It’s the first of the year & definitely an exciting time for setting new goals!
Stick around if you’re interested in saving $10,000 this year – we will illustrate how much it will take to save per week & per month.
Learning how to save is a skillset that everyone should strive to implement. Whether you’re stocking away liquid cash in a HYSA (High Yield Savings Account) or investing into the Market, both are great habits to follow.
There’s many different methods or allotments you can save in – whether it’s several lump sum savings amounts or it’s saved throughout the year on a weekly or monthly basis, you have several ways to achieve your goal.
We prefer to create an Savings Plan that we can implement on a recurring basis throughout the year. We will break down two options that can be implemented on a Weekly or Monthly basis for this year.
How Much Will I Need To Save on a Monthly Basis to save $10,000 in one year?
Great question! In order to save, $10,000 in one year or 12 Months – you will need to save $833.33 or $834 rounded up per month to achieve this goal.
| Months | Amount | Total |
| 1 | $834 | $834 |
| 2 | $834 | $1,668 |
| 3 | $834 | $2,502 |
| 4 | $834 | $3,336 |
| 5 | $834 | $4,170 |
| 6 | $834 | $5,004 |
| 7 | $834 | $5,838 |
| 8 | $834 | $6,672 |
| 9 | $834 | $7,506 |
| 10 | $834 | $8,340 |
| 11 | $834 | $9,174 |
| 12 | $834 | $10,008 |
How Much Will I Need To Save on a Weekly Basis to save $10,000 in one year?
If you’d like to break up your savings goal into a weekly occurrence, you’d need to save $192.30 or rounded up $193 per week for 52 weeks to achieve your goal. After saving $193 for 52 weeks your total amount would be $10,036 saved – not including any dividends or interest you could earn on that money as well.
| Weeks | Amount | Total |
| 1 | $193 | $193 |
| 2 | $193 | $386 |
| 3 | $193 | $579 |
| 4 | $193 | $772 |
| 5 | $193 | $965 |
| 6 | $193 | $1,158 |
| 7 | $193 | $1,351 |
| 8 | $193 | $1,544 |
| 9 | $193 | $1,737 |
| 10 | $193 | $1,930 |
| 11 | $193 | $2,123 |
| 12 | $193 | $2,316 |
| 13 | $193 | $2,509 |
| 14 | $193 | $2,702 |
| 15 | $193 | $2,895 |
| 16 | $193 | $3,088 |
| 17 | $193 | $3,281 |
| 18 | $193 | $3,474 |
| 19 | $193 | $3,667 |
| 20 | $193 | $3,860 |
| 21 | $193 | $4,053 |
| 22 | $193 | $4,246 |
| 23 | $193 | $4,439 |
| 24 | $193 | $4,632 |
| 25 | $193 | $4,825 |
| 26 | $193 | $5,018 |
| 27 | $193 | $5,211 |
| 28 | $193 | $5,404 |
| 29 | $193 | $5,597 |
| 30 | $193 | $5,790 |
| 31 | $193 | $5,983 |
| 32 | $193 | $6,176 |
| 33 | $193 | $6,369 |
| 34 | $193 | $6,562 |
| 35 | $193 | $6,755 |
| 36 | $193 | $6,948 |
| 37 | $193 | $7,141 |
| 38 | $193 | $7,334 |
| 39 | $193 | $7,527 |
| 40 | $193 | $7,720 |
| 41 | $193 | $7,913 |
| 42 | $193 | $8,106 |
| 43 | $193 | $8,299 |
| 44 | $193 | $8,492 |
| 45 | $193 | $8,685 |
| 46 | $193 | $8,878 |
| 47 | $193 | $9,071 |
| 48 | $193 | $9,264 |
| 49 | $193 | $9,457 |
| 50 | $193 | $9,650 |
| 51 | $193 | $9,843 |
| 52 | $193 | $10,036 |
So as you can see, if you break your goals up into smaller iterations – they can seem much more achievable.
We hope you get some motivation from these illustrations & you guys strive to crush all of your goals for the upcoming year!
Let us know – what are some of your big investment or savings goals for this year, down below in the comments!