Cynthia MeasomTue, Jun 24, 2025, 8:02 PM 5 min readWhen it comes to saving $20,000, it’s unlikely that any single financial move will help you achieve that goal in a short amount of time. For instance, you could finally work up the courage to ask your boss for that raise you deserve, but even if your raise equaled an extra $500 each month, it would take you more than three years to get to $20,000.Read Next: 9 Downsizing Tips for the Middle Class To Save on Monthly ExpensesLearn More: 4 Affordable Car Brands You Won't Regret Buying in 2025In other words, you have to do various things to reach your goal faster and the quicker you reach that savings balance, the more action you’ll need to take. Here are some personal finance expert-approved ways you can save $20,000.Jay Zigmont, Ph.D., founder of Childfree Wealth, said to ask yourself why you want to save $20,000.“If it’s for a specific goal (such as a down payment on a house or a car), make sure you both literally and figuratively have a picture of that goal,” he said. “You need to keep that goal at the forefront. It sounds corny, but hang photos of it in your house, make it your phone wallpaper and know what you are working toward.” Zigmont said.Zigmont also advised setting a SMART goal, which stands for Specific, Measurable, Attainable, Related and Timed.“If you decide you are going to get to your goal in the next 10 months, then break it down by month and week (e.g., saving $20,000 in 10 months is $2,000 per month or $500 per week),” he said.For You: 8 Frugal Habits You Should Never Quit, According to Frugal Living Expert Austin Williams“As with any savings goal, the best way to save $20,000 is to create a monthly budget based on existing income and expenses,” said David Frederick, the senior manager of private client tax services at LBMC.Frederick said once you’ve created your budget, you should determine how much surplus you have to save.“Have the savings contribution drafted electronically into your savings account before you can spend it,” said Gene McManus, certified public accountant (CPA) and partner at AP Wealth Management.McManus said that it may seem like painful deprivation at first, but it gets easier as you get used to not having those funds to spend.If you can’t save enough from your budget to get to your $20,000 savings goal in the timeframe you’ve set, you’ll need to find ways to cut back on discretionary expenses in your budget. Look at areas of your budget where you spend the most on things you don’t need.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,161.50 +14.50 (+0.24%)Dow Futures43,393.00 +87.00 (+0.20%)Nasdaq Futures22,532.25 +71.25 (+0.32%)Russell 2000 Futures2,157.60 +4.30 (+0.20%)VIX16.76 -0.72 (-4.12%)Gold3,352.00 +8.90 (+0.27%)PortfolioSign in to access your portfolioSign inTop gainersQS QuantumScape Corporation 5.67 +1.34 (+30.95%)AVAV AeroVironment, Inc. 234.94 +41.66 (+21.55%)NKTR Nektar Therapeutics 29.12 +4.67 (+19.10%)TMC TMC the metals company Inc. 7.49 +0.88 (+13.31%)LNW Light & Wonder, Inc. 94.48 +8.66 (+10.09%)Top losersSITM SiTime Corporation 203.75 -37.85 (-15.67%)SMR NuScale Power Corporation 38.66 -4.58 (-10.59%)PAYX Paychex, Inc. 137.94 -14.31 (-9.40%)EQIX Equinix, Inc. 824.31 -82.19 (-9.07%)LMND Lemonade, Inc. 41.10 -3.83 (-8.52%)Most activeNVDA NVIDIA Corporation 154.31 +6.41 (+4.33%)QS QuantumScape Corporation 5.67 +1.34 (+30.95%)LCID Lucid Group, Inc. 2.1400 -0.0300 (-1.38%)TSLA Tesla, Inc. 327.55 -12.92 (-3.79%)NU Nu Holdings Ltd. 13.23 -0.20 (-1.49%)Earnings eventsTrending tickersNVDA NVIDIA Corporation 154.31 +6.41 (+4.33%)MU Micron Technology, Inc. 127.25 -0.66 (-0.52%)SMCI Super Micro Computer, Inc. 46.61 +3.77 (+8.80%)BP BP p.l.c. 30.32 +0.49 (+1.64%)PAYX Paychex, Inc. 137.94 -14.31 (-9.40%)Top economic eventsPowered by Money.com - Yahoo may earn commission from the links above.