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How Can I Save 100K in 3 Years?

How Can I Save 100K in 3 Years?

We would all like to have a little extra money lying around. Living paycheck to paycheck can only get you so far, and it’s hard when you get to the end of the month and have to worry about if you’re going to have enough money to pay all of your bills. Life is full of unexpected expenses, and it would be nice to have more of a financial cushion to rely on. We really want financial freedom, and being able to save 100K in 3 years would be a great way to achieve that. 

How can I save 100K in 3 years?  There are many different things that you can do to save money. These include making a budget and sticking to it, setting realistic and achievable goals, generating new sources of income, and investing wisely. 

Saving 100K in 3 years sounds like a lot, and it is. But it is not impossible. Whatever your specific short term and long-term financial goals may be, there are numerous ways to approach the goal of saving money, and some of these can be more efficient and effective than others. Let’s look at some of these approaches. 


It may sound obvious, but it is important to make a budget. And even more important than making a budget is sticking to a budget, which can be the hard part. But there are some ways to make it easier. 

A good place to start is to look at all your expenses. Go over all the numbers and be specific. Don’t guess how much you are spending. Look at the exact amount you’re spending each month and compare it to the amount you are making. And make sure that you factor in extra expenses. In addition to your regular bills and expenses, there always seems to be unexpected expenses.

Software like Quicken can help you track your spending.

Once you see how much you’re spending, you can see if there are any places that you can cut back. This is why it is so important to be specific about your spending. Even the little things can add up, and you might find more things than you realized that you could cut back on. A few things that you could look at are:

  • Look at how much you are eating out, as opposed to cooking at home. Bringing your lunch to work or making your coffee at home are both good alternatives to buying those things every day.
  • Make a list when you grocery shop and stick to it. Using coupons, looking for deals, and buying in bulk can also be helpful.  Coupon apps like Ibotta or Honey can help with that.
  • See if you are paying for any memberships or services that you don’t really use or could live without. These could be things like gym memberships or cable TV. 
  • See if you can negotiate a lower cell phone or internet bill with your provider.
  • If you have a credit card with high interest, talk to your credit card company to see if you can negotiate a lower interest rate. 
  • Turn your thermostat down a little in the winter and up a little in the summer to cut back on your utilities. Even a couple of degrees can make a difference over time. 

Once you have done these things, it should be easier to build a budget and stick to it. Once you have a clear idea of where your money is going, it’s easier to come up with a good game plan to increase your savings.

Setting Goals

When you are trying to achieve anything, it’s important to have goals. And it is especially important to have short term goals. If you simply set a goal of saving 100K in three years, that may seem overwhelming. If you set smaller goals that you can meet along the way, it seems a lot more manageable. And it feels good to be able to check those smaller goals off as you go. 

For example, instead of worrying about how to save thousands of dollars, you could set a goal of a certain amount that you want to save weekly or monthly. It might be a good idea to start a spreadsheet to keep track of how much you are saving. When you can see the actual results of what you are doing in black and white, it can help to keep you motivated. 

Doing little things like filling a jar with your loose change can also be a great short-term goal. You can see how quickly you can fill the jar. This is a relatively painless way to save money, as you won’t even miss the money, making your wallet or purse lighter. Plus, it is a tangible way to see the money you are saving. 

It’s also good to have long term goals. If you know that something specific you want to do with the money, like buying a house, it helps keep that goal in mind when you might be tempted to spend some money.

Investing and Finding Additional Sources of Income

Once you have been able to save some money, there are things you could do with it to grow faster. In our changing economy, there are many ways that you can invest your money and earn passive income. Instead of solely relying on a paycheck from a nine-to-five job, it is possible to find other streams of income that don’t pay you an hourly wage or a salary but can provide you with a nice income source.  

Real estate is one option for investing, and it can turn into a significant source of passive income. You are not going to make a million dollars overnight, and it will take some work to get started and to maintain, but this can be a good way to make your money grow. Here is a video that explains real estate investing in more detail.

Some of the benefits of investing in real estate include:

  • You will be creating a monthly cash flow instead of being dependent on how the stock market does each month
  • You are investing in something tangible that will not be negatively influenced by inflation
  • You are taking a hands-on approach that will give you more control over your finances
  • There are tax benefits to investing in real estate

There is a lot to think about when you are getting started. You will be working with a lot of different people, from real estate agents and contractors to home inspectors and property managers. There are decisions to be made about which properties to buy, how much work they will need, and if the return you will be receiving will make the investment worth it. 

It’s not without risks and there may be ups and downs along the way, but it is something to consider as you decide how you want to invest your money. If you do your homework before you get started and it is something that you are fully committed to and passionate about, it could end up being a nice source of passive income. 

Savings Accounts

Let’s be honest, savings accounts are a terrible place to park your money while working toward this goal. Interest rates at traditional bank savings accounts are nearly 0%. That means that everyday your money is sitting in one of those accounts you’re losing money. How? Inflation. That’s right, the inflation rate is approximately 2%. That means that the value of your dollar is dropping everyday it’s in that account.

You need a savings account alternative like Outlet Finance. I highly recommend them because their accounts earn a whopping 6% interest and there’s no minimum deposit. You read that right, 6%! Plus when you use this link you’ll actually get bonus money just for opening the account.

Final Thoughts 

Saving 100K in 3 years can sound a bit daunting. It can even sound impossible. But it can be an achievable goal. As we all try to navigate the financial markets and increase our wealth in this uncertain world, it is important to do your homework and figure out the best steps to take. 



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