How I Saved $30k in 6 Months

How I Saved $30k in 6 Months.

Saving $30,000 in six months is an ambitious goal, but it’s achievable with the right strategy, discipline, and commitment.

Whether you’re saving for a down payment, a new business, or a financial cushion, this guide will walk you through the necessary steps to make it happen.

Here’s how I saved $30k in 6 months. 

I decided to save over $30,000 in 6 months to help me increase my real estate holdings.

Disclosure: I have included some affiliate links below, and I may receive commissions for purchases made through these links at no additional cost to you.

This decision was part of my path to financial freedom, and I would need to save a substantial sum of money to get started.

My project became known as my $30k Goal Fund.

That amount would help me purchase a property or build an ADU (Accessory Dwelling Unit) on my existing property.

An ADU is also commonly known as a Granny Flat or Mother-in-law suite and can be a great source of side income.

Here’s an example of an ADU.

My first goal was to create a budget and track my spending.

Step 1: Set a Clear Goal and Budget

Before you begin, define why you need to save $30,000 (or your savings goal amount) and what you will use it for. Having a specific goal helps you stay motivated. Remember, mine was to save for a piece of real estate property. 

Breakdown of Monthly and Weekly Savings Goals

• Monthly Target: $30,000 / 6 months = $5,000 per month
• Weekly Target: $5,000 / 4 weeks = $1,250 per week

Knowing these targets allows you to structure your budget effectively.

Over the years, I have half-heartedly attempted budgeting but always found myself eventually letting my tracking fall by the wayside.

Then, it would be months later before I thought about it again. 

I vowed to be different this time and committed to reviewing my budget daily.

Ultimately, I did miss tracking some days, but I immediately got back ‘on track.’

Free budget tools, such as EveryDollar, and paid budget tools exist. 

Step 2: Assess Your Current Financial Situation

My next step was to review a year’s worth of my online banking statements, credit card statements, and PayPal purchases to find additional spending categories to add to my budget.

Evaluate your income and expenses. List all sources of income, including your salary, side gigs, and passive income.   

This was an eye-opening experience, as I saw where much of my money had gone.

I concluded that I shop as a form of entertainment (not easy to admit that) after seeing multiple purchases with substantial amounts from shopping sprees at Ross Department Store, Macy’s, and online retailers.

To reach my $30k, I knew I needed to curb my bad shopping habits and eliminate SWB—Shopping While Bored.

Going through a year’s worth of statements also helped me budget for those once-a-year expenses such as organization membership dues and rarities like new car tires and maintenance.

Create a Savings Plan

• Mandatory Expenses: Rent/mortgage, utilities, insurance, debt payments
• Variable Expenses: Food, transportation, entertainment
• Luxury Expenses: Eating out, subscriptions, shopping

Your goal is to reduce non-essential spending to free up as much money as possible for saving.

During this process, I also closed several bank accounts to organize and manage my money more efficiently and aid in my other personal journey: minimalism.

I filed my income tax returns and had my refunds go directly into a separate high-yield savings account.

It was nice to log into my account and see that ‘Bonus’ money pop up.

Yes, I know I gave the government a tax-free loan for the entire year that year (i.e., a refund of my own money), but this time around, I felt GOLDEN receiving it.

Then, lo and behold, I received another check from the State for over $400 for a previous year…with interest.

Cha-ching! More money towards my $30k Goal Fund project.

Step 3: Minimize Debt Payments

More on How I Saved $30k in 6 Months

If you have outstanding debts, try to minimize payments during these six months.

Strategies to Reduce Debt Impact

• Refinance Loans: Lower interest rates can reduce monthly payments.
• Negotiate with Creditors: Ask for lower payment plans.
• Minimum Payments Only: If possible, pay only the minimum to focus on savings first.

Step 4: Stick to a Strict Budget

Budgeting is critical to staying on track.

Effective Budgeting Techniques

• Use Budgeting Apps: Mint, YNAB (You Need a Budget), or EveryDollar can help track spending.
• Cash-Only System: Withdraw only what you need and avoid credit card use.
• Track Expenses Daily: Keep a journal or spreadsheet to monitor spending.

Step 5: Cut Unnecessary Expenses

Reducing expenses is key to accumulating savings quickly.

Areas to Cut Costs

1. Housing: If possible, move to a cheaper place, get a roommate, or negotiate rent.
2. Food: Cook at home, meal prep, and avoid dining out.
3. Transportation: Use public transportation, carpool, or sell your car if it’s an unnecessary expense.
4. Subscriptions & Memberships: Cancel streaming services, gym memberships, and other non-essential subscriptions.
5. Shopping: Limit discretionary spending and avoid impulse purchases.

Every dollar saved here contributed to my $30,000 monthly target.

Step 6: Increase Your Income

Cutting expenses alone might not be enough; boosting your income can make a significant difference.

Ways to Earn Extra Income

1. Negotiate a Raise: If you have a stable job, ask for a salary increase.
2. Overtime Work: Take on extra shifts if your job allows.
3. Freelancing: Offer services in writing, graphic design, or virtual assistance.
4. Side Hustles: Consider gig economy jobs like Uber, Lyft, DoorDash, or TaskRabbit.
5. Sell Unused Items: Declutter your home and sell items online via eBay, Craigslist, or Facebook Marketplace.
6. Rental Income: Rent a spare room on Airbnb or lease an unused car.

Side hustles are a great way to make some extra money.

I have a few side hustles and knew I needed to be more aggressive with them to bring in additional money.

My most lucrative side hustle is my Airbnb business (short-term rentals within my home).

At the time of my $30k project, I was an experienced Superhost, providing extraordinary experiences for my guests.

Being designated as a Superhost comes with a Superhost status badge attached to my Airbnb listing.

         

When I ask my guests why they chose my Airbnb, the response I hear most often is that I’m a Superhost and that I have excellent reviews from prior guests.

To bring in more Airbnb funds, I rarely blocked my calendar for bookings, and I increased my nightly base rate slightly.

Airbnb Superhost badge shown on my listing

Some of my other side hustles include selling my books (on Amazon and participating in author platform vending shows).

My Mystical Magical Shrinking Hair

I also sell my custom-designed t-shirts on Amazon through their Merch By Amazon program.

Some of my additional side hustles include working on celebrity events here in Los Angeles and paid speaking engagements (I’m working to get more paid speaking gigs).

If I’m asked to speak, I ask if a stipend is included, and I always ask to be able to sell my books at the back of the room.

A Natural Hair Book for Little Girls All Over the World

I went full throttle on my side gigs to add to my $30K Goal.

 

Creating an Excel spreadsheet, which I update each time I earn money from a side gig, helped me track my extra Side Income.

Get your free copy of my spreadsheet here, and then go here to get your free copy of my ebook 40 Side Income Ideas.

I decided to lower the amount going into my 401k (TSP—Thrift Savings Plan) at work to increase the amount going into my paycheck.

I wasn’t leaving money on the table, as my contribution amount was still above the amount needed to get the matching amount from my employer.

My savings account then paid a paltry .03%, so I closed it and moved the funds to an online bank that paid over 2% to increase my earnings.

Here’s an example of the earnings power in percentage points: $10,000 with an annual percentage yield (APY) of 0.28% is only $28, while $10,000 at a 1.85% APY is $185.

That’s a no-brainer. I should have moved that money months ago.

Step 7: Take Advantage of Employer Benefits

If your employer offers benefits that can reduce expenses, take full advantage.

• 401(k) Matching: Contribute enough to get the full employer match.
• Health Savings Accounts (HSA): Reduce medical expenses by using pre-tax dollars.
• Work Perks: Utilize free meals, gym memberships, or transportation assistance

Step 8: Reduce Entertainment & Social Costs

Social activities can drain your savings quickly. Opt for budget-friendly alternatives.

Affordable Entertainment Ideas

• Host game nights instead of dining out.
• Use free community events for entertainment.
• Stream free content instead of paying for subscriptions.
• Visit your local library. 

I enjoy cooking, so I packed my lunch at least 4 out of 5 workdays.

The one change I made to make it smoother and easier was to cook my lunch for the week on Sunday afternoon and package it in individual containers.

If you need lunch and dinner ideas at a great price, check out $5Meals.

A typical lunch would include salmon, shrimp, brown rice, and broccoli. It was delicious, healthy, yummy, and a third of the restaurant’s lunch prices.  

In the mornings, I would open my fridge, grab a pre-packed lunch container, and go! 

I love doing paid focus group surveys, and I’ve always treated the payments like ‘found money’ for a shopping spree. No more!

Those funds were now going to my $30K goal fund. During that time, I participated in a focus group that paid a cool $150 for two hours of giving my opinion on different yogurt brands.

There are even focus groups where you can get paid to watch TV.

At the end of the focus group, the company announced the launch of a new Japanese-style yogurt in the US market, which we got to taste test and give our opinions on.

We were also gifted with some yogurts to take home with us.

Have you ever heard of the ALove yogurt brand? It contains tiny, chunky pieces of aloe vera gel. I believe their production in the US has been discounted. 

 I went from room to room in my home and found many unused items I could list on eBay to generate income.

Among the items listed were a black Harley leather jacket, a new James LaBron Laker t-shirt (not the one shown below), shoes with their tags still on, and more.

Not only did I earn cash from selling these items, but I also minimized the clutter in my home.

Step 9: Live off of one paycheck

One of the most effective ways I reached my $30k goal was to learn how to live off one paycheck and bank the other (we were paid bi-monthly).

If you are a two-person paycheck household, perhaps you could bank one person’s pay and live off the other. If that’s a stretch, maybe save every other paycheck or a variation. 

Reaching my goal was exhilarating, and It was so exciting to see my savings increase each month.

After reaching my goal, I set my sights on adding to my $30k, looking for real estate deals, and tackling that student debt.

Step 10: Track Progress and Adjust as Needed

Regularly reviewing your savings progress ensures you stay on target.

Checkpoints

• Weekly: Ensure you’re hitting the $1,250 goal.
• Monthly: Review income and expenses, adjusting where necessary.
• Midway (3 months): If behind, find additional ways to cut costs or earn more.

To recap, here’s how I saved $30k in 6 months:

(1).  Set a clear goal and budget.

(2).  Assess your current financial situation.

•   I reviewed a year’s worth of statements and bills paid to evaluate my spending habits and see where my money was going. 

(3).   Minimized my debt payments.

•   This can include refinancing loans, negotiating with creditors, and minimizing payments to focus on savings first. I reduced my savings going into my 401k plan but stayed at the contribution level to receive the full company contribution.  

(4).  Committed to a strict budget.

(5).  I cut unnecessary expenses.

(6).  Increased my income.

• I increased the money I earned from my side hustles (Airbnb, book sales, t-shirts, working celebrity events, speaking engagements). Click here to discover 40 Income Ideas.

(7).  Take advantage of your employee benefits.

(8).  Reduce entertainment and social outing costs.

(9).  Track progress and adjust as needed.

(10). Learned to live off one paycheck and save the other.

Final Thoughts

Saving $30,000 in six months requires dedication, sacrifice, and strategic planning.

You can reach your financial goal by cutting expenses, increasing income, automating savings, and staying disciplined.

Stick to your plan, track your progress, and celebrate small milestones!

Are you ready to take on the challenge? Start today and transform your financial future!

Not it’s your turn. What different things have you done to save for a specific monetary goal? 

Please share it with us in the comment box below.

skillshare.eqcm.net/55Arv9

Related Posts:

Tips for Saving Your First $1,000 towards your Emergency Fund
How to earn FREE Amazon Gift Cards
How to Raise Your Credit Score

Learn to Live Rent Free