Stop Hesitating and Start saving $10k in a Year.

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I used to be the type of person who always said, “I’ll start saving next month.” But every month, something came up—rent, groceries, car repairs, nights out—and the next thing I knew, another year had passed with almost nothing saved.

In 2024, I finally got tired of hesitating. I was earning about $60,000 a year after tax, which is decent, but it felt like all of it disappeared. I decided to challenge myself: save $10,000 in one year. At first it felt impossible, but once I broke it down, made a plan, and stuck with it, I actually did it. Here’s how you can too.

Why I Chose $10,000 as my saving goal

For me, $10,000 wasn’t just a number—it represented peace of mind. It meant:

A proper emergency fund in case of job loss or medical bills.
Enough to finally start investing seriously in my TFSA and RRSP.
A financial cushion that gave me confidence and reduced stress.

On a $60k salary, $10k is about 16–17% of annual income. Ambitious, yes, but realistic.

Breaking It Down

When I looked at $10,000 as one lump sum, it felt overwhelming. So I divided it:

$833 per month
$416 every two weeks
About $27 per day

Suddenly, it felt possible. I realized if I could cut out a daily lunch or coffee habit, I was already halfway there.

My Budgeting System

I started with the classic 50/30/20 rule, but I made my own version:

50% → Needs (rent, bills, groceries)
25% → Wants (I reduced dining out, impulse shopping, and subscriptions)
25% → Savings (I set up automatic transfers to EQ Bank HISA + TFSA)

This small tweak added $200–300 more savings every month.

Where I Cut Costs

I didn’t want to feel deprived, so I made smarter choices instead of extreme sacrifices.

Housing: I stayed in a room rent instead of moving up. Saved ~$300/month.
Food: I meal-prepped every Sunday, which cut delivery apps and takeout. Saved $150–200/month.
Subscriptions: I canceled streaming services I barely used. Saved $40/month.
Transport: More transit, less driving. Saved about $100/month.

Altogether, these changes freed up $600+ monthly.

How I Boosted My Income

Cutting back wasn’t enough, so I found small ways to earn more:

Freelanced on weekends (writing & design gigs online).
Picked up extra shifts when available.

Even an extra $250/month pushed me closer to my goal.

Automation: The Game Changer

The single biggest factor was automation. I set up an automatic transfer of $416 bi-weekly into my savings account. It came out of my paycheck before I even saw it, so I never had the chance to spend it.

By treating savings like rent—non-negotiable—I stayed consistent all year. By December, I had crossed the $10,000 mark, and the sense of accomplishment was priceless.

What I Learned

Consistency beats perfection. Some months I saved less, but automation kept me on track.
Small habits matter. Coffee, takeout, shopping—cutting them made a big impact.
Clear goals motivate you. Having a visible “$10,000 target” kept me focused.

💡 If I could save $10k on a $60k salary, you can too. Stop hesitating, start today, and watch how quickly your efforts add up.