Let’s be real—saving $10,000 in just one year sounds like a pipe dream when you’re living on a tight income.
Maybe you’re earning $25,000 to $35,000 a year, and between rent, bills, and groceries, you feel like there’s nothing left to put away.
But here’s the truth: it is possible.
Not easy, but possible—and incredibly rewarding.
With a few smart strategies, some creativity, and a whole lot of determination, you can build that $10,000 savings cushion, even without a high-paying job.
Once you have the savings, then you can look at how to invest it and grow it exponentially.
Let’s walk through exactly how to make it happen.
Start With Your “Why”
Before you touch your budget or open a new savings account, pause and ask yourself: Why do I want to save $10,000 this year?
Is it to finally stop stressing about unexpected expenses?
To build a down payment for a home?
Pay off debt?
Travel?
Quit your job and go freelance?
Maybe it’s just for a little peace of mind.
Whatever your reason, write it down.
Put it on your mirror.
Keep it in your phone.
Because when you’re tempted to spend or when it gets hard (and it will), that “why” is what will keep you on track.
It’s possibly the most important part of this whole process and the more reasons you come up with the better it works.
Okay, let’s get into the nitty gritty.
Break Down the Big Goal Into Smaller Chunks
Here’s how $10,000 breaks down over time.
You’ll need to know this so you know how much you need to save each day/week/month.
By working backwards, you can get to your goal.
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$833 per month
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Around $192 per week
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Roughly $27 per day
Seeing those smaller numbers makes the goal feel less overwhelming. Maybe you can’t save $833 this month—but can you do $100? $300? Can you find an extra $20 a few times a week?
Small, consistent progress adds up faster than you think.
Figure Out Where to Keep All that Cash
You’re going to be tempted to spend this, especially as it grows.
This is where it’s important to know yourself.
Is it better for you to keep it in a separate savings account at your bank?
Maybe you need another bank that has no checking attached to it.
Maybe you just need to put it in an envelope and keep cash because you rarely spend cash and if it’s at your house you won’t be tempted when you’re out.
Build a “Bare-Bones” Budget (And Stick to It)
If you’re serious about saving big, it’s time to tighten the belt.
A bare-bones budget means trimming everything down to the essentials.
We’re talking:
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Housing – Rent or mortgage, utilities, and renter’s insurance
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Food – Basic groceries, no fancy extras (if you’re serious about this you should stop eating out or cut it WAY back)
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Transportation – Gas, bus fare, essential car maintenance
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Minimum debt payments – Stay current, but no extra payments yet
Everything else—yes, everything—is negotiable.
That means:
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Canceling subscriptions (Spotify, Netflix, Amazon Prime—at least temporarily)
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Skipping takeout and coffee shops (more on that soon)
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Cutting back on shopping, hobbies, and spontaneous purchases
It may feel restrictive at first, but think of it as short-term sacrifice for long-term peace of mind.
Track Every Single Dollar
This step is boring but powerful.
If you don’t know where your money is going, you can’t control it.
Use an app like Mint, EveryDollar, or even just a Google Sheet to track your income and expenses.
For the first month, just observe.
Then, look for patterns.
Are you spending $300 a month eating out?
Are you paying for subscriptions you forgot about?
You don’t have to be perfect—you just need to be honest.
Awareness is your best budgeting tool.
Find Smart Ways to Cut Expenses
This is where the magic happens.
Let’s go deeper into some specific ideas:
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Cut the cable cord: Streaming services can cost $10–$15 each, and cable often runs $100+. Instead, try free streaming platforms like Pluto TV or Tubi. You’d be surprised how much content is out there for zero dollars.
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Cook at home: Meal prepping one or two days a week can save you hundreds.
A single fast-food trip might seem cheap, but even $8 a meal, five times a week, is $160+ a month.
Keep meals simple: rice and beans, stir-fries, pasta, eggs, oats, and frozen vegetables are cheap and healthy.
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Refinance or shop around: Call your car insurance or internet provider. Ask for a discount or switch to a cheaper competitor. Many people save $30–$50 a month with just a phone call.
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Ditch expensive phone plans: If you’re still paying $70–$100 a month, it’s time to switch. Providers like Mint Mobile, Visible, or Google Fi offer service for $15–$30/month with unlimited talk, text, and data.
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Use your library: Books, movies, audiobooks, even streaming music—all free.
Look at every line in your budget and ask, Is there a cheaper way to do this?
Increase Your Income—Even a Little
Cutting costs is crucial, but earning more can fast-track your savings.
Even a small side hustle can make a huge difference.
(At the end of this article I have put a few articles on making extra money for you to check out.)
Besides, if you’re cancelling all these wasted entertainment platforms you not only stopped wasting money… you stopped wasting so much time.
Now you can invest that time and bring in some cash.
Here are some low-barrier options:
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Freelance online: Are you good at writing, editing, graphic design, or translating? Check out sites like Upwork or Fiverr. Even a few projects a month can add hundreds to your income.
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Sell stuff you don’t need: Walk through your house and collect anything you haven’t used in the last year. Sell it on Facebook Marketplace, eBay, or Poshmark.
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Do odd jobs: Babysitting, dog walking, house cleaning, tutoring—ask around in your neighborhood or local Facebook groups.
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Use your car: If you have a car, consider driving a few hours a week for Uber, DoorDash, or Instacart. Even just 5 hours could bring in $100+.
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Get creative: One woman made $200 a month writing resume templates. Another sold baked goods to coworkers. What skills or hobbies could you monetize?
If you can earn just $100 a week from a side hustle, that’s over $5,000 a year.
That alone gets you halfway to your savings goal.
Automate Your Savings
I mentioned this earlier when I said to know yourself.
This is one option that works for many people.
Set up a separate savings account (ideally with a high-yield bank), and make it hard to touch.
Then, automate a transfer from your checking account—weekly, biweekly, or monthly. Even $25 a week adds up to $1,300+ a year.
Automation works because it takes willpower out of the equation.
The money is gone before you can spend it.
A few great online savings accounts to consider:
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Ally Bank
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Capital One 360
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Marcus by Goldman Sachs
They usually offer higher interest than traditional banks, which means your money grows faster.
Use a Modified 50/30/20 Rule (or Make Your Own)
You’ve probably heard of the 50/30/20 budgeting rule: 50% needs, 30% wants, 20% savings.
If you’re on a low income, that might not be realistic.
Try something like:
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60% needs
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10% wants (a tiny treat here and there)
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30% savings/debt payoff
Or go even leaner for a while—maybe 70% needs, 5% wants, and 25% savings.
The key is to customize it to your life and your priorities and USE PERCENTAGES!
If you use percentages instead of dollar amounts your savings and lifestyle will grow as your income does.
I’m a firm believer in tithing so I have to mention that here.
Even if your income is low, I suggest tithing.
So if I were doing this, I’d probably go with the following:
10% Tithe off the top first
60% Needs
25% Savings/Debt
5% Wants
Yes, it will suck for a while but if you want to live like nobody else… you’ve got to first live like no one else.
Most of the population is not living a life of financial freedom because most don’t practice the fundamentals about money.
Adopt a Frugal Lifestyle (Without Feeling Deprived)
Frugal doesn’t mean miserable.
It means making intentional choices.
Some frugal habits that really help:
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Meal planning: Not only saves money, but also reduces food waste and stress.
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DIY instead of buy: Clean your own house, cut your own hair (YouTube is full of tutorials!), or do minor car maintenance.
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Buy secondhand: Thrift stores, garage sales, and Facebook Marketplace are gold mines for everything from clothes to furniture to electronics.
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Make entertainment free: Have friends over for a potluck, go hiking, check out free events in your city, or host game nights.
The more you find joy in free or low-cost living, the easier saving becomes.
Beware of Lifestyle Creep
One of the biggest threats to your savings goal? Lifestyle inflation.
When you get a raise or start earning extra money, it’s tempting to upgrade—new clothes, better gadgets, fancier dinners.
But instead of spending more, use that extra income to save more.
Train yourself to think, “I survived before this raise, so I don’t need to spend more now.”
Again, if you do your budget by percentages you don’t have to worry about this because it takes care of itself.
Celebrate Small Wins Along the Way
Saving $10,000 takes time, and it’s easy to get discouraged.
So don’t wait until the end to feel proud.
Celebrate milestones—when you hit $1,000, $3,000, $5,000.
Treat yourself to something small but meaningful: a $5 coffee, a homemade spa night, a day off to relax.
The journey is the success.
Real-Life Example: How One Person Did It on $30K
Let’s take Sarah. She works as a teacher’s assistant earning $30,000 a year.
Here’s how she saved over $10,000 in 12 months:
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She found a roommate and split rent, saving $300/month.
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Cooked every meal at home, which saved around $250/month.
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Picked up 4–5 freelance editing gigs each month, earning about $400 extra.
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Used apps like Rakuten and Ibotta for cashback, adding $25–$40/month.
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Saved her $1,200 tax refund.
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Set up automatic transfers of $125 each week.
At the end of the year? She had $10,225 in savings.
No magic. Just discipline, hustle, and intentional living.
Final Thoughts: You Can Do This
Saving $10,000 in a year on a low income isn’t just a fantasy—it’s a doable, life-changing goal.
You don’t need to be rich.
You don’t need a six-figure job.
You just need a plan, a purpose, and a willingness to make some changes.
Start today. Even if it’s just $5. Because small steps lead to big wins—and your future self will thank you for every one of them.
Here’s a Few Ways to Increase Your Income:
How to Make Money with Land Investing
How to Make Passive Income Online
If you’d like a personal relationship with Jesus Christ, visit our salvation page.
God Bless,
Jason and Daniele
