How to Save $10,000 in 3 Months

If you’re broke—or close to it—saving might seem like an impossible task. But with some creativity, you just might be able to get there (or make a good dent).

Every little bit counts when you’re trying to save. Take a close look at your spending and see where you can cut back.

Start by looking at your current expenses and see what you can cut out or reduce. Do you have any recurring costs or subscriptions you’ve forgotten about?

You can also make extra money by picking up a part-time job or selling things you no longer need. Garage sales are a great way to get rid of unwanted items and make some extra cash. Sites like eBay are excellent resources for getting rid of unwanted possessions, and you can also look into selling on Etsy.

You can even choose to get a temporary roommate to help with your expenses. If you have an extra room in your apartment or house, you can rent it out on sites like Airbnb or Vrbo. If you’re also a renter (instead of owning your home), be sure to check with your landlord first to see if this is allowed.

Other creative ways to save money if you’re broke include:

• Negotiating your bills (cable, internet, phone, etc.)
• Getting rid of your car and using public transportation
• Cooking at home instead of eating out
• Buying generic brands instead of name brands
• Cutting your own hair
• Doing your own nails
• Canceling your gym membership and working out at home

These are just a few ideas to get you started. The goal is to find ways to reduce your expenses so you can have extra cash to put toward your savings.

Let’s say you’re not broke. You have a steady income and you can cover all of your expenses with a little money left over each month. That’s great! You’re in a good position to save a little extra.

Chances are, you have a specific goal in mind, like buying a house or taking a dream vacation. Or maybe you just want to have a cushion of savings in case of an emergency. No matter what your goal is, you can achieve it with the right mindset and a little bit of effort.

So, how do you save when you’re not broke? Just follow these steps:

1. Evaluate your spending

Start by evaluating your current spending habits. What do you spend your money on each month? Are there any areas where you can cut back? Just like someone who’s broke, you may be surprised how much money you can save by making small changes to your spending habits.

If you’re not sure where to start, try tracking your spending for one month. At the end, take a close look at where your money went. This will give you a good idea of where your money is going—and where you can cut back.

2. Create a monthly budget

Once you’ve evaluated your spending, it’s time to start saving. Begin by setting a goal. How much do you want to save, and by when? Be specific and realistic with your goals.

Next, create a spending plan and stick to it. Decide how much you’ll spend each month in specific categories, such as food, housing, transportation, etc.

3. See your plan through

Once you’ve allocated your spending for the month, the only thing left is to be sure to stick to it.

If you find that you’re struggling to follow your plan, there are a few things you can do to make it easier.

First, automate your savings. When you get paid, have a portion of your income automatically deposited into your savings account. This way, you won’t see the money—and you’ll be less likely to spend it.

Next, give yourself a “fun money” allowance—money you can spend however you want, without guilt. Knowing that you have some wiggle room each month will make it easier to stick to your spending plan. Financial wellness is about saving sustainably, not pinching every single penny you can.

Finally, keep your ultimate goal in mind. Having a clear, specific goal—say, saving for a down payment on a house—will help you stay motivated when things get tough.

Now that we’ve covered the basics of saving, let’s get into the nitty-gritty of how to save $10,000 in three months. These steps will overlap somewhat with the process described above, but they explain it in more detail.

1. Evaluate your current financial situation

The first step is to take a close look at your current financial situation. How much debt do you have? What are your monthly expenses? How much money do you bring in each month?

Answering these questions will give you a better idea of your starting point and how much work you’ll need to reach your goal. You may even find that you need to adjust your goal based on your current financial situation.

For example, if you’re currently in debt, you should probably focus on paying it off first before you start saving, especially if it’s high-interest debt (such as credit card debt). Or, if your monthly expenses are high, you may need to find ways to cut back so you have more money to put towards savings.

2. Get your debt under control

As mentioned, if you’re currently in debt, you need to get it under control before you start saving. The interest accruing on your debt is likely to be higher than the interest you’ll earn on your savings, so it makes sense to focus on paying it off first.

There are a few different ways to approach paying off debt:

Debt snowball method

With this method, you focus on paying off your smallest debt first while making minimum payments on your other debts. Once the first debt is paid off, you move on to your next smallest debt, and so on, until all of your debts are paid off.

The advantage of this method is that you’ll clear away whole debts relatively quickly, which can keep you motivated. The downside is that you’ll end up paying more with this method than the one below.

Debt avalanche method

With this, you focus on paying off your debts according to their interest rates, beginning with the highest and proceeding to the lowest.

While this method will save you more money in the long run (because reducing your high-interest debt will save you more in interest payments each month), many people find it harder to stick to. It can be difficult to stay motivated when you’re making minimum payments on your lower-interest debts.

So, which method should you choose?

There’s no right or wrong answer—it depends on what will work best for you. If you need quick wins to stay motivated, the debt snowball method is a good choice. On the other hand, if you have a lot of willpower and you’re looking to save money in the long run, the debt avalanche method is the way to go.

Once you’ve chosen a method that makes sense for you, get to work! Begin by making a list of your debts and organizing it from smallest to largest (or highest interest rate to lowest). Then, start chipping away at your debt according to the method that you picked.

3. Set a realistic goal

As we mentioned before, it’s essential to set a realistic goal. How much do you really want—or need—to save? By when?

If you’re unsure where to start, think about what you want to use the money for. Are you saving for a down payment on a house? A wedding? A vacation? The more specific you can be with your goal, the better.

Once you have a goal in mind, it’s time to figure out how much you need to save each month to reach that goal. So, if you want to save $10,000 in three months, you need to save at least $3,333.33 per month.

Of course, the more you save each month, the sooner you’ll reach your goal. But it’s important to be realistic about how much you can set aside. If you try to save too much, you may find yourself quickly burning out and giving up on your goal altogether.

Start with a realistic number that you know you can stick to. And remember, you can always adjust your savings goal—up or down—as you go along.

4. Try fasting from unnecessary spending for 30 days

One of the best ways to save money is to simply stop spending it, at least for a little while.

If you’re serious about saving $10,000 in three months, try fasting from unnecessary spending for 30 days. This means no eating out, no buying coffee, no shopping—nothing that isn’t absolutely essential.

It may sound extreme, but if you can stick to it for just 30 days, you’ll be amazed at how much money you can save.

Not sure if you can do it? Try a shorter fasting period, like 10 or 14 days. See how much you can save in that time and use it as motivation to keep going. You may also want to involve a friend or family member in your challenge to help you stay accountable.

After your fasting period is up, you can ease up a little. You don’t have to swear off all spending forever. But you may find that you’re more mindful of your spending—and more likely to save money—in the long run.

5. Get creative with your living situation

Between rent, utilities, and other monthly expenses, housing costs can be one of the biggest drains on your bank account. While there’s not much you can do about your rent (especially if you’re already locked into a lease), there are other ways to save on housing costs.

One option is to get a roommate (or two). This way, you can split your rent and other bills, leaving you with extra money each month to put towards your savings goal.

You can also save on your utility bills by making a few simple changes. Turn off the lights when you leave a room, unplug appliances when you’re not using them, and keep your thermostat at a reasonable temperature. You’ll be surprised how much money you can save just by making a few small changes.

Here are some other ways you can get creative with your living situation:

• Move to a less expensive area
• Stay with family or friends for a short period
• House hack (renting out part of your home to tenants)
• Negotiate with your landlord for a lower rent (be prepared to offer something in return, like signing a longer lease)

6. Make extra money with a side hustle or freelance gig

In today’s digital world, there are endless opportunities to make money online—whether it’s through freelancing, blogging, or even just selling stuff you no longer need. You can also make money with a traditional side hustle like dog walking or babysitting.

The key is to get creative and start making extra money as soon as possible. The sooner you start, the sooner you’ll reach your goal of saving $10,000 in three months.

Popular side hustles that you can start in under three months

Not sure how to get started? Here are a few options to consider:

• Blogging: These days, it’s easy to make money blogging. You can monetize a blog with ads, affiliate marketing, or sponsored posts. Note that it can take longer than 3 months for a blog to get popular, so this is best done if you’re already writing and have some traffic.
• Odd jobs: This is one of the most iconic side hustles out there. You can earn extra cash by doing odd jobs for people in your community (mowing lawns, shoveling snow, etc.).
• Selling spare items: Sell stuff you no longer need (clothes, furniture, electronics, etc.). If you’re the crafty type, you can also refurbish old or vintage items and start selling them on Etsy.
• Pet-sitting or dog-walking: If you love animals, this will be a great fit for you. It’s very easy to dive into this type of work by exploring one of the many pet-sitting apps out there.
• Domestic work: Similarly, you can earn extra money by helping out with babysitting or by cleaning people’s houses. Note that some of the platforms that facilitate pet-sitting side hustles (such as Care.com) will also let you sign up to provide childcare services.
• Ridesharing or delivery: If you have a car, you can make money by driving for Uber or Lyft (or another rideshare company). If you’d rather not interact with people, you can also deliver food for a food delivery service, such as Uber Eats or DoorDash.
• Freelancing: Of course, you can also do freelance work on the side. The possibilities here are endless—you can find online jobs in graphic design, web development, writing, and many other fields.

The possibilities are endless, so there’s no excuse not to start making extra money today.

7. Invest in yourself

Investing in yourself can pay off big time—both professionally and financially.

By taking the time to invest in yourself professionally, you can make yourself more marketable. For example, let’s say you want to get a promotion at work. To increase your chances of landing it, you can sign up for an online course, attend a conference, or read some books on a subject that’s relevant to the position (e.g., management and leadership).

When you make an effort to improve yourself professionally, you not only make yourself more marketable, you also increase your earning potential. And that means you’ll have more money to put towards your savings goal.

Investing in yourself can also pay off financially in other ways. Let’s say you want to start your own business. By taking the time to invest in yourself and learn about entrepreneurship, you increase your chances of success. And a successful business can lead to a nice nest egg—which you can, in turn, use to reach your goal of saving $10,000 in three months.

So how can you invest in yourself? Here are a few ideas:

• Attend workshops or conferences related to your industry
• Sign up for online courses or learning programs
• Read books or listen to podcasts about personal finance, entrepreneurship, or self-improvement
• Hire a coach or mentor to help you reach your goals

The bottom line is that when you invest in yourself, you’re not only making yourself better, but you’re also increasing your chances of financial success. And that’s a win-win.

Saving money can be an arduous process—but it’s not impossible. With a little planning and discipline, you can reach your goal of saving $10,000 in three months. Just remember to start small, get creative, and stay focused. Before you know it, you’ll be on your way to a bright financial future.