Share this article

Facebook Icon Twitter Icon Instagram Icon LinkedIn Icon

Jul 20, 2021 / Finance

How to Save £10,000 in a Year

How to Save £10,000 in a Year image

£10,000 is a lot of money and a figure that most of us would love to have in our bank accounts. It goes without saying that this will be impossible for some and significantly easier for others. However, the tips and advice in this article are applicable to everyone. Regardless of whether it is £100 or £10,000, our five points laid out below will be sure to save you money.

How Does £10,000 Break Down?

Breaking down the target savings into smaller goals make the amounts less scary, allowing them to feel more achieveable. We have provided saving targets of £100, £1k amd £10k broken down into monthly, weekly and daily segments.

£100 £1,000 £10,000
Monthly £8.33 £83.33 £833.33
Weekly £1.92 £19.23 £192.31
Daily £0.27 £2.74 £27.40

Our top five tips for saving money have been listed out below. We hope you find them useful.

1. Cut Out the Coffee 

Brits are known for our love of coffee. A RWB survey in 2017 revealed that the typical person visits a coffee shop 157 times per year, spending £8.52 per visit on average. This equates to an eye-watering £1295.04 per year on coffee and related products. Coffee-selling establishments have multipled in recent years and it isn't difficult to see why with these figures. Replace this coffee with one made from home and noticed the difference. If you're on the go, reusable drinks flasks are a fantastic alternative to prevent you parting with your hard-earned cash. 

2. Go Easy on the Eating and Drinking Out

Big Hospitality reported that we spend an average of £70.69 on a night out and the average UK resident will go out at least 5 times per month, or 60 times a year. This equates to £4241.40 annually. This is not to say do not have fun and never leave the house. However, cutting this down to 3 times a month, can save you a massive £1696.56 per year.

What is more, you can replace this two 'missed' nights out with a cheaper alternative. There are plenty of free attractions across the United Kingdom for all to enjoy. VisitLondon have complied 101 things to do - you are spoilt for choice.

3. Start a Side Hustle

A side hustle, or second job, is done alongside your main job. The beauty with it is that you have the complete freedom to choose what this could be in. Utilise your skillset to do something rewarding and enjoyable.

Many report that earning over £500 per month is managable and achieveable.

With the rise of the internet, there are ever-increasing ways to do this. We've listed some options for you below:

  • Dropshipping - this is becoming very popular with platform such as Ebay and Etsy 
  • Drive for Uber or a similar ride-hailing service
  • Deliver takeaways with Deliveroo, Uber Eats or JustEat
  • Become an extra
  • Set up a dog-walking business
  • Start a blog
  • Utilise your knowledge and become a tutor

The above examples are just a few of the endless ways to earn money with your side hustle. Start researching today.

Saving Money

4. Slash your Subscriptions

According to Finder, the average Brit spends £60 per year on subscription services. Services such as Netflix, Amazon Prime and Hulu have become important parts of our lives in recent years. However, have a look at all the services you use. Do you need them all? If not, it is an easy way to save.

5. Explore Switching Utility Suppliers

The UK government stated in 2016 that switching energy suppliers could save people up to £200 per year alone. The same energy but at a fraction of the cost.

These figures vary depending on which source you look at but the same argument is made across all research: switching utility suppliers has the potential to save you an unbelievable amount of money. Start looking today.

Our Grand Saving Totals

Whether it is £100 or £10,000 you save, we hope the article has opened your eyes to the myriad of ways there are to save and earn money. Explore some today and reap the benefits.

Tip Potential Saving/Earnings
Cut Out the Coffee Up to £1,295.04 of savings
Go Easy on the Eating and Drinking Out Up to £4,241.40 of savings
Start a Side Hustle £6,000 of earnings based off of £500/month (ex. taxes)
Slash your Subscriptions Up to £60 of savings
Explore Switching Utility Suppliers Up to £200 of savings

Saving £10k in a year

Finance icon

Published Jul 20, 2021 |


Article Archive

Month: Sep

Archive icon What is a Side Hustle and How Do I Start a Side Hustle

Archive icon How to Organise Your Life

Archive icon Books to Kick-Start Your Career: Our Recommendations

Archive icon Why Everyone Should Plan Their Own Funeral

Archive icon What is Next of Kin? Who is Legally my Next of Kin?

Archive icon The Complete Guide to Inheritance Tax (IHT)

Archive icon Should I Include Property in my Will?

Archive icon Practical Advice for Dealing With Grief

Archive icon My Will: How to Name Beneficiaries and Inheritors

Month: Oct

Archive icon Working from Home: When Will it End?

Archive icon What Is a Utility Bill?

Archive icon Self-Love: What Is It and How Do I Practice It?

Archive icon How to Comfort Someone Who Has Lost a Loved One

Archive icon How to Choose Music for a Funeral

Archive icon How To Be a Better Friend, Family Member or Colleague: Our Top Tips

Archive icon How Do Credit Cards Work?

Month: Jun

Archive icon Why Millennials and Gen-Z Should Start Planning for the Future Now

Archive icon Using Marginal Gains to Save Time

Archive icon Top 5 Tips For Saving Money on Household Bills

Archive icon The Ultimate Bucket List: 20 Things to Do Before You Die

Archive icon How to Plan for the Future

Archive icon How to Close a Twitter Account When Someone Dies

Archive icon How to Close a Facebook Account When Someone Dies

Archive icon Digital Vaults: What is a Digital Information Vault and Should I Use One?

Archive icon 10 Things to Do Right Now to Save Time

Month: Mar

Archive icon Why Is Writing a Will Important?

Archive icon Planning For Death: The Checklist

Archive icon How to Eliminate My Digital Secrets After Death

Archive icon How to Close Accounts and Cancel Subscriptions After a Death

Archive icon How to Choose the Right Care Home

Archive icon Estate Planning Cheat Sheet: How to Look After My Family After Death

Archive icon Creating a Digital Estate Plan

Month: Aug

Archive icon Why are Bodies Exhumed?

Archive icon What is End of Life Planning?

Archive icon What Is a Lasting Power of Attorney for Health and Welfare?

Archive icon What is a Direct Cremation? Things You Need to Know

Archive icon Open-Casket Funeral: What Can I Expect?

Archive icon Co-Executors: Can One Executor Act Without the Other?

Archive icon A Guide to Digital Security and Cybersecurity: Staying Secure Online

Month: Apr

Archive icon What Do I Need to Do When A Loved One Dies? A Step-by-Step Process

Archive icon Should I Get Life Insurance? When You Need Life Insurance and When You Don’t

Archive icon Planning for Your Golden Years: What Do I Need to Think About?

Archive icon Keeping My Finances In Order: A Checklist

Month: Jul

Archive icon Ways of Saving Time You May Not Have Thought Of

Archive icon Want to Save Money? It’s as Easy as A-B-£

Archive icon Saving for a House: Our Top Tips

Archive icon Our Ideas for Retirement Gifts

Archive icon Our Guide to Funeral Flowers and Their Meanings

Archive icon Our Guide to Financial Security: Things to Do Now For Your Future Self

Archive icon How to Save £10,000 in a Year

Month: May

Archive icon Should I Donate My Organs?

Archive icon How to Get On & Climb the Property Ladder

Archive icon How to Calculate My Net Worth

Archive icon How to Be More Productive and Stop Wasting Time

Archive icon Everything You Need to Know About Trusts

Archive icon A Guide to Household Bills: Everything You Need to Pay as a Homeowner

Month: Nov

Archive icon Why is Sustainability Important?

Archive icon Sustainable Investing: What Do I Need to Know?

Archive icon New Year’s Resolutions: How to Stay On-Track

Archive icon Money Worries at Christmas: Having Fun Whilst Being Frugal

Archive icon What is a Personal Loan? Everything You Need to Know

Archive icon What is a Mortgage? Can I Get a Mortgage?

From our researchers straight to your inbox

Regular articles to help you, your family and your friends.

Our promise - We will never spam or give this address away.