Jan 5, 2026
Saving money is challenging under the best of circumstances — and it’s even harder if you’re retired and living on a fixed income.
According to Schroders, about 25% of U.S. retirees have lost sleep over their finances, while 27% spend at least an hour a day worrying about money. (1) If you share those concerns, building even a small cash cushion can help ease the stress.
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Here are five simple ways to save $10,000 with minimal effort.
1. Use automation
Willpower can be a big obstacle to saving money, which is why automated financial tools can be such a game changer. From rounding up everyday purchases to automatically harvesting tax losses in an investment portfolio, these tech-driven features can help you save consistently without constant effort.
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2. Tap hidden sources of cash
After a lifetime of accumulation, you may be sitting on “hidden cash.” Selling items that you no longer need or use can quickly unlock extra money.
According to a 2022 survey by MPB, the average American adult had unused tech worth about $2,459 lying around the home. (2) This includes old TVs, laptops and cameras You can also consider selling other high-value items, such as furniture or even a second car.
3. Temporary sacrifices
One of the fastest ways to boost your savings is by making drastic short-term lifestyle adjustments. For example, renting out a spare bedroom can help offset housing costs and earn extra income.
While living with a tenant may not be ideal, making this sacrifice, at least on a temporary basis, can help you reach your savings goal faster.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
4. Refinance or negotiate subscriptions
One of the fastest ways to save toward $10,000 is by reducing recurring expenses. For many retirees, housing is the largest cost, accounting for roughly 36% of a typical retiree’s budget, according to the Bureau of Labor Statistics consumer survey data from 2022. Refinancing your mortgage to a lower rate or downsizing to a smaller home can quickly free up significant savings.
You can also cut costs on other recurring expenses, such as auto loans or medical insurance. Shopping around for better rates can save money each month, which adds up over the year.
5. Invest in growth assets
Retirees are often advised to stick with safe investments like bonds or savings accounts. However, adding limited exposure to stocks or other growth assets can help you reach your savings goals faster. For example, the S&P 500, has historically returned roughly 10% annually, which is more than a safer savings vehicle could net you.
Editor’s note, Jan. 5, 2026: A previous version of this article inaccurately reported figures published by the Consumer Financial Protection Bureau on the savings potential of using apps. They have been removed. Additionally, the value of unused tech in MPB’s survey has been corrected to reflect per average adult.
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
