a white non-hispanic male's dollar and I'm still able to make it happen. Simply follow these four steps. Don't dismiss your ability to truly build your financial resilience.
When it comes down to the basics of saving $10,000.00 a year you need to know what it actually breaks down to. It is simply $28.00 dollars a day. Not so bad right? So remember that Starbucks latte you bought this morning or that $15.00 dollar lunch? Yeah that was a days worth of saving 10 bands.
To Start
1. Cancel those Unnecessary Subscriptions
Your current desires are not worth future financial hardships. Cancel cable and use your brother/cousin/auntie/sister Netflix-Hulu accounts. LOL. But forreal even if you get your own, you'll be spending a lot less than what it costs to have cable. Purchase internet and limit yourself to one to three entertainment subscriptions and that's it.
As far as the gym membership and other stuff like apple music. I don't have it. Again the parks and pandora is perfectly free.
2. Eat Out Less
As I mentioned before, you only need an extra $28.00 a day to get to the goal of $10,000.00 dollars saved for the year. Pack lunches and breakfasts including your drinks and if needed create a budget explaining how much you should spend on outside food for the month.
3. Create No Spend Days
This one is tricky but honestly I went two days without spending a time because I really didn't need to. It was the weekend, I stayed home and cooked and did inside activities for my little one and it allowed me to save that extra $28 bucks.
4. Cut Back On Other Expenses
Truly I don't need my nails and toes done every two weeks but I do it for the sake of a fresh look. Consider once a month grooming and I'm certain that it'll allow you to put away your daily $28 dollars. Comb through your expenses and really try to spot what you can spend less on for the month.
$10,000.00 a Year
$833.00 a Month
$192.00 a Week
$28.00 a Day
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