What would you do with an extra $10,000?
That amount of money could help you pay off debt, grow your emergency fund, cover a home repair, take a luxe vacation, or make progress toward any major financial goal. Ten thousand dollars can go a long way, but saving that much requires serious focus.
If saving $10,000 feels unattainable, you’re not alone: According to the Federal Reserve’s Survey of Consumer Finances, the median balance of American families’ transaction accounts was $8,000 in 2022. However, saving $10,000 isn’t impossible, and with a few strategic changes, you may be able to save $10,000 in six months.
Saving $10,000 in six months breaks down to $1,667 per month. Depending on your income and financial responsibilities, this may not be realistic (though you may surprise yourself!). If saving $10,000 seems insurmountable, you can adjust your six-month savings goal to something more manageable.
Below, find five tips to help you save $10,000 — or any amount — in six months.
When you have a savings goal with a short-term deadline, you can accelerate your progress by limiting your monthly spending. Living on a bare-bones budget isn’t sustainable long term, which is why this strategy only works for a short period of time. But if you can cut back for six months (or even a couple of months), your savings can really take off.
Start by reviewing your budget, bank statements, and credit card statements to see where your money goes each month. Then, identify places where you can cut back. You may decide to eliminate some expenses entirely; maybe you want to pause your gym membership, get rid of streaming services, or give up live sporting events for the season.
Next, shift your focus to the necessary expenses, trimming them down where possible. For example:
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Use a grocery list and coupons to cut down on food spending
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Dine out half as often as you typically do
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Limit clothes shopping to thrift and consignment stores
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Call your internet and phone providers to negotiate your bills
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Plan a free or low-cost activity for loved ones’ birthdays instead of springing for a pricey gift
Read more: How to save money in 2025: 50 tips to grow your wealth
If you’re like many people, you have clutter accumulating in your home. And chances are, there are some valuable items hidden among the mess. Instead of letting this stuff take up space, consider selling it.
Declutter your house room by room, keeping an eye out for things you can sell. Use the following list to guide your search:
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Clothes, shoes, and accessories
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Books
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Art and home decor
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Kitchen gadgets and appliances
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Craft supplies
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Sports equipment
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Kids’ toys
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Electronics
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Furniture
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Bikes and outdoor equipment
Once you’ve collected any items you’re ready to sell, decide how you’ll do it. Options include hosting a garage sale or posting items on sites like Facebook Marketplace, Poshmark, Craigslist, or eBay. Alternatively, you may be able to sell certain items — like clothes and furniture — at consignment shops as long as they’re in good condition.
Cutting your expenses can be an effective way to save, but it’s worth looking at the other side of the equation: your income.
First, find out if you can get paid more in your current role. Is it time to negotiate a raise? Are you able to earn more money at another company or in a different industry? If you work hourly, can you work a few extra hours each week? While you don’t need to make a dramatic career change, it’s worth finding out if there’s potential to earn more.
Next, consider a side hustle. While an additional gig may be unsustainable in the long run, it can be a valuable short-term strategy to build your savings quickly.
There are plenty of side hustle options out there, whether you want to run your own business or work a part-time job. Here are some ideas to get you thinking:
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Drive for a rideshare company
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House- or pet-sit
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Offer consulting services
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Sell homemade products on Etsy
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Become a virtual assistant
Whether you get a raise at work or take on a side hustle, you’ll be well on your way to reaching your six-month savings goal. Even earning an extra $500 per month would add up to $3,000 in six months, putting a significant dent in your $10,000 goal.
If you’ve spent any time perusing blogs or social media for savings tips, you may have come across various “savings challenges.” While there are endless variations of these challenges, the idea is the same: to gamify the process of saving. Doing so not only makes saving more fun, but it can also make it easier to focus on your goal.
Savings challenges might be structured in one of the following ways:
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Saving a specific amount of money: saving $100 per week, saving $1,000 in a month, etc.
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Reducing spending in certain areas: no discretionary spending for a weekend, no subscriptions for a month, no dining out for a week, etc.
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Stepping up your savings: increasing the amount you save by 1% each week
You can also create your own spending challenge based on your lifestyle or habits. For example, if you’re a frequent customer at the local coffee shop, you could commit to saving $1 for every $1 you spend on coffee.
Regardless of the challenge you choose, create clear parameters, set a reasonable goal, and reward yourself when you achieve it.
Earning income in exchange for your hard work is gratifying, but it never hurts to earn passive income too. Keeping your savings in a high-yield savings account (HYSA) can help give your balance an extra boost.
High-yield savings accounts work like any other savings account, but they earn higher interest rates compared to traditional accounts. Online banks typically offer these accounts because they don’t have the cost of maintaining physical branches. Instead, they can pass on savings to customers in the form of higher interest rates.
Today, the best high-yield savings accounts earn more than 4% APY — roughly 10 times the national average savings account rate of 0.41%. Meanwhile, some of the country’s biggest banks offer just 0.01%.
Read more: The 10 best high-yield savings accounts available today
The following table shows how much you could earn if you deposited $5,000 in a savings account, and then made an additional $1,000 contribution each month for six months:
As you can see, putting your money in a high-yield savings account won’t grow your balance by thousands of dollars in just a few months — but it will allow you to maximize your returns on that money without having to do any extra work.
After opening a high-yield account, set up automatic transfers from your checking account into your new savings account. This step ensures you’re progressing toward your savings goal whether or not you’re consciously thinking about it.
Saving $10,000 in six months is definitely possible, but it may not be easy or immediately attainable for everyone.
To save $10,000 in six months, you need to save roughly $1,667 per month, or about $385 per week. Cutting back on spending, increasing your income, selling items around your house, trying various savings challenges, and depositing your money into a high-yield savings account can all help you reach your goal.
Read more: 3 smart things to do when your savings account hits $10,000
