Quick Ways To Save $10K Regardless of Salary, From Financial Experts

At a time of financial uncertainty like this, saving money may not seem like a realistic prospect, but financial experts believe that, with a little sacrifice and organization, you can still manage to accumulate savings for your personal projects.

While the general rule of thumb for saving is to put aside around 10 percent of your salary each month, if your projects require more money you can still achieve your goals with a little extra preparation and dedication to your cause.

Newsweek asked financial planners if it's possible to save $10,000 in one year when you don't have a very high-paying job, and the answer is yes! Below are a few tips that will help fill your piggy bank and bring your dreams to life.

Establish the Why Behind the Goal

Ariana Waitkavicz, financial advisor with UBS Wealth Management USA, in Hunt Valley, Maryland, told Newsweek that the first thing you should do is "establish your why" behind the goal.

"Inevitably in the process of working toward an outcome there will be challenges along the way, and one of the best ways to get in front of any challenge is to connect with the purpose behind the goal. That way when temptations arise outside of your budget you can reflect on your 'why' and know there's a greater purpose for your money," she said.

Reframe the Goal

After you've established the reason behind your goal, she suggests the next step is "reframing" the goal itself.

"The reality is that saving $27.40 a day would amount to $10,000 in savings over the course of a year, on the flip side overspending by $27.40 a day would create a $10,000 deficit in your savings. Even though those two statements are saying the same thing, each individual will react differently based on how the statement is framed," she said.

According to Waitkavicz, sometimes thinking in reverse is easier because it puts your goals in terms of what you can do and what you can't do.

Pay Yourself First

Now that you've reframed your mindset, it's time to get into the practical side of saving, and the top tip according to financial planners is to "pay yourself first."

Paying yourself first means giving your goals as much weight as your daily expenses. By this financial principle, a portion of your income should always go to savings or investments before using it to pay bills or other everyday expenditures. This is often done via automated savings or automatic paycheck deductions that divert the money directly into savings or investments without the need to even pass through your checking account.

Waitkavicz said: "This method really gets at the 'out of sight out of mind' concept. If you're able to make savings an expense in your budget and direct deposit that amount into a separate savings account when you're paid there's a greater likelihood that it won't be spent."

Trim Down Memberships

You're going to have to make some sacrifices if you want to achieve your goal quickly, so to try and limit your spending you should review all your memberships, and non-essential expenses, and trim down as much as possible.

Holley G. Cary, CFP, vice president and senior financial planner at First Horizon Advisors, told Newsweek you should consider trimming down things like internet service packages, excess spending on entertainment, eating out, or extra coffees, as she believes while these expenses may seem little, per week they can add up quickly.

Transfer Incentives or Bonuses Directly Into Savings

If you're employed and your company offers incentives and bonuses, Cary suggests transferring them directly into your savings account, as it will help you meet the goal faster.

Review Expenses Like Car Insurance

Another expense you can review and try to trim down is your car insurance. According to Waitkavicz if you haven't taken a look at your car insurance premium in a while, it may be worth getting new quotes from other carriers.

"Pricing may have drastically changed since you last shopped for auto insurance, especially if you've been with a specific carrier for a long time. It pays to know what else is out there!," she said.

Get a Side Gig if You Have Time

If time is more abundant than cash flow, the most efficient way to boost your savings is to find a side hustle or a gig job to bring in more extra money outside of your main earnings.

Cary suggested saving all the extra income coming from your side job, and living off the income from your primary work, in order to save up faster.

Find a High-Interest Savings Account

In order to make the most out of your saving, it is also important to find a high-interest savings account that helps you maximize your resources, according to Waitkavicz, who says that while interest rates have changed dramatically over the course of a year, most of us don't review our banking relationships as often as we should.

"Check in to see what your interest rate is and whether that's competitive with what other banks are offering. You may find a higher interest rate for your savings that can help speed up your goals!" she added.

While locking your savings away is the way to go when it comes to saving money, you should also acknowledge the fact that you may have to dip into those emergency funds should an unexpected event occur. But Cary reassures: "If so, don't lose sight of your savings plan and get right back on track with your method to replenish what you used and continue working towards your goal."