How to save 70000 dollars in a year

I'm 24 and on track to save $100,000 by next year—here are my money-saving tips

how to save 70000 dollars in a year

If you earn at least $ a year, you could potentially save your first $k in just 5 years. Here's how.

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When Michael and I got married almost 5 years ago we had lofty goals of buying a house. We were living in a square foot apartment with a Doberman and a makeshift cabinet that held our wedding gifts. Sometimes I dreamt that the cabinet would spill out and kill me in my sleep. It was that packed. Now, our goals of saving money are bigger than ever. I want to be completely upfront with you, so you should know both Michael and I have no debt. But he worked a LOT during grad school paid off his student loans really quick.

Many people I knew had to downsize, change careers, or experienced wild income fluctuations. The truth is — my family and I went through the same thing. And, honestly, the lessons we learned can still be applied today. Many people feel that cutting expenses is overwhelming or impossible. I decided to share my story to show it can be done. We were in a good position going into our personal financial crisis.

If you have a credit card that needs paying off, do that first. My partner and I live in an extremely small one bedroom flat and we pay the least amount of rent possible. We can absolutely afford something bigger but we are choosing to live in less comfortable circumstances so we can pocket that extra money and put it towards a home of our own. We know the situation is temporary and by making concessions now it will definitely pay off in the future. Every little bit counts so open up a high interest, long term savings account asap and start putting a little bit away each month. Depending on your financial situation and what kind of house you can afford, make sure you set yourself an amount to aim for.

The majority of that money will be invested in my retirement savings accounts Roth IRA and SEP IRA ; everything else will go into my emergency fund, checking and savings and investment accounts. It's a pretty ambitious goal for a year-old, but I know it'll pay off in the long run. One of my biggest priorities in life has always been to save as much money as possible — and I owe much of that to my parents, who made sure I had a strong financial education at a young age.
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It was enough money that, when the time came, I could hand over the piggy bank as a down payment on my first apartment. I was able to save so much while making so little because I did my best to minimize bad choices, like trying to keep up with the New York Joneses, and maximize good fortune , like an inheritance from my grandmother. Both mattered a great deal. So did seemingly incidental things, like settling down with someone thrifty. And yet, nothing will deplete you faster, emotionally and materially, than getting stuck with the wrong person, or dating when you actually want to be single. Besides, love and money are usually entangled from the start, one way or another.

In fact, my first two years as a lawyer, I had to live at home with my parents because I was making such little money! Then one day I decided I wanted to turn my financial state around. Taking a leap of faith, I started my own law practice. I started from being in the ICU to being a successful entrepreneur. When I was finally earning a decent salary, I had a goal of buying a house the following year. I gave myself 1 year to buy a house.



How We Saved $50,000 Per Year

HOW TO SAVE $10,000 IN 5 MONTHS EASILY!!!

Even though I was making a decent income at the time, I still could not afford to save $6,/month to meet my $70, goal within a year.
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4 COMMENTS

  1. Msdot63 says:

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  2. Sexxiilady91 says:

    Downgrade your current living situation

  3. Liliana A. says:

    Get rid of debt first

  4. Lahual M. says:

    Savings Calculator - Work out your monthly savings and interest payments - Money Advice Service

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