We’ve all been there. You set a goal to save some serious cash, maybe for a big purchase or just to get your finances in order, and then life happens. Before you know it, your savings plan is derailed. If that sounds familiar, don’t worry—you’re not alone, and it’s not your fault.

Saving money isn’t just about discipline; it’s about having the right strategies. Here are seven science-backed methods to help you save $10,000 faster than you ever thought possible.

Automate Your Savings: Make It a Non-Negotiable Habit

Automation is the name of the game when it comes to successful saving. According to a 2004 research study, automating your savings can help you save up to 3.8 times more money. Why? It’s all about bypassing loss aversion—the idea that losing $100 feels far worse than gaining $100 feels good.

By automating your savings, you never have to face the pain of manually moving money into your savings account. Instead, it happens behind the scenes, like clockwork.

Here’s a simple way to set it up:

Direct Deposit to Checking

Have your paycheck deposited into your checking account.

Split Your Money

Set up an automatic transfer on payday that splits your funds between a spending account and a savings account.

Spend and Save

Use your spending account for all your monthly expenses and the savings account for, well, saving. At the end of the month, whatever is left in your spending account gets moved to savings.

This strategy not only simplifies your finances but also ensures you’re consistently building your savings without having to lift a finger after the initial setup.

Acorns: Turning Spare Change into Big Savings

Imagine if your spare change could grow into a significant savings fund—sounds too good to be true, right? That’s exactly what the Acorns app offers with its Round-Up feature. I personally recommend Acorns whenever giving advice to families or students struggling to put away cash.

Here’s how it works: every time you make a purchase, Acorns rounds up the amount to the nearest dollar and invests the difference. For example, if you spend $3.50 on coffee, Acorns rounds it up to $4.00 and invests the extra $0.50.

It may seem like small potatoes, but those tiny investments add up quickly. Over time, the power of compound interest can turn your spare change into a substantial savings fund. The best part? It’s all automatic, so you’re consistently saving without even thinking about it.

With Acorns, saving becomes effortless. You’re not just tucking away pennies—you’re investing in your future, one purchase at a time. It’s a simple, hands-off way to help you reach that $10,000 savings goal faster than you might think.

Break Down Your Goals

Saving $10,000 can feel overwhelming, like staring down a mountain from the bottom. But what if you broke it down into more manageable pieces? Imagine eating 10,000 slices of pineapple pizza—not all at once, of course, but one slice at a time. That’s how you should approach your savings goal.

Let’s break it down:

• Monthly Goal: $10,000 a year equals about $833 a month.
• Daily Goal: That’s just $27.30 a day.

When you think of it in these smaller increments, saving becomes much more manageable. By cutting out a few luxuries, like skipping your daily latte or taking public transportation instead of Uber, you’ll hit that $27.30 daily savings target in no time.

Take Control of Your Emotional Bank: Flip the Script

Big corporations like Amazon and Nike spend billions to figure out what makes you tick—and more importantly, what makes you click “buy.” But what if you could use the same psychology to save rather than spend? A 2019 study found that you’re 3.33 times more likely to save when you tap into your emotional motivations.

Start by asking yourself one crucial question: Why do I want to save? For some, it’s about providing a better life for their children or parents. For others, it might be about securing a comfortable retirement.

Once you’ve identified your “why,” saving becomes more than just a chore—it becomes a mission. Keep reminders of your “why” visible, like photos of your family or a picture of that dream home, to stay motivated.

The “Not Now, But Later” List

We all have our guilty pleasures—those impulse buys that feel so good in the moment but leave us with a serious case of buyer’s remorse. The trick? Don’t deny yourself completely. Instead, create a “Not Now, But Later” list. Add items you want to this list and wait 30 days before purchasing them.

Most of the time, after a couple of weeks, you’ll find that you didn’t really need or want that item as much as you thought. This strategy taps into the way dopamine—the brain’s pleasure chemical—works.

By delaying gratification, you diminish the desire, often realizing that the purchase was more about the thrill of the chase than the actual need for the item.

Understand the Future Value of Money

Here’s a scenario: Would you rather have $100 today or $105 a year from now? Most of us would take the $100 today. But what if you could invest that $100 today and have it grow into something more significant in the future?

This is where the Future Value Formula comes in. The basic idea is that $100 today can be worth much more in the future if invested wisely.

For instance, if you put $100 into an S&P 500 index fund and it grows at an annual rate of 10%, that $100 could turn into $110 in just one year, or over $33,000 in 20 years if you start with $5,000.

So, before splurging on that fancy new gadget, ask yourself: Is it worth the potential future value of this money? Often, the answer is no, and that’s what will keep your savings on track.

Save Your Ego, Not Just Your Money

We’ve all been guilty of making a purchase just to keep up with our peers. Whether it’s a new car because your friend just bought one or the latest tech gadget because everyone else has it, these ego-driven expenses can drain your savings faster than anything else.

Author Morgan Housel has a refreshing take on this: Savings is not just income minus expenses—it’s income minus ego. By focusing less on what others think and more on what truly matters to you, you can curb unnecessary spending and boost your savings significantly.

The quickest way to save more isn’t necessarily earning more—it’s wanting less.

Small Steps, Big Impact

Changing your financial habits isn’t easy, but it’s incredibly rewarding. Start with small, manageable changes like automating your savings or breaking down your goals, and you’ll be amazed at how quickly those small steps add up to significant savings. Remember, it’s not just about having more money; it’s about achieving financial freedom and peace of mind.

So, why not start today? Implement just one of these strategies and watch as your savings—and your confidence—grow. And when you’re ready for more tips, tricks, and strategies, don’t forget to check back. You’ve got this!

Saving money is always good, but check out 23 really simple ways to earn income passively that you might be overlooking.