How to Save $10,000 in 6 Months or Less in 2023 (Easiest Methods)
We live in a world where inflation is an ever-present threat. In the last few years, we have experienced the highest inflation rate, estimated at 7.4% globally. The cost of living goes up yearly as the government increases taxes and reduces subsidies to compensate for the deficit, making a living much harder.
Not just that, saving money is another challenge for future investment in retirement plans or other financial goals these days. Well, there are still multiple ways of retaining money and letting it grow over time.
If you have a monthly income of $30,000 to $ 35,000 and are wondering how to save $10k in 6 months, you can go for side hustles and other digital ways of earning and saving money for rainy days. The situation sounds familiar? Fortunately, you have landed on the right site. Here, we will reveal the best way to save 10000 in 6 months or less in 2023.
1. Get an Extra Side Hustle
Starting a side hustle to earn extra bucks to make ends meet is the finest option today. Various options available in the market are lucrative and worth the time investment.
For instance, Fiverr is a great platform where you can sell your services for as little as $5 and earn up to 100k gradually by establishing yourself with time. You don’t even need a website. Just post a few gigs relevant to your skill and wait for the buyers to come to you.
As per the recent findings, 550 categories on Fiverr cover digital services, WordPress, voiceover, logo design, copywriting, and more for creating gigs.
Similarly, Doordash is another best way to save 10,000 and generate good sums. It is an online food delivery platform where you can select high-paying food delivery gigs per your preferences.
2. Start an Online Business
The hype of eCommerce is in demand and getting popular each passing day with the influx of more people towards online business. It is an extremely beneficial option that can generate enough income to support a household and save 10000 in 6 months without additional expenses.
However, starting a business is not child’s play. You must have a solid business plan and killer marketing tactics to outperform your competitors and obtain a good profit margin over time. Well, that doesn’t mean you have to be an expert. All you need is to follow a proper method to start a successful online business that includes:
- Thorough market research.
- Selling products in a way that solves your customer’s problem.
- Having a unique selling point.
- Selecting the right business model (B2B, B2C).
- Meeting all the legal requirements.
You can set up a stellar business website with tailor brands that provide various tools from logo designing to creating digital cards to make your site visually appealing.
3. Invest in Stocks
Investing in stocks is the best way to save 10000 in 6 months. The stock market has an average annual return of 10%, making it a good choice for people with enough time and assets to stay in the market for a long time. Brokerages like Robinhood let you trade up to 5000 stocks and ETFs commission-free, providing access to a platform of tools and research to help you build a diversified portfolio.
Investing in stocks means buying shares of a company, which will eventually increase in value because of your investment. The more you invest, your company will grow and produce profits. So, the best way to save 10000 is to buy the stocks of a well-performing company.
If you have been in the stock market for some time, you must not worry about how to save 10,000 in 6 months as it has a great profit margin. Nevertheless, it comes with some risks, so investing in stocks as a beginner is unsafe if you intend to save.
4. Buy Bitcoin
The high volatility of cryptocurrency makes it a great option to invest and trade in crypto assets for high money reserves.
For that sake, Bitcoin is the most popular cryptocurrency worldwide that has gained much popularity over the years. It can be used for payment transactions and as an investment tool. It is also the most valuable cryptocurrency by market cap, so if you need to save 10000 in 6 months, you should consider investing in it for fruitful outcomes.
If you are looking to buy Bitcoin, the best place to go is Binance. It is the most renowned crypto exchange platform that offers a better-priced option than other exchanges and allows you to buy Bitcoin with fiat currency. Plus, if you want to trade altcoins on Binance, it’s possible to do so with minimal effort.
5. Flip Websites
Flipping websites, also known as restoring sites, is a profitable mode of making money for decades that involves buying, improving, and reselling pre-existing sites.
It is the best way to save 10,000 in 6 months or less by generating a great income stream. Many people have recently bought websites that are worth a lot of money and could be sold for a higher price than what they paid. You can also purchase cheap domains and then resell them at a higher price later on if they do well on Flippa. It is the easiest way to earn extra cash without spending much time and effort.
The best practices for flipping websites include the following:
- Choosing a profitable domain
- Make amendments as per the recent market values
- Set the best price for resale
You can trust Flippa.com as a unique domain selling and buying platform with various options for entrepreneurs and beginners. You can browse top online businesses and select the best suited to your needs.
Hence, saving money is not rocket science if you have the right strategy and courage to take risks. With the great investment options, you can try out many ways to save 10,000 in 6 months without hassle.
Now you must be substantially aware of how to save 10k in 6 months with minimum input and rigorous planning.