how i saved 10k
Young woman getting euro coin from purse

For many people, the idea of socking away a five-figure sum without having to think about it might seem absurd. However, that’s precisely what happened. Without a formal plan, I managed to save $10,000 without much thought. If you’re wondering how I pulled that off, here’s a look at what I did to set aside $10k in 2021 by accident.

My Commitment to Budgeting

First, it’s essential to understand that I’m highly committed to budgeting. I enjoy knowing where my money is going and ensuring I’m making wise choices, such as funding my retirement and boosting my investments.

However, I don’t allocate every cent. Instead, I make sure all of my expenses are covered and that funds are dedicated to specific financial goals. After that, there’s a bit of wiggle room.

In some cases, it’s simply a buffer built into specific categories. For example, food prices fluctuate, so I try to give myself a bit of space to breathe (without going overboard) when it comes to that spending area. The same goes for fuel, utilities, and other costs that are close to the same amount but aren’t consistent to the exact dollar.

Plus, I do have a “miscellaneous” category. There, I allocate some money for unexpected expenses and, of course, a bit of fun. That just takes the extra space I have and kicks it up a notch. And it’s with that wiggle room that I was able to make magic happen (and waste some as you read in my previous story).

My Savings Approach

My approach to setting the extra money aside was pretty simple. I use a monthly budget to outline my spending, giving me a functional framework. However, this year, when the month came to an end, I didn’t leave any extra cash for that month in my main spending account. Instead, I withdrew it and put it in a shoebox.

I continued with that approach every month for a full year, not really giving much thought to how much I was setting aside. When I grabbed that shoebox and counted the money, I discovered that I had $10,200 set aside.

Now, I was certainly pleasantly surprised by what I’d achieved. With that money, I”ll be able to help my daughter put a down payment on her first house. I’m feel grateful to be able to do that.

Plus, I discovered how easy it was to sock away a notable sum without having to think about it. Not monitoring how much I saved also made it reasonably stress-free. I wasn’t trying to hit a target or worried about whether I’d done “enough.” Instead, I just let it add up without giving it much attention.

In the end, it was an excellent way to go for me. So much so that I’m going to make it part of my regular savings routine.

Have you used the saving strategy above and want to let others know how it worked for you? Do you have any tips that can make saving effortless for others, allowing them to build a solid cash stash without feeling the pinch? Share your thoughts in the comments below.

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