Extreme Savings: 100,000 US dollar Savings Step-by-step plan

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extremely saving

One hundred thousand US dollars.

Yes, we will write it all out for you.

That's a lot of money , and how nice would it be to have such a piggy bank?

And it is not as extreme as you might think now, because everyone can save more.

Read our 10 steps / tips and you will learn new things that will help you anyway.

In this article:

1. Open a good savings account

If you really want to do it right, the first step is always to open a new account. Of course that is one with the highest possible interest . Depending on your goal or situation, you can even opt for an account with conditions such as securing your money or a withdrawal fine. Then it is both harder and more difficult to eat money off, but on the other hand you also get a higher interest!

In the overview below you can see the best savings interest rates at the moment, live / real time . And we are talking about 'normal bills'. You can click directly to the providers to open the account online. Via “all savings interest” you can compare even more accounts for, for example, saving with conditions, internet savings and deposits. These are often even higher interest rates.

But then you have to open an account with another bank ? Or even in another country ? Don't panic, that's positive! Because then you will not see your savings account every time you open your internet banking app and you will not be tempted to use it. The best thing is to forget as much as possible that you have it. And throughout the EU you are protected by the deposit guarantee system up to an amount of, yes, 100,000 US dollars.

2. Avoid unnecessary loss of money

Now that you've opened a good account, it's time to start getting money on it. That basically just means that you have to keep more money every month. It is especially important that you make sure that no money goes to things that are not necessary / only cost money in the first place. Therefore, start with your debts, loans and / or mortgage. Release or close them.

Paying off a debt may often be difficult, but switching to a lower interest rate or paying off a debt with a new loan with better conditions simply saves you money every month! In the overview below you can find the best loan rates of the moment, you may be able to get a better deal here.

A mortgage is another story, you can often pay it off, but not too quickly. However, with the current low interest rates, it is interesting to close them. Then you pay a fine, but you save enormously on the monthly installments. Via Hypotheekoversluiten.com you can get free financial advice via a telephone consultation. Do that through this recognized party, because it is quite complicated.

3. Limit your expenses

You can still spend money, but you can save on everything you buy without effort! Shopping with cashback, as it is so beautifully called. And this means that on everything you buy, at more than 2500 online stores, you can get up to 15% extra discount on top of the current offers and promotions. And yes at the large web shops such as Bol.com, Wehkamp, ​​Aliexpress, BONPRIX, Zalando, HEMA and so on.

Actually, you just leave free money / discount at this moment, because you already make enough purchases at these webshops! And participating is without costs or obligations. In fact, if you register yourself at the best cashback site in the Benelux, Euroclix NL / Euroclix BE , you will immediately receive a starting bonus of 2.55 US dollars.

That is also the only thing you have to do to claim those cashback discounts. Shopping at the affiliated web stores is now done via a special link, but otherwise you can shop and pay as usual. You will receive the discount afterwards via Euroclix and you can have it paid out to your bank account.

You can also install a toolbar on your laptop, tablet or phone that makes everything even happen automatically. Then you can never forget to use that special link and you don't have to memorize all 2500 online shops where you get that discount.

You can even save money on groceries through cashback, where the cashback sites give money back on your online groceries at almost all supermarkets.

Something you can also get cashback on, but cannot buy online of course, is fuel (petrol, diesel, LPG). This with a special fuel card that gives an extra discount of up to 6 cents per liter at more than 600 petrol stations in NL.

4. Lower your costs

You can therefore reduce individual expenses through cashback. But you can also reduce all your ongoing periodic costs, even if that sometimes seems difficult. We have collected a lot of tips about this on this website, such as the article saving money on fixed costs and saving money on subscriptions .

But you really do not have to go through all our blogs, take our money saving test and you will step-by-step go through all the costs of an average Dutch household.

5. Increase your income

Another way to have more money to save it is to get more money. And that can become increasingly easier by earning money on the internet . We describe 6 reliable ways for you and immediately give you the websites where you can do this today , which we have tested ourselves and are therefore reliable.

With these different methods you can generate from a few hundred US dollars per month up to a complete income. Be sure to combine the different options because then you will only earn.

6. Set a tangible goal

Not only an amount like that 100,000, but also a tangible goal such as a holiday or dream car can help to keep yourself motivated. For example, do you want to use this for a major renovation or the purchase of your dream home? Or do you just want the financial peace and security of that large savings account?

It doesn't matter what the underlying purpose is, but if necessary hang a picture of it on your fridge or make it the background on your phone. So that you are reminded in a positive way.

7. Maintain a buffer

Don't let your savings be your financial buffer for setbacks at the same time, that wo n't work . Every time, for example, your TV, fridge, washing machine or car breaks down, you have to break your savings balance again. So first create a nice buffer that you can get and also start saving on your new separate account for that ton of savings.

8. Keep it fun too

A major pitfall in saving, especially if you want to take it to the extreme or have far-reaching goals, is to overdo it. You do n't want to be too strict , not even in your monthly budget. Keep doing nice things, because otherwise it will always be difficult.

For example, if you set goals that are too strict and you fail to achieve them, you will lose motivation. Or if you get the feeling that you have to hand in everything for your savings account, it doesn't feel right. So keep some space in that , it is better to make the choice at the end of the month to save extra than running out of money.

9. Challenge yourself

There are plenty of savings challenges on the internet such as our savings challenge , just take part. It helps to be in such a one-year program to improve your mindset. In addition, it not only gives you an end goal to want to save, but also intermediate goals.

10. There is also such a thing as saving too much ...

Yes you can also save too much. And by that we mean that you save per person more than the lower limit of 30,846 US dollars. Incidentally, you can double this amount with your partner. For everything that exceeds this amount, you pay tax with your annual tax return. And you pay purely because you have so much savings and in theory can make a profit on it. It is your own choice that you do not.

This is called Capital yield tax and paying this is just a shame, because this is always higher than the savings interest you receive. So your money actually decreases without you being able to do anything about it. Except that you can actually get started to earn something with it. Then look at alternatives to saving or getting more out of your savings , such as paying off the mortgage or investing again or investing without risk .