How do you increase your personal savings?

When you start allocating time to review your expenses on a regular basis.

What is counterproductive to reducing your monthly expenses?

When you expect big changes in your financial situation in a short period of time. A workable period of time is six to twelve months.

Does watching more videos and reading more articles help increase your savings?

Both activities do not replace the need to do work yourself. So the answer is no.

How do you work on your personal finances?

Step 1 is to start recording your monthly expenses. You don´t need an app for that. Pen and paper or Excel are sufficient.

The idea of quick riches - part 2

Dobromir Risov
14 hours ago
5 min read

by Mag. Dobromir Risov, Bsc., May 2026

Work on your Personal Finances in the spirit of a turtle. Step by step and slowly.

The idea of quick riches in Personal Finance

How do I save $ 10,000 in three months? A question often asked by people in the internet. I am going to break down the question in this blog. I will do so by offering a reality check. I start this by dividing the desired amount of savings by 3. So, on a monthly basis I would need to save $ 3,334. That is a lot of savings for one month. In Step 2 to get closer I further divide that monthly amount by 30. So I arrive at a daily savings rate of $ 112. Now in Step 3 you can calculate your daily expenses. Once you have done that you can compare both figures: when your daily expenses are below the desired savings amount of $ 112 daily, the answer to your question is: it is not possible. To save $ 112, your daily expenses must be higher than your desired daily savings: you cannot save an amount you are not spending.

Next, to be able to spend that amount or more, you will need to have the income to do so. You cannot spend money, you don't earn. In the table below, I show a table of gross average wages for 15 countries from Wikipedia. The countries are ranked highest to lowest. In Ireland, 11th rank, the average wage is $ 5,000. This is before deduction of income tax and social security. Say the net income is between $ 3,000 and $ 3,500. How would you be able to save 100% of your net income. What about rent, what about food? It is impossible to save the amount you are asking for in the internet.

In Personal Finance and Finance overall, the words next to the numbers are as important as the numbers themselves. I repeat: the words next to the numbers are as important as the numbers themselves. So for those asking this question: how do I save $ 10,000 in three months? My answer is you have to change the amount and or the period of time. You make your goal realistic by giving yourself a period of 12 months. If you are someone who earns a lot above average that changes the answer.

Three excessive expense items

I present next three examples from real life which I came up with while writing this blog.

A table with three personal expense items to reduce your monthly expenses.

A Learjet

Well but who uses a Learjet? You are right, very few people do. However rare that is, that example fits the cost savings you are looking for in your question: "How do I save $ 10,000 in three months?"

Leasing multiple and expensive cars

You need one car to do your travelling, yet you pay for more than one. In addition it is not any car, but a Tesla 3. A quick research reveals payments are around $ 700 per month per car. There are enough brands out there, older models which are cheaper for your wallet and yet functional.

Eating expensive meals outdoors

I assumed $ 50 per meal per person. That amount is more than twice what I usually pay for a meal. In my calculations, you do that twice per week. For the monthly total, you multiply by 4.3. The results presented are gross. You still have to eat or go to work. You can choose to eat at a less expensive restaurant or eat at home. Depending on your choices your net savings will vary.

It is vital for every one interested in increasing his personal savings to take a good look at your individual monthly expenses. There is no one solution fits all. A viable way to increase your monthly savings is by realising:

You asked the wrong question

"How do I save $ 10,000 in three months?" I thought of a statement I had heard some months ago. A man on the street was asked a very similar question – the desired amount was even higher. His answer, adjusted to today´s question would be: What if I make the $ 10,000 in three months and 2 days? Does that count too? And, when you focus exclusively on the outcome – savings of $ 10,000 that rarely works. Instead focus on the input variables he went on. That means to have a good look at your individual monthly expenses. Once you have that overview you start thinking about which items a) you eliminate b) which expense items you replace and c) which expense items you keep. Likely that process is going to take you more than three months. Your work to reduce your expenses and increase your savings is going be one of recording expenses, of observing, of thinking, of changing and repeat.

Summary

How do I save $ 10,000 in three months? You don´t because you can´t. When you ask this question you probably reveal you have not spend time on your own monthly expenses. A viable approach to increasing your personal savings is to ask yourself: do I have the motivation and discipline to allocate one hour per month on my personal finances? I recommend to choose the slow pace turtle over the fast running rabbit when it comes to your personal finances. Starting quickly often leads to stopping fast as a result of unrealistic expectations. Eventually you might end up having less money than at the start: you can read more about it here: The idea of quick riches where I also talk about Bitcoin.

Finally, there is a good chance you have been disappointed after reading the content here. That however I see as good news for your personal finances. After all that is what you are here for. When you want to learn to invest check out: Courses (List).

Frequently Asked Questions (FAQs)

How do you increase your personal savings? When you start allocating time to review your expenses on a regular basis.
What is counterproductive to reducing your monthly expenses? When you expect big changes in your financial situation in a short period of time. A workable period of time is six to twelve months.
Does watching more videos and reading more articles help increase your savings? Both activities do not replace the need to do work yourself. So the answer is no.
How do you work on your personal finances? Step 1 is to start recording your monthly expenses. You don´t need an app for that. Pen and paper or Excel are sufficient.