How to Save $20,000 in 2 Years

save $20,000 in 2 years
How to Save $20,000 in 2 Years

I know saving money is tough, but how would you like to save $20,000 in the next two years?

Just think of all the possibilities that come with the extra cash: retirement savings, college savings, starting a new business, vacations on a beach, or much more!

Regardless of spending your $20,000 responsibly or not, I think we can all agree that having extra money around would be appreciated.

It won’t be easy. To save $20K over the next two years boils down to saving roughly $833 a month! I bet you’re up to the challenge, you go-getter you!

So today I wanted to write down a few suggestions and help you save $20,000 over the next two years.

Do you want $20,000 in the next 2 years? With the extra money, you could save for retirement, pay off debt, or take a vacation! It may be difficult, but it sure is possible. Here's our guide on how you can save $20,000 in 2 years!
How to save $20,000 in 2 years

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How to save $20,000 in 2 years!

Work Two Jobs

Hello? You still there? I hope this suggestion didn’t scare you away, but working two jobs is one of the best ways to reach your savings goal over the next two years.

The key to success with working two jobs is to live on one salary and save the other salary.

This strategy works wonders with married couples! If both spouses work, hopefully, one spouse brings in enough money to cover the cost of living, while the other spouse brings in enough to meet your savings goal. You may have to tighten up your budget to make it happen!

This strategy doesn’t work for everyone, but if done right it can be a very powerful savings tool!

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Only Buy The Necessities

Buying things is fun. I can’t walk into a Costco without seeing something new that I want to buy. You know what? Buying things is dangerous!

Buying things is why we are rapidly becoming a nation in debt. Life is hard, so we buy things that are fun and entertaining. Stop buying fun and entertaining things and save some money!

You can go out and have a fun night or buy something you want now and then. Don’t go out and have a fun month like my college friend who woke up one morning, checked his bank account, and had an astonishing $0.01 to his name (true story). Having a fun month makes your bank account want to curl up with a tub of ice cream, crying and watching old re-runs of Friends.

Main point: Don’t be mean to your bank account, buy only the things you need and not the things you want.

Don’t Eat Lavishly

Who doesn’t love steak and lobster? (Vegetarians – I know you were thinking it). Don’t eat steak and lobster if you’re trying to save $20,000. It’s time for you to pass the salt and eat a modest money-saving diet.

I’m sure we all agree that we love excellent, delicious, mouth-watering food. Today we pay more money the more delicious a meal is. Remember, back in the great depression, they didn’t have a lot of money. Eating to live was the norm, not living to eat.

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Sell What You Aren’t Using

I know you had great intentions for buying that treadmill. You keep telling yourself that you’ll start back up on the fitness train next week. All pumped to run on it Monday morning at 5 a.m. Sadly Monday morning rolls around, and you hit the snooze button, treadmill still taking up space.

Does this sound like you? Maybe it’s something else in your house, but you probably have all sorts of stuff around your house you can get rid of.

Selling things we no longer need not only frees up space but is one of the fastest ways to hit your $20,000 saving goal.

Challenge Yourself Not To Spend Money

No spending challenges are perfect for goal-oriented people. How long can you survive without spending a single penny?

Obviously, you’ll still have to pay the rent and your other responsibilities. I don’t want to hear from you about how your landlord is angry because he didn’t get his money.

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Dump Your Storage Unit

Storage units aren’t all bad, but most of us get them thinking you’ll only use it for a month while you get your storage needs situated. Year after year goes by while you pay not to use your stuff!

I once had someone tell me they rented a storage unit for a couple of couches worth $100 each and they sat there for years! They’re paying at least $50 a month for the unit. Consider the value of your items versus the amount your paying.

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Cut Cable and Internet

Seriously, look at your cable and Internet bill. Ask yourself if it’s worth it. Chances are you are paying way too much for the service they are providing.

There is a lot to do in life besides TV and cat videos. Try a new hobby, visit a library, or join a sports league. I guarantee it will be hard at first, but you might end up liking all the extra free time you discover.

Make a Plan

If you haven’t made a plan on how you are going to reach your $20K goal, then chances are you will fall short.

Remember, numbers don’t lie. Adjust your budget and know how much you will save in the next 24 months.

Not saving enough to meet your goal? How do you plan to make up the difference? Are you going to work more overtime, mow some lawns, or find some other money-making method?

 

What are your favorite tips for saving money? What has worked for you in the past? Please let me know in the comments below.

Are you still looking for more ways to save money, consider taking our free budgeting and save money course. The course is full of tips to help your family save more money!