I’m a money-saving expert – here’s how you can save £10k in a year & why budgeting makes it HARDER… – The Sun

by MoneySaverExpert

WHILE it might seem daunting at first, it’s actually pretty simple to put away £10k a year.

And no, it doesn’t mean giving up all your life’s luxuries according to this money-saving pro, and budgeting isn’t the way either, he says.

Gabe Bult is a money-saving expert and has some easy ways to save £10k in a year


Gabe Bult is a money-saving expert and has some easy ways to save £10k in a yearCredit: Gabe Bult/Youtube
Saving can be fun with these simple tips


Saving can be fun with these simple tipsCredit: Getty

Gabe Bult is a self-professed frugal fanatic and has built up a fanbase online thanks to his money-saving ways.

While he is well on his way to financial freedom, the money expert admits it wasn’t always easy – but it can certainly be done.

“All it really comes down to is following some simple steps,” he explains in a clip on YouTube.

Here, he reveals five easy ways to help you save more than you ever have before.

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Set it as a goal and write it down

Goal setting isn’t new and we’ve probably all made some we haven’t stuck to.

But Gabe reckons writing it down is the key to seeing them through as it helps you stay motivated.

In fact, he says we are 42% more likely to achieve our goal if we write it down, and the results could be life-changing.

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So if you’re setting a particular money goal, write it down in a diary, on a Post-It, even on your fridge.

Seeing it every day will help you stay on top of it, and chances are you won’t lose interest either.

Put your money where you can’t get to it

Imagine putting money away for a rainy day but you’re able to dip into it whenever you need it. You’ll never reach your savings goal.

Gabe recommends something like a high-interest savings account where you can earn interest on the amount you have saved.

You can open an account for a year or so and adopt a set and forget approach.

“You can set it up to have part of your paycheck sent directly into another account,” he suggests.

DON’T make a budget

You might have tried a budget or two in your adult life, but Gabe reckons they’re a sure-fire way to lose sight of your goals.

“While some people like budgets, I don’t. They’re not a lot of fun,” he says.

“If that is something you’re into there are a lot of great ways to do it and they can be super helpful, but it’s not necessary.”

Gabe said he hates numbers, so creating a spreadsheet just doesn’t make sense – and the same can be said for others too.

But more than that, he says they often work for a short period of time but never in the long run, and they can put way too much pressure on the person trying to save.

“When you aren’t earning a lot of money and you budget, you might find yourself needing more money,” he says.

And adds: “Cheat if you have to and just have fun with it.”

How much you need to save in a day

To reach your £10,000 goal, you need to be saving £833 a month. That’s just £27.40 a day.

Here’s how that can look:

  • Make coffee at home – £3 a day
  • Stop buying clothes you don’t need – £150 a month/£5 a day
  • Bring food and water to work – £10 a day
  • Cancel one unused subscription – £12 a month/ 40p a day
  • Eat out a few times less per month – £120 a month/£4 a day
  • Side hustle earning £5 a day

That’s £27.40 a day saved.

Side hustle

The easiest way to save more is to earn more, and Gabe says a side hustle is the way to go.

“Use all the money you earn from a side hustle and put it into savings,” he suggests.

“It could be the very thing that catapults you into building wealth and getting out of debt.”

Some side hustles might include buying and selling on Facebook marketplace, or furniture flipping, for example.

“With a bit of research, this is not that hard to do. I’ve done it with couches, tools, there’s a bunch of different stuff and it can be really fun,” says Gabe.

Other options might include cleaning houses, washing cars or mowing people’s grass. Starting a social media channel can be pretty lucrative too.

“Some [side hustles] you might only be working a couple of hours a week, but you can make a lot of money for those hours,” he says.

“If there’s something you really enjoy talking or learning about you can teach somebody online or in-person and start making money.”

When in doubt, frugal it out

According to Gabe, one of the things that can make the biggest impact right away is being frugal.

“Frugal living has been the number one thing that has completely changed my life,” he says.

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Saving money instead of focusing on earning more money is the way to go,

“It’s more efficient and will have a bigger impact,” Gabe says.

All you need to save is £27.40 a day to reach a goal of £10k in a year


All you need to save is £27.40 a day to reach a goal of £10k in a yearCredit: Getty

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