Trying to figure out how to save 10k in 3 months can feel intimidating. But if you need a chunk of money soon, it’s absolutely achievable with the right plan. The higher your income is, the easier it’ll be, but with the right focus, discipline, and strategy, you can reach your financial goals.
At Remitly, we believe in helping you take control of your financial future. In this guide, we’re going to break down exactly how to reach a $10,000 savings goal quickly. Whether you’ve been working in the US for a long time or are new to the country, we’ll give you tips for creating a budget, cutting costs, increasing your income, and staying motivated.
The math: Breaking down your goal
There are lots of reasons why you might need a large amount of money fast. Maybe you’re planning a big move, supporting a family, saving for a down payment on a house, or setting up an emergency fund. But whatever the reason you need $10,000, it’s achievable with the right plan. Even if your income isn’t huge, you can reach your target by staying focused and strategic.
A good way to stay motivated is to break down the amount into smaller pieces. Think of it this way: you have roughly 12 weeks to reach your target. If you want to save $10k in three months, that means you need to set aside around $834 per week, or $3,334 per month. Yes, that’s a significant chunk of money, but when you know exactly what your target is, you can start making plans to reach it.
Saving $10,000 quickly will be a challenge, especially if your budget currently feels tight. But don’t be intimidated by the total amount. Focus on what you can control day-to-day and week-to-week. You may be surprised how big a difference even small adjustments can make.
And don’t get discouraged if you don’t hit the full target every week. Keep going, focus on steady progress, and you’ll get there.
Let’s take a look at some practical ways to reduce expenses, increase income, and stay motivated, so saving $10,000 in 3 months becomes an attainable goal.
Step 1: Create a detailed budget
If you want to learn how to save 10k in three months, the first step is understanding exactly where your money goes now. Building a successful $10k savings plan is the first step to reaching your goal.
It doesn’t need to be complicated. A spreadsheet, a basic budgeting app, or even a sheet of paper is enough to get you started.
Begin by listing all of your income sources after taxes. Include paychecks, outside gigs, benefits, money earned from freelance work, or any paying hobbies you have. This total figure is the amount you have available to work with each month.
Next, if you can, track every single expense for a full month. This will give you the clearest picture of your financial health. If you don’t have time to do that, try to at least track your expenses for two weeks, then multiply that number by two. Remember to take monthly charges like subscriptions into account.
Split your spending into two categories: needs and wants.
- Needs: things like rent, utilities, groceries, transportation, and insurance.
- Wants: takeout, streaming services, shopping, entertainment, and travel.
It’s really important to be honest with yourself. Decide what you realistically need and what you can do without. Reaching your goal of saving $10k in three months may mean you have to sacrifice some of the things you normally enjoy spending money on, at least in the short term.
Once you know where your money is going, compare your total expenses to your take-home income. This will tell you how much you can allocate each week to your goal of saving $10,000 quickly.
Here’s an example of a budget layout you can use to see exactly where your money is going:
Monthly budget template
Income (after tax):
| Primary job | $ |
| Secondary job/side gigs | $ |
| Other income | $ |
| Total monthly income | $ |
Expenses (needs):
| Rent/mortgage | $ |
| Utilities | $ |
| Groceries | $ |
| Transportation | $ |
| Insurance | $ |
| Total needs | $ |
Expenses (wants):
| Dining out | $ |
| Entertainment | $ |
| Subscriptions | $ |
| Shopping | $ |
| Total wants | $ |
Once you’ve totaled everything, subtract your expenses from your income to find your balance. You might put that full balance toward your savings, or you might reduce it if you need a little cushion elsewhere.
| Balance available (income less expenses) | $ |
| Amount to save toward $10k: | $ |
Step 2: Cut your spending
Unless you earn a lot more than you spend, you’re probably going to need to reduce your expenses wherever possible to save $10k in 3 months. Cutting your spending doesn’t have to mean getting rid of everything fun in your life, but it does mean being intentional and focusing on high-impact areas.
Whether you’re an immigrant, an expat, or a long-time US resident, here are some strategies you can use that can free up hundreds of dollars each month and make your $10k savings plan much more realistic.
Housing
Housing is most people’s biggest monthly expense. There isn’t always a lot you can do about the cost of your housing, unless you’re willing to move to a smaller place. However, you might be able to renegotiate your lease if it’s up for renewal. Some landlords may be open to small discounts if you commit to a longer lease or pay early.
You could also consider finding a roommate or renting out a room in your house as a short-term vacation rental, especially if you live in a place that is a popular vacation destination. Doing this can drastically cut one of your biggest expenses.
Food
Groceries and takeout add up fast. You can trim your grocery bill by planning your meals and cooking in batches. That means making a lot of food in one go and then storing it so that you can eat it in the future. Many ingredients are cheaper in bulk, and this saves you both time and money, since cooking once can provide meals for days.
Choosing generic brands over brand-name groceries often helps save you money. In many cases, the store-brand food is just as good and can be significantly cheaper.
Take advantage of store loyalty programs for discounts and coupons. Many supermarkets will give you back some of the money you spend, and if you have an aggressive savings goal, it might be a good time to cash in some of the loyalty points you may have already earned.
Be mindful of restaurants and takeout. In general, cooking at home is always going to be cheaper. That doesn’t mean you have to stop going to restaurants entirely, but be intentional about how often you do it. Two or three restaurant meals a week can cost hundreds of dollars, and you could feed yourself at home for a fraction of that cost.
Think about your work lunches, too. Bringing food from home is almost always cheaper than stepping out of the office to buy something for lunch. A little preparation and planning can help you save significant amounts on your grocery bill.
Transportation
Gas, parking, insurance, and car maintenance costs can add up quickly. Using public transportation can be much cheaper if you live in a city that has a good transport network. If you already have a car, consider carpooling with coworkers and asking them to help with your gas costs.
Subscriptions and bills
Review all your recurring charges, including streaming services, gym memberships, apps, and delivery subscriptions. If you’re not actively using something, cancel it.
Some subscriptions, like your phone plan and internet, are basically unavoidable. However, these businesses are often highly competitive, and if you call them, you may be able to negotiate a lower rate. Also, look for deals offered by competitors to attract new customers. These can often cut your bills in half.
Step 3: Increase your income
Cutting your expenses is an important part of how to save $10k in three months. But ultimately, there’s a limit to how much you can cut out. On the other hand, how much you can earn is limitless. So increasing your income, even if only temporarily, is one of the most effective ways to boost your $10k savings plan and reach your goal.
Here’s a few ways to boost your earnings:
Gig economy
Technology has made gig work easier and more accessible than ever. You can drive for services like Uber or Lyft, deliver food with DoorDash or Uber Eats, or complete small home-related tasks through TaskRabbit. These services take effort, but they can provide a good way to boost your income and help you meet that savings goal.
Use your skills
We’re all good at something. And your specialized skills could help you earn more income to save 10k in three months. For example, you could offer tutoring in subjects that you know well. If you speak a second language, you could provide translation services. Or you can take on freelance writing, editing, design, or programming projects. Websites like Upwork, Fiverr, and Freelancer can help you find short-term work that can boost your earnings.
Important note: these gigs require you to be legally allowed to work in the first place. If you’re an immigrant to the US, make sure you fully understand the conditions of your visa, because some limit the kinds of work you can do. Make sure any side job you take on is allowed under your immigration category.
Step 4: Automate and stay motivated
As the money starts to stack up, it’ll help to keep you motivated to stick to your 10k savings plan. You can make things easier on yourself by automating the process.
Set up automatic transfers from your checking account to a high-yield savings account every time you get paid. You’ll quickly get used to paying this like any other bill, and it’s a powerful way to make sure you meet your savings goal.
Motivation is incredibly important when it comes to saving money. You can create a visual tracker, like a progress chart or a thermometer, that helps you watch your savings grow. As you see the amount go up, you’ll be motivated to add even more.
It’s also a good idea to treat yourself along the way and celebrate small milestones. For example, when you reach your first $1,000 saved or hit a weekly target, you could reward yourself with something low-cost. Think a movie night at home, a trip to the beach, or some time spent on your favorite hobby.
These little celebrations make the journey feel like fun instead of overwhelming, helping you to stay focused on your goal.
Your path to save 10k in 3 months starts now
Saving $10,000 quickly can seem like a challenge, but the best way is to take it step-by-step.
First, take an honest look at your income and expenses to see where you can make cuts. Then, consider taking on side jobs to make more money. Automate your banking to watch your savings grow.
Saving $10,000 in three months may not be easy, but it’s doable. Achieving this goal is a rewarding challenge that helps build strong financial habits. Once you hit your goal, you may find yourself motivated to keep saving and adding to your wealth.
No matter what your starting point looks like, saving $10,000 is achievable. Take control of your finances and see how much you can save.
FAQs
Is it realistic to save $10,000 in three months on a low income?
The more money you make, the easier it is to save 10k in three months. But even on a lower income, it’s possible to hit your target by aggressively cutting costs and increasing your income through side jobs.
What’s the best type of account for saving this money?
Choose a high-yield savings account to boost your savings. Earning interest on what you save will help you get to your goal even quicker.
What if I have an emergency and need to dip into my savings?
This is why it’s essential to always have an emergency fund. Even a relatively small amount, like $1,000, should be kept separate from all other money in case you ever need it. If you don’t have an emergency fund, it’s a good idea to build that first before you start tackling a more ambitious savings goal.
How do I avoid burnout while working so much?
Savings are important, but you also need to take care of yourself. That’s especially true if you take on extra work to reach a savings goal.
Don’t forget to schedule rest days. Also, treat yourself when you reach specific savings goals. Not only will this help to keep you motivated, but it’ll also help you perform at your best so that you can continue saving over the long term.