Saving $10,000 in just one year can feel out of reach for many households. To test what’s possible, I asked ChatGPT to map out a realistic savings plan to get there. The result is a mix of practical strategies that could help turn this ambitious savings goal into a reality. Here is what the chatbot said to do to save $10,000 in a year.
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The Break Down
ChatGPT explained that saving $10,000 in a year breaks down to about $833 per month which is roughly $192 per week or $27 a day. Breaking down the numbers helps you to track your progress in each paycheck
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Cut Costs
Examine where most people overspend and set goals of cutting costs, recommends ChatGPT.
- Food spending: Doing more cooking at home and limiting your dining out can easily help you save $200 to $300 per month.
- Subscriptions and services: Cancel or reduce the ones you rarely use such as streaming, gyms and apps. You could have a possible savings of $50 to $100 per month.
- Impulse buys: By limiting non-essential purchases you might be able to save $50 to $150 per month.
- Transportation: Try carpooling, using gas apps or swapping some rides for public transit to help save at least $100 or more a month.
Boost Your Income
Sometimes cutting costs just isn’t enough to help save money. ChatGPT said you’ll reach $10,000 faster if you increase your income. One way to do that is with a side gig. Freelance, tutoring, delivery or pet sitting are just a few ideas that could help you possibly earn up to $200 per week.
Another idea is to have a rummage sale or sell items on eBay. Most people have at least $1,000 worth of unused items in their homes like furniture, clothes or electronics that could be sold.
Automate and Track
ChatGPT suggested using automatic transfers to your savings account and keeping track each month.
- Automate transfers: If possible, ChatGPT recommended setting up a $400 to $450 automatic transfer from each paycheck into a savings account. This amount will help you to eventually hit your $10,000 target.
- Use a separate account: Keeping your savings out of sight will help you to be less tempted to spend it.
- Track progress monthly: If you fall short one month, try adjusting your spending or, if possible, earn extra money the next month.
Save and Earn in Parallel
If you are having trouble saving $833 out of your paycheck each month, ChatGPT advised that you try cutting expenses by $400 each month and use $450 each month of your extra income from selling items or working a part-time job to help hit your $10,000 target without extreme sacrifice. $400 plus $450 equals $850 a month which will give you $10,200 per year.
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT How To Save $10K in a Year: Here’s What It Said
