Is $100K a realistic goal?
Let’s be honest: saving $100K sounds intimidating. Most Americans have far less than $100,000 in transaction accounts (checking, savings, and money market)1. But it’s not a lofty goal reserved for the ultra-wealthy or financial gurus. Even if you’re juggling expenses on a modest income, some key mindset shifts and money moves could put this goal within reach.
This quick-start guide breaks down how to think differently about your money and act intentionally to help hit that six-figure savings mark.
Know your numbers and set a monthly target
Before you start saving, clarify your timeline and break it into yearly and monthly benchmarks. How long does it take to save $100K? Look at what you have left after your monthly expenses are paid and use a savings calculator (or a spreadsheet if you prefer to DIY) to see how much you need to set aside each month to reach $100K. Adjust your timeline until you find a monthly savings target that feels actionable and puts your goal within reach.
Visualize the outcome, not the effort
This is the part where you shift your mindset. Saving money toward a goal in the distant future can feel way less compelling than short-term desires. And when your little fund starts to grow, the temptation to spend it will be strong. That doesn’t make you “bad with money”— it makes you human.
Think about how it will feel to reach your $100K goal and focus on your “why.” Will you gain the freedom to make a career change or launch a business? Maybe you’re craving a sense of financial security and independence. Whatever your reason, visualize that version of your life. When you veer off course, come back to your “why” to help you stay focused.
Take control of your cash flow
Before you can save, you need to understand what’s coming in and control where it’s going. Cash flow management will help you level up from basic budgeting to financial strategy. Look at the last three months of your bank and credit card statements.
- How much money is going out the door for monthly memberships and subscriptions? Look for opportunities to redirect that money from expenses you can live without to your $100k fund.
- If you have credit cards with rolling balances, look at the interest rates and be intentional about a payment plan that addresses the highest interest rate cards first.
- Automate! Don’t rely on your own self-control. Send that money you want to save directly into an account you won’t touch.
Strengthen your idle cash
As your fund grows it becomes more powerful, like a muscle group you’ve been working on at the gym. Leverage that power. Look for ways to activate your savings so it multiplies faster, like a high yield savings account. The higher interest rate will help you reach your goal faster. Some high yield savings accounts limit how often you can withdraw money in a year. This limit could be the guardrail you need to keep working toward your goal.
Ask for help
You don’t have to do this alone. Financial advisors, branch bankers, and digital tools can help you clarify your goal and build a strategy. In the wealth management world, collaboration is key, but this kind of guidance isn’t limited to just the wealthy. A bank that’s committed to your success will have bankers who are excited to help you find the best options for growing your savings, whether you’re starting with $100 or $10,000. The wealthiest people in the world have entire teams managing their money because they don’t have the financial expertise to do it alone. Asking for help is smart, not a sign of weakness.
Focus on progress, not perfection
Ask anyone who has reached a long-term goal how they got there, and they’ll inevitably tell you about the setbacks they faced. Even the clearest plans will run into barriers because life is complicated. You’ll have months where you save more, and months where life gets in the way. That’s normal. What matters is that you keep going. Celebrate small wins, adjust when needed, and remember: progress compounds. Just like interest, your effort builds over time. Stay focused on the journey, and the milestone will come.
