In Money, Wealth

Real Money Talk: How to save $20,000 in 2 years

Listen y’all.

I am getting a lot of questions and searches on this very question:

How do I save $20,000 in two years?

Break it down.

Whatever your money goal is, BREAK IT DOWN.

$20,000 / 24 months = $833.33 a month

Can you handle that?

If you can’t, you might need to lengthen it to 3 years, or 36 months:

$20,000 / 36 months = $555.55 a month

Then from there, if you’re like — ‘kay .. ‘kay.. I got this. How do I know if I can make it happen?

Go and follow these steps:

  1. Review your current budget for fixed and variable expenses to see what you can keep/cut
  2. Wait, you don’t have a budget? GET A BUDGET, then repeat Step #1
  3. Create your new budget (Read: How to create a budget)
  4. Don’t have enough money in your new budget to meet this goal? Two options: (1) Make more money (2) Cut back on more
  5. Track your spending so you are definitely not spending more than you should and saving that money
  6. Save that money in a HIGH interest savings account (very likely not the one you are banking with today), my two picks are: EQ Bank and Tangerine (use my referral [ 32726976S1 ] to get a free $50 when you sign up)
  7. Wash, rinse, and repeat Step #6

There is no magic formula to get that money.

You simply need to make money, then save it which means NOT spending it.

If you want to increase your income (make more money), here are some options:


  • Pick up a part-time job – Tutoring, mowing lawns, snow removal, minimum wage weekend / night shifts
  • Do more overtime at work
  • Sell your stuff

Done. Report back how you’ve fared.


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Sherry of Save. Spend. Splurge.

I got out of $60,000 of debt in 18 months using TheBudgetingTool.com. Since then, I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K (savings rate = 85%). I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I also post daily on Instagram @saverspender.

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